Now that Tax Day has passed, some consumers may open their mailbox to find a letter from the IRS. The IRS will always communicate via mail, so it is essential to read the letter carefully and in its entirety. The IRS may reach out for various reasons, including a change in your refund, a question regarding…
The IRS focuses on small business owners and provides tips and tax benefits to help them get the most out of their operations. First, many small business owners can claim the home office deduction. To qualify, a business owner must use a specific room in the home exclusively for business. To claim the credit, filers…
As you await your tax refund, we would like to debunk some common myths via information directly from the IRS. Myth #1 Reaching out to the IRS will increase your refund speed. Utilize the Where’s My Refund? tool to check the status of your refund. An IRS representative cannot get your refund to you faster. Myth #2 Visting…
Identity theft can be prevented in many ways, but if you are a victim, there are a few ways to recover your information and ease the financial burden. Once you discover that your identity has been stolen, contact your local law enforcement, freeze your credit, and place a fraud alert on all accounts. Once all necessary parties…
Tax Day 2022 is not a done deal! If you filed an extension by April 18, you have until October 17 to file your 2021 return. If you are an expat, you get an automatic extension until June 15, which means that it’s not too late to extend to October 17. Keep in mind that extensions…
The IRS recently sent a news release reminding taxpayers that all income must be reported, including such from the gig economy. The gig economy is where workers earn money from on-demand roles, services, or goods. Gig economy jobs include grocery delivery, creative or professional services, or transportation. Taxpayers may find that jobs in the gig…
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