In August President Trump issued an Executive Order to create a temporary deferral of payroll taxes beginning September 1, 2020 through December 31, 2020, but details were lacking. The IRS recently released official guidance in the form of Notice 2020-65, but there is...
IRS
How to Prevent Tax Identity Theft
How to Prevent Tax Identity Theft While the beginning of a new year may be a time for resolutions, clutter purges, and healthy eating goals, it’s also the beginning of tax season, which means identity thieves are on the prowl and looking for opportunities to steal...
How to Avoid Paying Capital Gains Tax When You Sell Your Home
Taxes are an inevitable part of the process when selling your home, but a few strategies and in-the-know tips can help you minimize the amount you pay on your profits – also called capital gains tax. What Is Capital Gains Tax? When you sell property for more than you...
What to Do If You Owe Taxes to the IRS
So you filed your tax returns and discovered that you owe tax money to Uncle Sam. Now what? Whether you can afford to pay the balance in full now or you need some time to pay, below are your different payment options. When You Need More Time If you owe more taxes to the IRS […]
Figuring Out the New 199A Deduction
If section 199A is entirely new to you, don’t worry! The Internal Revenue Service (IRS) released a new document earlier this month that breaks down some of the new specifics around the rules created for section 199A. In short, this complex section refers to a part of the tax code that mentions a newly created […]
An IRS Revamp Could be in the Near Future
The House Ways and Means Committee recently passed the Retirement, Savings, and Other Tax Relief Act of 2018 through the House. Within this legislation is a bill called Taxpayers First Act of 2018, which was devised to protect taxpayers from unfair practices as well as reform the IRS. There is bipartisan support for improving […]
An IRS Revamp Could be in the Near Future
The House Ways and Means Committee recently passed the Retirement, Savings, and Other Tax Relief Act of 2018 through the House. Within this legislation is a bill called Taxpayers First Act of 2018, which was devised to protect taxpayers from unfair practices as well as reform the IRS. There is bipartisan support for improving the […]
