Retirees who receive earnings from contract or freelance work might get a huge tax break under the Tax Cuts & Jobs Act. A 20% tax deduction is available to pass-through entities that retirees can qualify for. A pass-through business includes sole proprietorships, partnerships, limited liability companies, and S corporations. If you are retired and work as a consultant, tutor, coach,…
If you are a combat-injured veteran and you received Letter 6060-A or 6060-D from the IRS, it means you are eligible for a tax refund. The IRS is sending out these letters to affected veterans so that they can file an amended return to claim their refund before it’s too late. To file a claim,…
The IRS has been shouting hoarse about the lack of funding for years. Due to cuts in funding, the agency had to shrink many of its services. But there’s another big loss happening: a research study from Indiana University Kelley School of Business has revealed that budget cuts at the IRS have lead to the loss of billions…
Whom do you contact for tax assistance if you cannot afford a professional tax service? You can read through the information on the IRS website, which might not tell you exactly what to do. Or, you can call the IRS, which most likely doesn’t get you to talk to an agent. Essentially, you are on your…
The IRS has turned its focus on virtual currency owners and investors. The IRS in its July 26, 2019 press release said that it has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions…
Amidst piles of information about the ACA and how it impacts your taxes and financial planning, many taxpayers are confused about what they need to do to take advantage of the benefits available to them. As a small business owner, you can enjoy advantages that can help you maximize your health-care benefits and save more in taxes as…
Pennsylvania has joined other states in reforming its tax credits incentives. The state’s tax incentives will undergo extensive changes in order to increase their effectiveness and usefulness for taxpayers. As part of an ongoing process, the state’s Independent Fiscal Office (IFO) will regularly analyze and evaluate tax incentives so that policymakers can make improvements that are aimed at benefitting the taxpayers….
If you make a mistake in your property taxes and end up owing to the state government, your property might be confiscated and sold. That is what happened in the case of a Detroit family who years later found that they had made a mistake in calculating their property taxes, which lead to underpayment. The result was that…
The Electronic Tax Administration Advisory Committee (ETAAC) released its annual report, whose focus was the prevention of identity theft and tax refund fraud. The IRS has been fighting tax refund fraud for years, detecting millions of fraudulent tax returns filed by scammers every filing season. Despite the IRS’ best efforts, the Treasury loses millions of dollars to scammers in fraudulent…
The IRS is sending letters to cryptocurrency investors to remind them to pay taxes on income earned from cryptocurrency transactions. Over 10,000 letters are being sent to taxpayers who the IRS believes need to pay back taxes on their cryptocurrency investments. If you earned income from cryptocurrency investments or transactions, it might be a good time…
