Author: taxsecretsblog

Think for a moment about the many ways that the world has changed since Steve Jobs first introduced the iPhone to the world in 2007. Overnight, entire industries were upended. Nobody needed a standalone camera because they were suddenly carrying one around with them in

If you've been following the news recently, you're no doubt familiar with the talk about the Internet Revenue Service hiring new agents during a time when they've been critically understaffed for years. Indeed, the IRS is expected to receive approximately $80 billion in funding between

Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting option. However, if you are under age 59½ and withdraw money from a

Article Highlights: Filing Thresholds Tax Withholding Tax Credits Earned Income Tax Credit Child Tax Credit American Opportunity Tax Credit Generally, individuals are required to file a tax return for a year if their income exceeds the standard deduction for their filing status for that year.

Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to

Article Highlights: Required Minimum Distributions (RMD) Excess Accumulation Penalty Military Spouse Retirement Plan Participation Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Early Distribution Penalty Exceptions Credit For Energy Efficient Home Modifications Home Solar Energy Credit Credit For Small Employer Pension Plan Startup Costs

Article Highlights: What is Filing Status? When is One Required To File? What is AGI? Which is Better, Itemized Deductions or the Standard Deduction? What is a Tax Write-Off? How is Taxable Income Determined? What is the Difference Between the Graduated Tax Rates and the

April 2023 Individual Due Dates Disaster Area Extensions: Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the

Article Highlights: Contribution Due Date Age Rules Compensation Rules When To Contribute Contribution Limits Deductibility & Benefits Saver’s Credit Choosing Between Traditional & Roth IRAs Most of the time an expense that may be tax deductible needs to be paid by the end of the

When it comes to income taxes, every profession has its own unique quirks to deal with. A standard employee with one W2 has it fairly easy, while things get more complicated once you enter the world of self-employment. Things grow even more difficult once you