News and Announcements

Last year, more than 30 million taxpayers had their tax returns delayed after filing. Could the same thing happen to you this year? Whether you’ve already filed and are waiting for your return to be processed, or you’re still waiting to file, you might be wondering just how long it’s going to take for your return to be finalized. Due to long-time staff shortages, as well as the added work that came from distributing stimulus checks and advanced child tax credit payments, the IRS is running more behind than usual. Here’s what you need to know about the IRS backlog, and the likelihood of your return being delayed this year.

If you’re expecting a tax refund, you likely want to see that money as soon as possible. Unfortunately, as tax season is drawing to a close, some delays are probable. However, there are some things you can do to minimize the likelihood of delays—primarily, avoiding common mistakes that will require further review with the IRS. Here are a few mistakes that are likely to occur this year. Double check all calculations and reported amounts in these areas to help you avoid delays with your refund.

Many business owners and self-employed individuals expressed concern when a new tax law came into effect at the start of 2022. This new law impacts the way income from PayPal, Venmo, Zelle, and other digital payment platforms is reported to the IRS. This has led to worries about nontaxable income being reported, and other issues that would impact your tax liability. Keep reading to learn what you need to know about these changes.

Taxes are one of the few certainties in life, and yet, they can also be quite unpredictable. While you can certainly plan on paying taxes every year, there are usually tax law changes each year as well. Often, these are minor changes that won’t impact the majority of tax payers. But this year, there are some tax changes that you should be aware of. These changes to tax law will likely impact your 2022 tax return, so it’s important to plan for them accordingly.

You’re probably quite familiar with the tax documents you receive each year. Depending on your sources of income, you likely know to expect forms like 1099s, W-2s, and others that you receive every year. But this year, you’ll likely be receiving a new, additional document from the IRS for your tax return: Letter 6419. Here’s what you need to know about this form and why it’s important that you hang onto it.

Tax season has officially begun, and tax scammers are ramping up their efforts to steal personal identifying information from taxpayers. These individuals use your information to file a fake tax return in your name and claim a refund—and you won’t even know about it until you try to file a return yourself. While tax scams are about as old as taxes themselves, scammers are constantly evolving the ways in which they attempt to steal your data. Here’s what you should know about common tax scams for this year, and what you can do to protect yourself.

The holiday season is over, and tax season is here. By the end of this month, you’ll start receiving tax-related forms from the IRS, your employer, and other relevant entities. (We’ll talk a little bit about two new papers you’ll receive later in this article.) While it’s always a good idea to file your return early if you can, it’s important not to rush the process. It’s easy to get in a rhythm when your taxes are the same year after year, but there were a few changes in 2021 to be aware of for your taxes this year. Keep reading to learn more.

When it comes to your 2021 tax return, your ability to change most of those numbers ended when the ball dropped at midnight. The majority of the information on your return this tax season is now set in stone—but not all of it. There are actually a few moves you can still make to reduce your 2021 tax liability, despite the turning of the calendar to a new year. Here are 5 last-minute tax moves you can still consider making in order to reduce your tax burden.

The New Year is supposed to be about starting fresh, improving ourselves, and making the next year even better than the last. That can be difficult to do when you’re dragging around the same tax debt after the ball drops. If you’re looking to start the New Year off with a clean slate, you need to find a way to get rid of that tax debt, or at least get it under control. Here are some options for helping you do just that.

The holiday season is a time of giving, and many individuals choose to make large, frequent donations to various charities at this time of year. From making cash contributions to donating used and new toys alike, giving back is a common holiday tradition. However, it’s still important to do your research and check up on a few things before you make your donations. Here are a few things to remember when giving to charities this holiday season.

If you’re like most people, your mind is probably focused on the upcoming holidays—not on tax season. The majority of Americans don’t begin to worry about preparing to file their tax return until after the New Year. But beginning to prepare now can make filing much faster and easier for you when tax season does finally roll around; you may even be able to reduce your tax liability! Here are five things you should be doing right now to start preparing for the 2022 tax season.

New businesses often begin with the business owner doing all of the accounting work. While this might work when you’re your only employee and your sales are minimal, as soon as your business begins to grow, it’s time to consider more professional options. But should you outsource your accounting needs or hire an in-house accountant? Keep reading to learn why a third-party accounting firm is better for your business.

While taxes may be unavoidable, your tax liability can be significantly reduced by including all relevant deductions and credits on your tax return. But few taxpayers know enough about all of the available tax breaks to claim every one that they qualify for. Here are some of the most commonly overlooked deductions and credits on tax returns.

Many people don’t recognize the fall as a busy tax season. But if you extended your tax return, your new deadline to file is fast approaching; October 15th is exactly two weeks away. For those who haven’t yet filed their complete 2020 tax return, here are a few important reminders for the approaching deadline.

Taxes can put a strain on anyone, but if you find yourself facing an unexpectedly large tax bill when you’re filing your tax return, you can feel like you’re out of options. Tax debts are due on the filing deadline, regardless of how much you owe. So what can you do? The IRS actually offers several types of payment plans for taxpayers earnestly seeking to pay their bills. Here are the three plans available and how you can qualify for them.

For W2 employees without many additional sources of income, filing a personal tax return is relatively simple. But if you’re a business owner, your personal tax return can get quite complicated—and then there’s the business tax return to consider. Filing a business return is an entirely different ordeal when compared to filing a personal return, and it can be enough to give you more than a few gray hairs. If you filed to extend your business tax return, your new deadline is just two weeks away, so it’s time to get down to business. Here are 5 tips you can follow to make filing that return easier.

Advance child tax credit payments from the IRS began last month, with the second round scheduled to hit bank accounts soon. On the surface, taking the advance payments for the recently expanded child tax credit might seem like a no-brainer for most parents. After all, why would you say no to a monthly check that provides you with additional money for taking care of your children? But the advance payments aren’t exactly the free payday you might think them to be. Keep reading to learn more about what these advance payments are, and why some parents might want to consider opting out of them.

The IRS has begun hiring quite rapidly in recent months, especially in comparison to past years’ hiring rates. And while the creation of new jobs is generally a good thing, these thousands of new positions aren’t being filled due to natural growth—they’re being created to allow the IRS to make a big push for tougher tax enforcement. You can expect the IRS to start buckling down on audits, especially for certain individuals, but how do you know if it will impact you? Keep reading to learn more.

When completing your will and doing your estate planning, many people worry about just how much their estate will be taxed. This is a valid concern, but the good news is that very few estates are subject to a federal estate tax, as the exemption amount is very high. However, your estate could be subject to an estate tax or inheritance tax by your state. Here’s what you need to know about estate and inheritance taxes, and what you can do to minimize how much of your wealth is lost to taxes.

The alternative minimum tax (or AMT) is a mandatory alternative to standard income tax for higher income earners who use many common itemized deductions. This secondary tax system is confusing for many, and often requires taxpayers to calculate their income twice to determine exactly what they need to pay. However, it also produces about $60 billion in federal taxes each year from the top 1% of taxpayers, so despite its inconvenience to many, a great deal of individuals support it. What exactly is the AMT, and should it be eliminated in favor of something simpler? Keep reading to learn more.

When most people think of retirement planning, they think of setting a wealth goal and saving up until they reach it. Perhaps thoughts about supplementing that saved money with other income will come to mind as well. But far too few people realize how professional tax planning now can benefit them in their retirement, and therefore don’t make it a part of their retirement planning. Keep reading to learn why you should seek professional tax planning as part of your retirement planning efforts.