In the wake of the economic turmoil caused by the COVID-19 pandemic, the United States government issued three rounds of stimulus checks to eligible individuals, including Social Security recipients. However, as the pandemic subsides and the economy recovers, many are wondering if there will be a fourth round of stimulus checks. This article will delve … Read more

Yes, independent contractors can write off car expenses. Who Qualifies as an Independent Contractor? An independent contractor is a self-employed individual who provides services to a company or organization without being an employee. Independent contractors are not subject to the same tax withholding and payroll deductions as employees. Car Expense Deductions for Independent Contractors Independent … Read more

Understanding Joint Bank Accounts and Inheritance Joint bank accounts, where two or more individuals have equal ownership and access to the funds, are often used for convenience and financial planning. However, when one of the joint owners passes away, the legal and financial implications can be complex, including potential inheritance tax consequences. Inheritance Tax Overview … Read more

Chime, a popular banking app, has come under fire in recent months for allegedly closing accounts and withholding funds from customers without正当理由. Numerous complaints have been filed with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB), and several Facebook groups have been created by disgruntled customers. This article will delve into … Read more

Consequences of Unpaid Taxes Failing to file taxes for an extended period can lead to severe consequences, including: Financial Penalties: The IRS imposes a 5% penalty for late tax returns, which can accumulate up to 25% per month. Additionally, a 0.5% penalty is charged on unpaid taxes, reaching a maximum of 25%. Criminal Charges: Under … Read more

The government has a variety of ways to find out how much money you have, including: Your tax return: When you file your tax return, you are required to report all of your income, including wages, salaries, tips, and investments. The IRS uses this information to calculate how much tax you owe. Your bank accounts: … Read more

Understanding Your Tax Obligations Whether you’re a freelancer, small business owner, or self-employed individual, receiving cash payments for your work comes with the responsibility of paying taxes. Failing to report cash income can lead to severe penalties, including fines and even jail time. Reporting Cash Income All types of cash income, including digital wallet transactions … Read more

Estate taxes are levied on the transfer of property upon an individual’s death. Understanding the estate tax exemption is crucial for estate planning and ensuring a smooth transition of assets to beneficiaries. This guide explores the estate tax exemption, its historical evolution, and strategies for minimizing tax liability. Estate Tax Exemption Threshold The estate tax … Read more

Understanding IRS Levies The Internal Revenue Service (IRS) possesses the authority to seize personal property in order to satisfy unpaid tax debts. This action, known as a levy, allows the IRS to legally take possession of various assets, including wages, bank accounts, vehicles, real estate, and other personal belongings. Reasons for IRS Levies The IRS … Read more

Navigating the complexities of tax responsibilities after the passing of a loved one can be daunting. This comprehensive guide will delve into the legal implications, identify who is accountable for unpaid taxes, and provide practical steps to manage the situation effectively. Legal Framework: Tax Obligations of the Deceased Upon death, the deceased’s unpaid taxes become … Read more