Recently, the IRS issued a statement urging taxpayers to double check their withholding status. That simply refers to the amount of income tax your employer withholds from your paycheck. Wondering what and why you need to double check? Here's what you need to know. What Happens If You Don't Withhold Enough? If your withholding ... Read More
Tax Blog
Will Your Hurricane Damage Qualify for a Tax Write Off?
There’s no question that this hurricane season has seen some of the most destructive storms to ever hit U.S. shores. Together, Harvey, Jose, Nate and Irma have taken hundreds of lives wiped out thousands of homes and businesses and left many cities completely uninhabitable. The destruction has been devastating to millions of ... Read More
Billionaire Calls Eliminating Estate Tax “Terrible Mistake”
As the saying goes, there are two certainties in life: death and taxes. If you’re among the very wealthy then you can actually count on those two things going hand-in-hand, thanks to the federal estate tax. As it currently stands the federal estate tax only applies to a very small part of the population. That’s because the ... Read More
How Will the Equifax Data Breach Affect Your Tax Return?
Filing your next tax return is probably the furthest thing from your mind right now. But you might want to give it at least a little attention. It’s only September, but in case you haven’t heard there was a massive data breach recently and nearly half of the entire country was likely affected. 143 Million People Potentially ... Read More
New Phishing Scam Taking Dead Aim at Tax Pros
It’s no secret that scammers continuously prey on innocent victims in an effort to steal their tax records. In many cases, they even commit identity theft by accessing their personal information. Scammers prey on anyone they can but often focus on the elderly, who can be more vulnerable to these types of attacks. Furthermore, ... Read More
What’s the Deal With the IRS’s New Tax Liability Collectors?
This spring, the IRS started working with some private liability collection companies. The program is in its early stages, but there are already reports of problems. If you owe money and you've received a call, here's what you need to know. Scams Versus Legitimate Liability Collectors Currently, there are scam artists who call ... Read More
What Does the New Colorado “Amazon” Tax Mean for You?
Who doesn’t love Amazon? Except for a few holdouts that still don’t feel safe sharing their personal payment information online, and a few others that think the Internet is really just a big front for the government to spy on us (apologies if you’re in this category, but if you are then you won’t see this anyways), everyone ... Read More
Why Your Taxes In Retirement May Be More Than You Think
Are you worried about what your taxes in retirement will look like? What's the reward for approximately 45 years of your life spent working? It's a relaxing and fulfilling retirement, of course. Retirement is something that almost everyone looks forward to "some day". Pretty much every day feels like a Saturday in retirement. ... Read More
Fresh Start Initiative: Program Helping Those Who Owe the IRS
Who doesn't like a fresh start? Sometimes it's a new job in a completely different industry? Perhaps, you've had it with your current significant other, or maybe you're ready to bolt your living quarters and start all over somewhere else. There's nothing quite like that feeling of rinsing yourself off, so to speak, and starting ... Read More
Did You Make a Mistake on Your Tax Return – What Now?
Have you ever had that sinking feeling like you messed up on something big but it’s too late now to take it back? Like that angry email you sent to your boss spelling out why you should get a raise, only to find out that he/she was about to give you one. Or that embarrassing text that you accidently sent to the wrong person that ... Read More