Today, there are millions of people who have a 401(k) or other retirement plan through their workplace. However, there are many others who seek other accounts to fund their retirement years. When looking into retirement accounts, there are several factors to consider, one of the most important of them being taxes. Here are some tips […]
Articles by Elyssa Carlos
Top 5 Tips to Avoid an IRS Audit
The Senate recently approved nearly $80 billion in IRS funding, with $45.6 billion specifically for enforcement. This new funding is expected to result in more tax audits. There is no sure way to avoid an IRS audit. However, there are some things that the IRS has generally viewed as “red flags.” These could increase the […]
Power of Attorney Explained
Tax management can be a complex and difficult task. This is especially true when faced with unexpected circumstances such as illness, travel, or other personal challenges. In such situations, having a trusted representative to handle tax-related matters can provide invaluable support. A power of attorney (POA) is a legal instrument that empowers an appointed individual […]
What is the IRS Dishonored Check Penalty?
Dealing with the IRS can be an unnerving task for many taxpayers, especially when unexpected penalties arise. One such penalty that often catches people off guard is the dishonored check penalty. Understanding this penalty and how to avoid it is crucial for taxpayers to navigate their financial obligations smoothly. In this article, we explore the details […]
What is Backup Withholding?
In the complex world of taxes and financial regulations, backup withholding is a concept that often raises questions for taxpayers. While it might sound intimidating, it serves a crucial purpose in ensuring tax compliance and preventing underreporting of income. Let’s delve into what backup withholding entails, why it’s implemented, and how it can impact individuals […]