Blog
It’s Hurricane Season: Safeguarding Tax Records
With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared...
Tips for Taxpayers With Hobby Income
Hobby activities are a source of income for many taxpayers. For instance, during the pandemic many people may have started making handmade items and selling them for a profit. As a reminder, this income must be reported on tax returns. What is considered a hobby? A...
Six Steps to Protect Against Taxpayer ID Theft
Tax-related identity theft occurs when someone uses a taxpayer's stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone should...
What to Know About Backup Withholding
Backup withholding is a federal tax on income that otherwise typically doesn't require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here is what you should know about...
10 Tips to Help You Start Saving for Retirement
It's never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains - that's the power of compounding - and the best way to accumulate wealth. These ten tips will help you get started:...
What Is the Net Investment Income Tax?
While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here's what you need to know. What is the Net...
Settling Tax Debt With an IRS Offer in Compromise
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone can use this option to settle tax...
Employee Relocation: What Happens to Your Home?
Employees and small business owners often have questions about what to do with an employee's home - and what the tax consequences might be - when they move to a new job location. Here are some answers: Employees Most employers want to protect the employee from being...
Small Business: Understanding Payroll Expenses
Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who is just starting or one who has been in business for a while - ready to hire an employee or two - here is what you should know about...
Advance Child Tax Credit Payments Start This Month
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know:...
There Is No “One-Size-Fits-All” Setup
The other day, one of my sons was walking around the house in my shoes. When I noticed this, I playfully began chasing him around. He stumbled a bit and was noticeably slowed down because the shoes didn’t fit him. Once he kicked my shoes off, he was much more...
Tips for Students with a Summer Job
If your child is a student with a summer job, your child's income over the summer is considered taxable income. Here's what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate....
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