Understanding IRS Audits An IRS audit is a review of your tax return to verify its accuracy and compliance with tax laws. The IRS may initiate an audit for various reasons, including discrepancies or errors identified during the initial processing of your return. Impact of Receiving a Refund Receiving a tax refund does not guarantee … Read more
Impact of Adding a Second W-2 on Refund Entering a second W-2 into your tax return can result in a decrease in your refund amount. This is because adding a second W-2 typically increases your total income, which can lead to higher taxes and a lower refund. Reasons for Refund Reduction There are several reasons … Read more
When it comes to retirement planning, two of the most popular options are 401(k)s and Roth IRAs. Both accounts offer tax benefits, but there are some key differences between the two that could make one a better choice for you than the other. Key Differences Between 401(k)s and Roth IRAs Feature 401(k) Roth IRA Contribution … Read more