Robby The Internal Revenue Service (IRS) has announced automatic penalty relief for taxpayers who had a balance due for tax years 2020 and 2021. This relief applies to failure-to-pay penalties on unpaid taxes less than $100,000. Who is Eligible for Penalty Relief? To be eligible for this relief, taxpayers must meet the following criteria: Filed a … Read more
The Child Tax Credit (CTC) is a tax credit for families with qualifying children. The CTC is designed to help offset the costs of raising children and make it easier for families to make ends meet. For the 2023 tax year, the maximum CTC amount is $2,000 per qualifying child. Families can claim the full … Read more
Wage garnishment is a serious matter that can have a significant impact on your financial stability. If you are facing wage garnishment, it is important to take action to stop it as soon as possible. There are several ways to stop wage garnishment, including: Paying off the debt in full. This is the most straightforward … Read more
Filing taxes can be a daunting task, especially if you’re not sure whether you qualify as an independent or dependent taxpayer. The IRS has specific rules that determine your filing status, and it’s important to understand these rules to ensure you’re filing correctly. In this article, we’ll explore what it means to be independent on … Read more
Navigating the complexities of estate administration can be daunting, especially when it comes to understanding the deductibility of expenses. This comprehensive guide will provide a detailed analysis of the various expenses that can be deducted from an estate, ensuring optimal tax efficiency and minimizing the financial burden on beneficiaries. Understanding Deductible Expenses The Internal Revenue … Read more
The United States imposes an exit tax on individuals who relinquish their citizenship or long-term residency status. This tax can be a significant financial burden, but there are strategies that can be employed to minimize or avoid it altogether. This guide will provide a comprehensive overview of the exit tax, including who is subject to … Read more
A backdoor Roth IRA conversion is a strategy used to contribute to a Roth IRA even if you exceed the income limits for direct contributions. This involves making a non-deductible contribution to a traditional IRA and then converting it to a Roth IRA. Here are the steps on how to enter a backdoor Roth IRA … Read more
In the realm of payroll management, the question of whether to pay employees monthly or more frequently has been a topic of debate. While monthly payroll offers certain advantages, it also presents potential drawbacks that employers must carefully consider. This comprehensive guide delves into the intricacies of monthly payroll, providing valuable insights to help you … Read more
As a business owner, it’s crucial to understand which expenses are tax-deductible to minimize your tax liability. Cleaning supplies are a common expense for many businesses, but can they be claimed as a business expense? The answer is yes, cleaning supplies can be deducted as a business expense. Tax Deductibility of Cleaning Supplies According to … Read more
Can the IRS Freeze Your Bank Account? A Comprehensive Guide The Internal Revenue Service (IRS) possesses the authority to freeze bank accounts as a means of collecting unpaid tax debts. This action can have severe repercussions, potentially leading to financial hardship and legal complications. Understanding the circumstances under which the IRS may resort to freezing … Read more