Claiming a dependent on your tax return can help save a lot of money each year. Some taxpayers may be unsure about who qualifies as a dependent. This is especially true if a living situation can change year to year. Here’s all you need to know about dependents and your taxes, including how to claim […]
Ask Phil: What is FinCEN?
Today, Phil discusses the Financial Crimes Enforcement Network, also known as FinCEN. If you’ve never heard of the Financial Crimes Enforcement Network, you aren’t alone. FinCEN is a bureau of the United States Department of the Treasury. The Financial Crimes Enforcement Network’s primary mission is to combat and prevent financial crimes, including money laundering, terrorist […]
Filing Guide for First-Time Taxpayers
Filing taxes is one of life’s responsibilities that we simply cannot avoid. At some point, we all file taxes on our own. Filing a tax return for the first time can be intimidating. Here is a guide for first-time taxpayers with filing tips and common mistakes to avoid. Determine if You Need to File It […]
How Does the IRS Collections Process Work?
The IRS is responsible for collecting taxes owed to the United States government. When taxpayers fail to pay their taxes on time, the IRS initiates a collections process to recover the outstanding debt. This process can be complex and intimidating for those unfamiliar with it. Understanding how the IRS collections process works can help taxpayers […]
An Overview of Estate & Inheritance Taxes
Sometimes after a loved one dies, we must deal with grief, funeral planning, and an estate. In some cases, we inherit assets from a deceased loved one. Unfortunately, not much in this life comes for free, and even the things we inherit can cost us. In this article, we will take a closer look at estate and […]
Which TCJA Provisions are Expiring Soon?
Since its enactment in 2017, the Tax Cuts and Jobs Act (TCJA) has significantly impacted the American tax landscape, introducing a slew of changes aimed at reducing tax burdens for individuals. However, many of these provisions were designed to sunset after a set period. Most are slated to expire in 2025. As this deadline approaches, […]
Ask Phil: Top 5 Tax Tips for 2024
Today, Phil discusses his top 5 tax tips for 2024. Tax Tip #5: Gather Your Tax Documents Early Most tax forms, including your W-2s and most 1099s, should be sent to you by January 31. However, there are some tax documents that come in a bit later. For example, 1099-B and 1099-MISC are due to […]
What You Need to Know About IRS Notice CP2000
Receiving a notice from the IRS can be anxiety-inducing for anyone. Among the various notices the IRS sends, Notice CP2000 stands out as one that often causes confusion and concern among taxpayers. However, understanding what Notice CP2000 entails and how to respond to it is crucial for resolving any discrepancies with your tax return. In […]
What Happens to IRS Tax Debt When You Die?
Death is an inevitable part of life, but what happens to our financial obligations when we pass away? Among the many considerations that arise after someone dies, tax liabilities can be a complex issue that requires careful attention and understanding. While tax liabilities don’t simply vanish upon death, the way they’re handled can vary depending […]
A Breakdown of IRS Form W-2
Tax season often brings a sense of confusion and anxiety for many individuals, especially when faced with understanding complex tax forms. One such form, the W-2, plays a crucial role in the tax-filing process for employees. Understanding the W-2 form is essential for accurately reporting income and ensuring compliance with tax laws. In this article, […]