Can’t Pay Your Taxes? Here Are Some Payment Options 

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Article Highlights: If You Can’t Pay Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan  IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections  Offer-in-Compromise  Although…

You May Need to File Estimated Tax Payments

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Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax…

The Tax-Filing Deadline Is Drawing Near

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Article Highlights: Extensions  Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2018 Tax Year Missing Information As a reminder to those who have not yet filed their 2021…

Toss Your Paystub Every Week? Maybe It’s Time To Take a Closer Look

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What you do with your paystub often depends on how you get paid. If you have direct deposit there’s a good chance that you just rip the entire thing up without a glance, confident in the fact that the money is in your bank account and all…
Charitable Tax Deduction Peculiarities

Charitable Tax Deduction Peculiarities

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Charitable Tax Deduction Peculiarities Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers…
Hiring An Independent Contractor? How QuickBooks Online Can Help

Hiring An Independent Contractor? How QuickBooks Online Can Help

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  Hiring An Independent Contractor? How QuickBooks Online Can Help  Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors.  The COVID-19 pandemic…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

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Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers…
March 2022 Tax Due Dates & Reminders

March 2022 Tax Due Dates & Reminders

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March 2022 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than…

What’s Next for the Child Tax Credit?

December 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that…

Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes

Article Highlights:   Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax…