The tax filing deadline for the 2019 tax year has passed, but you may still be wondering if you can file your taxes electronically in 2021. The answer is yes, but there are some important things to keep in mind. Filing Options There are two main ways to file your taxes electronically: Through a tax … Read more

Ignoring a tax audit is a surefire way to invite trouble from the Internal Revenue Service (IRS). The IRS takes audits very seriously, and taxpayers who fail to respond can face severe consequences. Consequences of Ignoring a Tax Audit Automatic Changes to Your Tax Return: The IRS will make changes to your tax return based … Read more

Navigating the complexities of tax obligations can be overwhelming, especially when faced with a substantial tax debt. Understanding the consequences and available options for managing an IRS debt exceeding $50,000 is crucial for taxpayers seeking to resolve their tax liabilities effectively. This comprehensive guide will delve into the implications of owing more than $50,000 to … Read more

Navigating the complexities of tax reporting can be daunting, especially for those with investment portfolios. One crucial aspect that often raises concerns is the reporting of stock transactions. This article delves into the potential consequences of failing to report stocks on taxes, providing a comprehensive analysis to help investors make informed decisions. Legal Implications of … Read more

Inheritances, whether received in the form of cash, investments, or property, are generally not considered taxable income for federal tax purposes. However, when it comes to determining eligibility for financial aid, the treatment of inheritances becomes more nuanced. This article delves into the specific regulations governing the reporting of inheritances on the Free Application for … Read more

Filing taxes can be a daunting task, and it’s easy to make mistakes. One common mistake is forgetting to claim a 1099 form on your tax return. 1099 forms are used to report income from sources other than your employer, such as self-employment income, dividends, and interest. If you fail to report all of your … Read more

Tax evasion, the deliberate non-payment or underpayment of taxes, is a serious offense that undermines the integrity of the tax system and deprives governments of essential revenue. This comprehensive guide will delve into the intricacies of tax evasion, exploring its definition, consequences, and the strategies employed by individuals and entities to avoid detection. By understanding … Read more

Purchasing a home is a significant financial decision that can have a substantial impact on an individual’s tax situation. The U.S. tax code offers a range of tax benefits and deductions to homeowners, making it crucial to understand how these incentives can affect your overall tax liability. This comprehensive guide will delve into the tax … Read more

IRS Progress on Tax Return Processing: Catching Up and Exceeding Expectations The Internal Revenue Service (IRS) is making significant strides in processing tax returns for the 2024 tax season, despite a slightly delayed start compared to 2023. As of March 29, the IRS had processed over 88.8 million federal income tax returns, representing a 1% … Read more

Investing in stocks can be a lucrative way to grow your wealth, but it’s essential to understand the tax implications before you dive in. This comprehensive guide will delve into the complexities of stock taxation, providing you with a clear understanding of when and how you’ll need to pay taxes on your stock investments. Capital … Read more