The Internal Revenue Service (IRS) is responsible for enforcing the nation’s tax laws and ensuring that all taxpayers comply with their tax obligations. However, recent evidence suggests that the IRS is disproportionately targeting lower-income families for audits, placing an undue burden on these already vulnerable households. This paper will analyze the available data and research … Read more

Understanding Tax Implications for Social Security Disability (SSDI) Recipients Individuals receiving Social Security Disability (SSDI) benefits may wonder if they are eligible for a tax refund. The answer depends on several factors, including income level, filing status, and whether they claim certain tax credits. Tax Filing Requirements for SSDI Recipients Generally, if your only income … Read more

Taxes are a necessary part of modern society, funding essential public services and infrastructure. However, there are legal ways to reduce your tax burden and keep more of your hard-earned money. This guide will explore various strategies to minimize your tax liability while remaining compliant with the law. Understanding Tax Avoidance vs. Tax Evasion It’s … Read more

Filing taxes can be a complex process, and it’s not uncommon for taxpayers to encounter discrepancies between the refund amount displayed in tax preparation software, such as TurboTax, and the actual refund issued by the IRS. This article will delve into the primary reasons why your TurboTax refund may be lower than expected, providing insights … Read more

The 2021 Recovery Rebate Credit is a tax break introduced by the American Rescue Plan Act of 2021. This credit is designed to provide financial relief to individuals and families who were impacted by the COVID-19 pandemic. The credit is claimed on the 2021 federal income tax return and can reduce the tax you owe … Read more

If you’re encountering incorrect information when using the IRS’s “Where’s My Refund” tool for the 2020 tax year, there are several potential reasons and solutions to consider: Incorrect Input: Double-check your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): Ensure that you have entered your SSN or ITIN accurately, without any errors or … Read more

Navigating the intricate world of taxation can be a daunting task, often accompanied by the nagging question: what are the chances of the IRS discovering my unreported income? To unravel this enigma, we delve into the depths of available information, meticulously analyzing relevant documents to provide a comprehensive understanding of the IRS’s capabilities and the … Read more

Understanding the Tax Implications of Cash Payments Individuals who receive cash payments for work performed, commonly referred to as “cash-in-hand” income, are legally obligated to declare this income to the relevant tax authorities and pay applicable taxes. Failing to do so can result in severe consequences, including fines, penalties, and even criminal charges. Reporting Cash-in-Hand … Read more

Navigating the complexities of the tax code can be a daunting task, but understanding the strategies available to minimize your tax liability is crucial for maximizing your financial well-being. This comprehensive guide will delve into the intricacies of tax optimization, providing actionable insights and practical tips to help you reduce your tax burden and keep … Read more

The South African Revenue Service (SARS) has wide-ranging powers to access and scrutinize your financial information, including your bank account details. This means that SARS can see all of your bank transactions, including deposits, withdrawals, and transfers. How SARS Gets Your Bank Account Information SARS obtains your bank account information from various sources, including: Banks … Read more