Robby Understanding Notice 1444 Notice 1444, titled “Your Economic Impact Payment,” is a crucial document issued by the Internal Revenue Service (IRS) to inform recipients about their Economic Impact Payment (EIP). This payment, commonly known as a stimulus check, is a direct cash payment made by the government to eligible individuals and families to provide financial … Read more
Tax evasion, the deliberate act of not paying taxes, is a serious crime with significant legal repercussions. This article analyzes the concept of tax evasion, its penalties, and potential defenses, drawing insights from two authoritative sources: Tax Evasion Defense Attorney in California | Eisner Gorin LLP Tax Evasion Charges in California – What You NEED … Read more
Filing false tax returns is a serious offense that can lead to severe penalties, including fines and imprisonment. The Internal Revenue Service (IRS) actively pursues individuals and businesses that engage in tax fraud, and the consequences can be significant. Penalties for Filing Fake Taxes The penalties for filing fake taxes vary depending on the severity … Read more
As a self-employed individual, you’re responsible for paying both the employee and employer portions of Social Security and Medicare taxes, known as the self-employment tax. This 15.3% tax can eat into your hard-earned income, but there are several strategies you can employ to reduce your tax liability. 1. Take Advantage of the Self-Employment Tax Deduction … Read more
Understanding IRS Scrutiny of 1099 Income and Avoiding Audit Triggers In the realm of taxation, the Internal Revenue Service (IRS) plays a crucial role in ensuring compliance and collecting revenue. As part of its responsibilities, the IRS conducts audits to verify the accuracy of tax returns and identify potential discrepancies. One area that often draws … Read more
Understanding Your Tax Deductions When you receive your paycheck, you may notice a significant portion being deducted for taxes. These deductions are used to fund various government programs and services. The amount withheld from your paycheck depends on several factors, including your income, filing status, and deductions. Federal Income Taxes The largest portion of your … Read more
Understanding Belated Tax Returns Belated tax returns are returns filed after the standard tax filing deadline. In India, under Section 139(4) of the Income Tax Act, taxpayers can file belated returns within three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Eligibility for … Read more
Understanding Economic Impact Payments The Internal Revenue Service (IRS) has been distributing economic impact payments as part of the government’s response to the COVID-19 pandemic. These payments are intended to provide financial assistance to eligible individuals and families who have been impacted by the economic downturn. Eligibility for Economic Impact Payments To be eligible for … Read more
Navigating Capital Gains Taxes on Real Estate Transactions Selling a home is a significant financial event that can trigger capital gains taxes. However, strategic planning can minimize or even eliminate these taxes, allowing you to maximize your profits. This guide will delve into the intricacies of capital gains tax on real estate, exploring two primary … Read more
Your W-2 form, issued by your employer, serves as a crucial document for tax filing purposes. Among the various sections and boxes on the form, Box 2 holds particular importance as it reflects the amount of federal income tax withheld from your paycheck throughout the year. However, in some cases, you may encounter a blank … Read more