Archived Posts: Taxes

Avoiding an IRS Tax Audit

Avoiding an IRS Tax Audit

by | Mar 4, 2021 |

Just 0.45 percent of taxpayers were audited in fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like the ones listed below could help. Red Flags That Trigger IRS Audits Claiming Business Losses Year After Year When you operate a business and file Schedule C, the IRS assumes you operate that business to make a profit. Claiming losses year after year...

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Taxable vs. Nontaxable Income

Taxable vs. Nontaxable Income

by | Feb 23, 2021 |

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable income includes any money you receive, such as wages, tips, and unemployment compensation. It can also include noncash income from property or services. For example, both parties in a barter exchange must include the fair market...

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Tax Filing Season Starts February 12

Tax Filing Season Starts February 12

by | Feb 3, 2021 |

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and...

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Important Tax Changes for Individuals and Businesses

Important Tax Changes for Individuals and Businesses

by | Jan 7, 2021 |

What You Need to Know About Changes to Your Taxes in 2021 Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead. Individuals In 2021, a number of tax provisions are affected by inflation adjustments, including Health Savings Accounts, retirement contribution limits, and the foreign earned income...

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