The Internal Revenue Service (IRS) conducts audits to ensure that taxpayers are reporting their income and paying their taxes correctly. While being selected for an audit can be stressful, it’s important to remember that it doesn’t necessarily mean that you’ve done anything wrong. The IRS uses a variety of methods to select returns for audit, … Read more
Understanding Gift Taxes and Audits Gift taxes are imposed by the IRS on individuals who give gifts exceeding a certain threshold. Failure to file a gift tax return or filing an incorrect return can trigger an audit. Common Triggers for Gift Tax Audits Failing to File a Gift Tax Return: If you make a gift … Read more
Maintaining proper records is crucial for both individuals and businesses to ensure compliance with tax regulations and protect their financial interests. The Internal Revenue Service (IRS) mandates specific record retention periods for various tax-related documents, including income tax returns. Understanding these requirements is essential to avoid penalties and ensure accurate tax reporting. This guide will … Read more
Selling stocks can be a lucrative way to generate profits, but it’s important to be aware of the potential tax implications. Capital gains taxes can significantly reduce your earnings, but there are several strategies you can employ to minimize or even eliminate these taxes. This guide will provide a comprehensive overview of how to sell … Read more
Navigating the complexities of unemployment can be daunting, especially when it comes to understanding the tax implications. TurboTax, a leading tax preparation software, provides comprehensive guidance to help individuals navigate these complexities. This article delves into the key aspects of unemployment taxation, including eligibility, reporting requirements, and the impact of recent tax breaks. Eligibility for … Read more
Navigating the intricacies of tax filing can be a daunting task, especially when it comes to determining the optimal withholding allowances on your W-4 form. The choice between filing as single or married can significantly impact your tax liability and refund, so it’s crucial to understand the implications of each option. This comprehensive guide will … Read more
Unclaimed property, also known as abandoned property, refers to assets that have remained inactive or unclaimed for a specified period. This can include various types of property, such as uncashed checks, dormant bank accounts, uncollected insurance policies, and more. In many jurisdictions, including the state of New York, there are laws in place that require … Read more
The Internal Revenue Service (IRS) provides taxpayers with a convenient online tool called “Where’s My Refund?” that allows them to track the status of their federal income tax refunds. This tool provides personalized refund information based on the processing of the taxpayer’s tax return and is updated regularly to reflect the progress of the refund. … Read more
Maintaining a car can be a significant expense, especially if you rely on your vehicle for work or personal transportation. Fortunately, there are certain circumstances where you can deduct car maintenance expenses on your taxes. This article will explore the eligibility criteria, deductible expenses, and documentation requirements for claiming car maintenance deductions. Eligibility Criteria Business … Read more
Navigating the complexities of tax reporting can be daunting, especially for those with investment portfolios. One crucial aspect that often raises concerns is the reporting of stock transactions. This article delves into the potential consequences of failing to report stocks on taxes, providing a comprehensive analysis to help investors make informed decisions. Legal Implications of … Read more