4 Things to Know About Employing Your Spouse
If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee.
The Importance of Keeping a Mileage Log
The IRS notes that a taxpayer’s failure to keep a mileage log on vehicles indicates that the activity under examination is not being conducted in a businesslike manner.
Easy steps to make tax filing easier in 2022
Another year has come and gone and here we are looking ahead to tax time. Are you one of the many taxpayers who struggle to have all your documents ready for the accountant to prepare your taxes? The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps to help themselves file their federal tax returns in 2022.
Planning ahead can help you file an accurate return and avoid processing delays that can slow tax refunds
Vaccinated? Claim Tax Credits for Your Employees and Yourself
As the nation suffers from the ravages of the super-contagious COVID-19 Delta variant, the federal government desperately wants all American workers and their families to get vaccinated.
If you have employees, you probably feel the same way. Indeed, more and more employers are implementing vaccine mandates—a trend that will likely grow after the FDA gives final approval to the COVID-19 vaccines.
COVID-19 vaccine mandates are highly controversial.
What You Should Do and Not Do If You Receive a Letter from the IRS
Every year the IRS mails letters and notices to taxpayers for a variety of reasons. Most often they are related to the taxpayer’s federal tax return or tax account. The letter may notify them of changes to their return or may request additional information. It may also notify them they need to make a payment. In both 2020 and 2021, taxpayers also received letters regarding the Economic Stimulus Payment or perhaps the Advance Child Tax Credit payments that started in July.
How does the American Rescue Plan Act of 2021 affect me?
The 2021 tax filing season has been quite a roller coaster ride so far. As if 2020 didn’t have enough built-in complications, the American Rescue Plan Act (ARPA) of 2021 adds even more twists for your tax return. The United States had provided about $6 trillion in total economic relief to the American people during the coronavirus pandemic, including the $1.9 trillion approved when President Biden signed the American Rescue Plan Act (ARPA) into law. Much of the American Rescue Plan’s economic relief is administered through the tax code in direct payments (stimulus checks) and expanded Child Tax Credit (CTC) in 2021.