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TAX PENALTY-AFTER EXTENSION

TAX PENALTY-AFTER EXTENSION

Interest Interest accrues on your unpaid balance and compounds daily from April 18 (which was the tax deadline for most people) until you pay the balance in full. Interest rates on underpayments of tax are set each quarter. For non-corporate taxpayers, the rate is...
Family business tax considerations

Family business tax considerations

Some of the world’s largest companies are family owned. Yes, we’re looking at you, Walmart. But the real backbone of every community is its locally owned and operated businesses. Although they are much smaller, these owners face many of the same challenges...
IRS has changed the mileage rules

IRS has changed the mileage rules

To meet the strict substantiation requirements for deducting vehicle expenses underIRC section 274(d), a taxpayer must have adequate records or sufficient corroboratingevidence that establishes:1) The amount of the expense,2) The time and place of the expense or use...
Tax tips for first-time filers

Tax tips for first-time filers

The Internal Revenue Service receives tax returns from millions of Americans each year. They’re all first-time filers. Whether you are a first-time or experienced taxpayer, dealing with the IRS can be intimidating. For newbies, the task also can be overwhelming....
Reasons to file a tax return even if you don’t have to

Reasons to file a tax return even if you don’t have to

In 2019, the Internal Revenue Service received nearly 156 million tax returns. Then came the COVID-19 pandemic. In 2022, the number of 1040s filed hit 169.7 million. 2021 saw 169.1 million returns sent to the IRS, and 2022 saw 164.3 returns sent. During 2020-2022, the...