Tax season doesn’t usually get people excited—but 2025 tax changes are different. Thanks to the One Big Beautiful Bill (OBBB), signed into law last year, this filing season introduces meaningful updates that could put more…
If 2020’s economic downturn put you in the position of needing to apply for unemployment benefits, you may have been under the impression that those benefits were not subject to state or federal taxes. Unfortunately,…
Opening Day for the IRS is Today February 12, 2021. The Internal Revenue Service has set the opening day for the 2021 tax filing season for Friday, Feb. 12, 2021. That’s the day the IRS…
In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season…
Bitcoin mania is upon us. It has been widely publicized that the cryptocurrency, Bitcoin, has reached record highs in value over the past month. Investors are making nice profits with Bitcoin, and the IRS is…
With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits…
Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on…
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between…
Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several factors can affect the timing of a taxpayer’s refund after the IRS receives their…
Of all the intricacies of tax preparation, few aspects are as beneficial as electronic filing or e-filing. Not only is this advantageous to the Internal Revenue Service, as it reduces paperwork, it is also a…
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not…
Are you wondering how the new IRS tax law changes will affect you? Be prepared with need-to-know answers to all your tax reform questions. We’ve been keeping track of all the tax law changes so…
It turns out that there is no set time schedule for when refunds have to be given to people who file taxes (and who qualify). This is probably not the answer that you wanted and is…
How much money do you have to make to file taxes? What is the minimum income to file taxes? Let’s take a look at the requirements for the minimum income to file taxes in 2017…
The government shut down early Saturday, January 20th after Congress failed to agree on a funding bill. That triggered automatic furloughs for government employees deemed “non-essential.” That means only a portion of each federal agency’s…
The IRS Just Updated the Withholding Tables for This Year Any time the IRS updates the federal income tax withholding tables, it immediately affects your net paycheck, not just your yearly refund.These tables determine how…
One of the biggest decisions taxpayers face each year is how to file their tax returns. Last year, 86%, nearly 132 million, of tax returns were filed with tax software. But out of those computer-prepared…
Your tax return may show that you’re due a refund from the IRS. However, if you owe a federal tax debt from a prior tax year, or a debt to another federal agency, or certain…
Opening Day for the IRS is Today January 27, 2020. The Internal Revenue Service has set the opening day for the 2020 tax filing season for Monday, Jan. 27, 2020. That’s the day the IRS…
(Modernization, Automation, Artificial Intelligence and Faster Digital Taxpayer Services) The IRS has operated for decades on legacy systems, outdated technology platforms, manual processing, and paper-based files that were never designed to handle modern tax data.…
What Taxpayers Need to Know Before Filing Tax penalties are not just a threat for late filers or people who owe back taxes. Several IRS penalties automatically increase based on inflation, meaning the dollar amount…
Losing Your Job Doesn’t Always Mean a Smaller Refund Job loss brings stress, uncertainty, and financial pressure—but it also affects your tax situation in ways most people don’t expect. The truth is, your refund might…