Now that the holidays are in the rearview mirror and it is the start of a new year, it’s time to think about getting ready for filing your tax returns. Gathering and organizing your records in order to file your taxes could be one of the nicest things you do for yourself (and your accountant). Taxpayers should gather all year-end … Read More
Choosing the Right Tax Professional
Choosing the Right Tax Professional:As taxpayers begin to prepare to file their 2022 tax return, they may be considering hiring a tax return preparer. Based on your needs and situation, it is important to find a good fit. Remember, you are responsible for all the information on the return, regardless of who prepares it. A tax preparer with experience, knowledge … Read More
Taxpayer Bill of Rights Part 2
Taxpayer’s Bill of Rights Part 2 As taxpayers, most of us probably think that whatever the IRS says goes and that we as taxpayers don’t have much recourse. However, as a taxpayer in the United States you do have rights and they are documented in the Taxpayer Bill of Rights. One of the rights listed on the IRS website at … Read More
The Taxpayer Bill of Rights Part 1
Your rights as a taxpayer, what you need to know.If you have ever received a letter from the IRS, it’s natural for you to feel a little apprehension as you open it. You might even feel a little nausea if that letter states that you owe money. When you believe that you don’t owe the government money and the government … Read More
Child Tax Credit Portal Update
Families receiving monthly Child Tax Credit payments can now update their direct deposit information and more!Now families can conveniently receive their monthly child tax credit payment online and with a direct deposit to your designated bank account. The account feature was added only to the Child Tax Credit portal available only on IRS.gov. This is good to know, so that … Read More
Deductions and More: Getting Ready For the Next Tax Season
Americans love paying taxes.They love it so much that over 120 million of them chose to pay extra and had to get refunded.All jokes aside, there’s a lot of serious information to know when you’re prepping for tax time, and it’s never too early to get started! It could save you time and money next year.Luckily, it doesn’t have to … Read More
Tax Preparation vs Tax Planning
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: WHAT IS TAX PREPARATION? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money … Read More
Social Security Benefits & Taxes: The Facts
Social Security Benefits & Taxes: The FactsSocial Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits.Examples include wages, self-employment, interest, dividends, and other taxable … Read More
Relief for Taxpayers Struggling with Tax Debt
RELIEF FOR TAXPAYERS STRUGGLING WITH TAX DEBTSWhile there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related collection procedures will help taxpayers, especially those who have a record of … Read More
Identity Protection PIN Available to All Taxpayers
Fraudulent Federal Tax Returns are on the rise!Starting in January 2021, In order to help combat this, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.WHAT IS AN IDENTITY PROTECTION PIN?An identity protection personal identification number (IP PIN) is a … Read More
Tips for Taxpayers
Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments to the payee doesn’t generally withhold taxes, and … Read More
IRS Announces a Filing Extension
Tax Day Filing Extension Announced Due to the economic upheaval COVID-19 has created throughout the US, the IRS is giving taxpayers a break by pushing the April 15 payment and filing deadline to July 15h of this year. Laura Saunders from the Wall Street Journal puts it ” “In short, taxpayers shouldn’t blow off their April 15 IRS filings just … Read More
Important Tax Changes for Businesses
Learn about the Important Tax Changes for Businesses that in store. Tac changes in tax credits, expensing & deductions have changed for 2020.
Important Tax Changes for Individuals
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 – THE TAX CHANGES In 2020, a number of tax provisions are affected by … Read More
Tax Season is Coming: Five Steps to Get Ready
Tax Day? What are you talking about? Tax season is not for a while yet. That may be true, but it comes quickly. The Tax Season will be here before you know it! Why not start getting ready now? 2019 could be the year you are totally prepared. In order to help you get there, TYS LLP has laid out … Read More