Taxes

IRS unveils new People First Initiative

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

Money

Found Money

Alright, there really is no found money, per se. However, if you are getting a tax refund from the IRS or your state taxing authority, you can certainly think of this as “found money”. It’s money that you did not have. Here are somethings that you should do with the refund, and they do not…

News/Information

Your 2016 Taxes

This is just a quick post to let you know that the IRS must wait until February 15, 2017, to issue refunds on returns who have the Earned Income Tax Credit or the Additional Child Tax Credit (ACTC). This is not attributed to the IRS’ discretion. The decision to hold refunds is not controlled by the Internal Revenue…

Taxes

Free Income Tax Preparation & Filing Options 2016

Tax season is upon us. Here are free income tax preparation & filing options: IRS – Free File is the IRS’ free tax preparation service for almost everyone. Free File does the hard work for you, either through brand-name software or online fillable forms. Give it a try! The Volunteer Income Tax Assistance (VITA) program offers free tax…

Money

A cautionary story

Every tax season, I hear this same story from different people. This is why I decided to write a cautionary story about it, so you won’t fall prey to it. When you are hired by an employer, most people assume they are being hired as an employee. However, that is not always the case. Employers…

Money

It’s taxable?

Some of you might be in the process of negotiating a settlement with your credit card companies. The companies might agree to “settle” with you for a lower amount than what you owe. While this is great, there’s one thing you might not have expected, it’s taxable. The amount that is taxable is the forgiven…