TurboTax, a leading tax preparation software, plays a crucial role in assisting taxpayers in claiming the Recovery Rebate Credit, a tax credit introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. To ensure accurate and efficient processing of tax returns, TurboTax inquires about stimulus checks received by taxpayers. This information is … Read more

TurboTax has long been the dominant player in the tax software market, but there are a number of other options available that may be a better fit for your needs. In this article, we’ll compare TurboTax to some of its top competitors and help you decide which software is right for you. TurboTax TurboTax is … Read more

Understanding Estimated Tax Payments Self-employed individuals and freelancers are responsible for paying estimated taxes quarterly to the Internal Revenue Service (IRS). These payments cover income taxes and self-employment taxes, ensuring that taxes are paid throughout the year rather than in one lump sum at tax time. Consequences of Skipping Estimated Tax Payments Failure to make … Read more

When you give away money or assets, there are potential tax implications that you should be aware of. The tax laws governing gifts are complex, and it is important to understand them before you make any large gifts. What is the gift tax? The gift tax is a tax on the transfer of property by … Read more

The Internal Revenue Service (IRS) conducts audits to ensure that individuals and organizations comply with tax laws and report accurate financial information. While audits can be triggered by various factors, one common concern is whether filing an amended tax return increases the likelihood of an audit. This article delves into the relationship between amended returns … Read more

When you file your taxes, you may end up paying more than you owe. This is known as an overpayment. The IRS will automatically refund the overpaid amount, but you can also choose to apply it to your next year’s taxes. What are the options for an overpayment? Taxpayers can choose to: Apply any portion … Read more

As an independent contractor or freelancer, you’re responsible for paying your own taxes. This can be a daunting task, especially if you’re not familiar with the tax code. However, there are a number of strategies you can use to reduce your tax liability and save money. In this guide, we’ll provide you with six tips … Read more

Understanding your tax obligations is crucial for responsible citizenship. Whether you’re a seasoned taxpayer or filing for the first time, determining if you need to pay taxes can be a daunting task. This comprehensive guide will provide you with the necessary information to navigate the complexities of the U.S. tax system and ascertain your filing … Read more

Receiving an IRS audit notice can be a daunting experience, but it’s important to remember that you have rights and options. If you disagree with the IRS’s findings, you can appeal the audit. This guide will provide you with a step-by-step process on how to file an appeal and increase your chances of a successful … Read more

The Internal Revenue Service (IRS) has issued multiple rounds of stimulus checks to eligible individuals and families as part of the government’s response to the economic impact of the COVID-19 pandemic. These checks have provided much-needed financial assistance to millions of Americans. However, some individuals may have encountered issues receiving their checks or may have … Read more