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molokwu
Dec 5, 20242 min read
Keep Personal Information Safe Under Digital Lock and Key
By following these tips, taxpayers can reduce the risk of losing their identity, money or accounts to criminals. Always protect personal...
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molokwu
Nov 9, 20243 min read
THINGS TO REMEMBER WHEN FILING 2024 TAX RETURNS
These six easy tips will help make tax preparation smoother in 2024.: 1. Gather all necessary tax paperwork and records for accuracy to...
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molokwu
Nov 9, 20242 min read
Employers Must Certify Eligibility of New Hires to Claim the Work Opportunity Tax Credit
Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their...
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molokwu
Sep 18, 20243 min read
IR-2024-137-Home improvements could help taxpayers qualify for home energy credits
The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home...
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molokwu
Sep 18, 20241 min read
Reminder-IR-2024-227, Aug. 28, 2024: Employer educational assistance programs can still be used to help pay off workers’ student loans through Dec. 31, 2025
The Internal Revenue Service today issued a reminder that employers who offer educational assistance programs can also use them to help...
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molokwu
Aug 24, 20241 min read
Child and Dependent Care Tax Credit Can Help Offset Summer Day Camp Expenses
working parents arrange for care of their younger children under age 13 during the summer. A popular solution is a day camp program,...
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molokwu
Jul 27, 20245 min read
Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; inaccurate or misleading tax information circulating
The Internal Revenue Service today warned about bad tax information on social media that can lure honest taxpayers with bad advice,...
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molokwu
May 7, 20242 min read
By Law, Taxpayers Have the Right to Challenge the Internal Revenue Service-IRS Position and Be Heard
Every taxpayer has fundamental rights when working with the IRS. Collectively their rights are known as the Taxpayer Bill of Rights. One...
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molokwu
May 7, 20242 min read
What Taxpayers Should Do if They Receive Mail From The Internal Revenue Service-IRS
IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to...
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molokwu
Apr 10, 20243 min read
Tax credits for individuals: What they are and how they can benefit taxpayers
A tax credit is an amount taxpayers claim on their tax return generally to reduce their income tax. Eligible taxpayers can use them to...
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molokwu
Apr 10, 20242 min read
Deductions for individuals: The difference between standard and itemized deductions and what they mean
A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have...
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molokwu
Mar 29, 20245 min read
Beware of aggressive promoters who dupe taxpayers into making questionable Employee Retention Credit claims; risks continue for small businesses, special withdrawal program remains available
As part of this year’s Dirty Dozen, the Internal Revenue Service continues to warn businesses and others to stay clear of unscrupulous...
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molokwu
Mar 25, 20243 min read
Time running out to claim $1 billion in refunds for tax year 2020, taxpayers face May 17 deadline
The Internal Revenue Service announced today that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but...
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molokwu
Mar 20, 20242 min read
Businesses Must Electronically File Form 8300 For Cash Payments Over $10,000.00
Beginning Jan. 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000,...
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molokwu
Mar 19, 20242 min read
Individual Retirement Accounts Can Be Important Tools In Retirement Planning
It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make...
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molokwu
Mar 7, 20242 min read
Beware of Companies Misrepresenting Nutrition, Wellness, & General Health Expenses as Medicare for FSA, HSA, HRA & MSA
Concerns loom large about people being misled . The Internal Revenue Service today reminded taxpayers and heath spending plan...
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molokwu
Mar 6, 20246 min read
DIGITAL ASSET, GIG ECONOMY & FOREIGN SOURCE TAX REPORTING
Tax Time Guide: Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets. The Internal...
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molokwu
Feb 28, 20242 min read
STANDARD MILEAGE RATES FOR 2024 TAX SEASON
STANDARD MILEAGE RATES FOR 2024 Mileage rate increases to 67 cents a mile, up 1.5 cents from 2023. The Internal Revenue Service issued...
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molokwu
Feb 27, 20243 min read
FY2024 Tax Filing Tips
THINGS TO REMEMBER WHEN FILING 2023 TAX RETURNS These six easy tips will help make tax preparation smoother in 2024.: 1. Gather all...
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