On March 11, 2021, the American Rescue Plan Act became law, and this $1.9 trillion relief package has several components that put money right into the hands of Americans. Wondering how the newest stimulus plan might benefit you and your family? Check out the details below. Direct $1400 Stimulus Payments The plan includes a ... Read More
Tax Blog
Seeking Tax Debt Forgiveness? 3 Things You Need to Get Started
Taxes can be a serious burden and many Americans seek out tax debt forgiveness to help manage their obligations. Before seeking out a tax debt relief program or sinking cash into the first attorney that makes an offer, review this guide on what everyone needs to know about getting started with tax debt forgiveness. Does the IRS ... Read More
Can’t Pay Your IRS Installment Agreement Due to the Coronavirus?
If you’re in a tight financial spot and can’t afford to make your monthly IRS installment agreement payments, you may qualify for one or more types of tax relief. The IRS People First Initiative has suspended the requirement to make payments on existing installment agreements until July 15, 2020, which means you can temporarily ... Read More
IRS People First Initiative: Helping Struggling Taxpayers Details
As efforts to flatten the contagion curve of coronavirus close businesses and schools across the country, many people are watching their paychecks disappear, their investments fall, and their sense of security slip away. The IRS is aware of the intense effect the coronavirus is having on families, and to help; the agency has ... Read More
Do My Own Taxes or Pay a Professional? How to Choose
Should you do your own tax return or pay a professional to help you? The answer varies for everyone. If you have an easy tax situation, you can save money by handling your own return, but in other cases, a professional is well worth the investment because they can help reduce your tax liability, increase your refund, or save you ... Read More
Guide to Avoid Owing Taxes on 1099 Income
If you've recently landed a gig driving for Uber, walking dogs for Rover, shopping for Instacart, or doing odd jobs on TaskRabbit, you need to be aware that this extra 1099 income may generate a tax bill. Similarly, if you work as a freelancer, ranch hand, doctor, dentist, veterinarian, lawyer, accountant, hairdresser, ... Read More
Private Collection Agencies to Now Handle IRS Direct Debit Payment Plans
On October 8, 2019, the Internal Revenue Service (IRS) announced that private debt collectors can now accept direct debits from taxpayers. If a collection agency is handling your tax debt, this means that you can provide your banking details and let the agency take one or more payments directly from your checking or savings ... Read More
Why Do We Pay Taxes? Types of Taxes & Where They Go
Why do people have to pay taxes? What does the government do with that money? If you've ever asked questions like this, you are not alone. When many people receive their paychecks, they wonder why their take-home pay is less than they earned. Similarly, if you work for yourself as a freelancer or a sole proprietor, you may also ... Read More
Why Are Tax Refunds Lower This Year? Spoiler Alert: Most People Actually Owe Less Tax
Why is my tax refund smaller than last year? On social media, thousands of users are posting this question, and their concerns are well-founded — tax refunds for the 2018 tax year are smaller than tax refunds from previous years. According to some sources, average refunds have dropped 8.7% from $2,135 to $1,949, and about a ... Read More
IRS Tax Audit – Guidelines, Procedure, Flags and More
IRS Audits can be grueling. You must provide accurate receipts, statements, invoices, books, and records. Your best bet may be to seek professional help, but here is a guide for those who want to handle an IRS Audit on there own. With most audits, get a professional’s help because the outcome typically far outweighs the ... Read More
