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When it comes to transactions between household members, common family tax mistakes occur with regularity. In families, tax laws are frequently overlooked. if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative When a taxpayer rents a home to a relative for …
The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their IRAs and retirement plans face important upcoming deadlines for required minimum distributions to avoid penalties.
Business tax filing deadlines aren’t on holiday, so don’t forget to file worker 1099s. If you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC to avoid facing the loss of the deduction for …
Right now is the best time to prepare for your 2023 taxes. With the holiday celebrations coming to an end and the New Year just around the corner, it’s a perfect time to take a look at the changes that will impact your 2023 tax return when you file it in 2024. Keeping up with …
If you are you an individual who has received over $600 from any single customer last year, you may receive IRS form 1099-ks for sales. The IRS reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K if they have received more than $600 for the year. IRS form …
Are you ready to receive your 2022 Tax Organizer? We’re busy collating and printing out the newest version of our organizer to send them out to clients the first week of January. These tax organizers help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually …
An Offer in Compromise can be an effective way for individuals and businesses to settle a federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers can settle for significantly less, especially if they have …
The holidays are rapidly approaching, and along with celebrations, come year end tax planning opportunities. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year end tax moves that can benefit you for both 2022 and 2023. Having the Congressional members preoccupied with the November mid-term …
Here are 5 essential Quickbooks Online tasks to do before the end of the year slips by. For many, December is a month of the year that goes by in warp speed. It seems like you’ve just finished Thanksgiving dinner and it’s time to ring in the New Year! You could probably spend the entire …
