Key Differences: W-2 vs. 1099 vs. W-4
The main difference between W-2 and 1099 workers is that a W-2 is a payroll employee and 1099 is a non-payroll worker. The names “W-2...
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- Jun 22, 2022
Health Insurance Coverage May Or May Not Affect Your Taxes And Here's Why
Buying health insurance affects your taxes, as well as not buying it. Where you buy your health insurance can also make a big difference...
- Jun 21, 2022
IRS Raises Interest Rates On July 1
The Internal Revenue Service announced about a month ago on May 20, 2022, that interest rates will be increasing for the calendar quarter...
- Jun 20, 2022
What Is FICA Tax?
Are you doing taxes for the first time? There are a couple of different types of payroll taxes such as income taxes, unemployment taxes,...
- Jun 17, 2022
How Can I Avoid Penalties When I Withdraw From My 401(K)?
When you take a 401(k) distribution, you will have to pay taxes if you have a traditional 401(k). Ordinary income tax applies to the...
- Jun 16, 2022
Afraid Of Identity Theft? Get An Identity Protection PIN Now!
Identities can be stolen just about anywhere nowadays. Workplaces, nursing homes, local police stations, and hospitals are just some to...
- Jun 15, 2022
How Does Tax Evasion Differ From Tax Avoidance?
Tax evasion and tax avoidance are two distinct concepts with two very different consequences. While tax avoidance uses legal measures to...
- Jun 14, 2022
Important Things You Need To Know About Amended Tax Returns
Everybody makes mistakes, even on tax returns. Filing an amended return isn't necessarily difficult but there are a couple of steps that...
- Jun 13, 2022
Last Of The "Dirty Dozen" Annual List Of 2022: Tax Avoidance Methods Warnings Part 5
The IRS wrapped up the 2022 annual list of the "Dirty Dozen" tax scams on Friday, June 10, 2022, with a warning to taxpayers to avoid...
- Jun 10, 2022
IRS Warns Taxpayers With "Dirty Dozen" 8th Tax Scam With Spear Phishing Part 4
Spear phishing is the eighth item on the IRS's "Dirty Dozen" scams warning list for 2022 and it is a severe problem since it may be...
- Jun 9, 2022
"Dirty Dozen" 7th Tax Scam Newly Added To The 2022 Annual List Part 3
Identity thieves have continued to use suspicious communications for years to trick, surprise, or scare taxpayers into revealing personal...
- Jun 8, 2022
The IRS Released 5th & 6th Items Of "Dirty Dozen" Tax Scams To Alert Taxpayers Part 2
At the beginning of the week, the IRS released the 5th and 6th items from the annual list of the 'Dirty Dozen' tax scams to help bring...
- Jun 7, 2022
IRS Reveals The First Four "Dirty Dozen" Scams For 2022 Part 1
Because most individual taxpayers face a lot of scams while they're filing their tax returns, the IRS compiled the twelve most prevalent...
- Jun 6, 2022
How Much Money Do I Need To Make To File Taxes In 2022?
Filing taxes may be very overwhelming for new taxpayers, especially if they don't know if they're within the income threshold to be...
- Jun 3, 2022
Standard Deduction vs. Itemized Deduction: Which One Should I Choose?
You can either claim the standard deduction or the itemized deduction, but there's no way you can do both. Itemized deductions are...
- Jun 2, 2022
You Probably Won't Hear From The IRS If You Do These 3 Things When Filing
Of course, nobody wants to come home from a long day and see a letter from the IRS saying there were errors and mistakes made on your tax...
- Jun 1, 2022
What You Need To Know About Recovery Rebate Credit
If you didn't receive a third stimulus check or didn't receive the entire amount, you may be able to make up the difference by claiming...
- May 27, 2022
Still Haven't Received Your Tax Refund? Look Forward To A 5% Interest Rate.
Taxpayers are fidgety, consistently tracking their tax refund status through the IRS’ Where’s My Refund tool for their awaited tax...
- May 26, 2022
Gross & Net Income Simply Explained
Anyone who's a new taxpayer will eventually hear the terms gross and net income but have no idea how to tell the difference from each...
- May 25, 2022
What Is Backup Withholding? Can I Avoid It?
Unless you’re a tax professional, mistakes are bound to happen when preparing documents and filing returns, such as inputting inaccurate...
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