Owing money for taxes that you don’t know how you will pay off can be unsettling. With 11.23 million Americans owing money to the IRS, you are not alone. While it may feel like a hopeless battle to get out of debt you owe the IRS, it is not an impossible feat....
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What Can Trigger an IRS Audit?
The IRS may choose to audit a taxpayer’s accounts for a number of reasons. In general, the IRS has up to three years after the tax filing deadline to open up an audit. However, individuals who didn’t report 25% or more of their income can be audited up to...
Did You Know that Crypto is Taxable? How to Report Cryptocurrency to the IRS
Cryptocurrencies are taxable. The IRS classifies cryptocurrency holdings as property for tax purposes, meaning it is taxed similarly to other assets, like stocks. If you own cryptocurrency, ensuring you are properly tracking your gains and losses is essential to...
Do Stimulus Payments Impact Your Tax Refund?
Many people are wondering if the stimulus payments provided during the pandemic will affect their tax refund. However, since stimulus payments are not considered taxable income, they won’t be considered as additional income by the IRS when calculating your return. The...
Can You Deduct Your Home Office from Your Taxes if you Work from Home?
The home office deduction has traditionally only been relevant to freelancers and contractors. However, with the majority of Americans working from home during the pandemic, many workers are tacking on additional expenses they wouldn’t normally have. On this list, are...
Do I Still Get My Refund if the IRS Audits Me?
When you submit your tax return, the IRS may select it for a review or audit. This process could occur years after a filing date, or within the same tax year you filed a return. During this process, the IRS will likely ask you for supporting documentation—and in some...
3 Types of Tax Deductions That Can Save You Money on Your Taxes
American taxpayers can use deductions to reduce their taxable income and liability. Deductions include expenses a taxpayer takes on during the year that they “claim” when tax season comes around, or contributions to accounts with tax benefits. In general, you have two...
Do I Need to Claim My Tips on My Tax Return?
Working for tips is hard enough. But the tax rules surrounding tips can make life even harder come tax season. Tips are optional payments that customers provide to employees—usually in the service industry. Many service industry workers falsely think that they don’t...
How Can I Obtain My W-2 From a Previous Employer?
Tax season isn’t most people’s favorite time of year. But even if the thought of doing your taxes makes your head spin, it’s best to give yourself plenty of time to file—especially if you know your taxes may be complicated. Specifically,...
What If I Miss or Forget to File My Taxes by the Deadline?
The IRS recently extended the tax deadline for 2021 to May 17. But what happens if you miss the new deadline? Whether you’re buried in a big project at your job or navigating a family crisis, the tax deadline can come and go in the blink of an eye. If you forgot...