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income tax

Using an IRA Distribution and Withholding to Reduce Estimated Tax Payments

An IRA distribution can be used to reduce or eliminate those pesky quarterly estimated tax payments. See how.

Earned Income Credit and Due Diligence

Do you know what due diligence is for claiming credits on your income tax return? If you use a preparer, you can bet he or she does.

What to Expect If You Owe Money to the IRS

What should you expect when you owe money to the IRS? There are many options you can use to pay the tax – and it must be paid.

Is It Really Allowed – Making a Non-Deductible IRA Contribution Followed By a Roth Conversion?

Understanding the Roth Conversion of previous non-deductible IRA contributions. Also known as the Back Door Roth contribution.

Caregiver Costs Qualify as Medical Expenses

Certain caregiver costs can be included as medical expenses for iteming your deductions on Schedule A for your tax return.

Withholding Tax Without Income?

Did you know you can have tax withheld from a distribution from an IRA without having to recognize income from the IRA?

Do You Need a Friend at the IRS?

If you need help dealing with the IRS, the Taxpayer Advocacy Service may be just the ticket. They’re really your only friend at the IRS.

IRS Penalties – 8 Facts You Need to Know

Just a few facts you should know about the IRS penalties that may apply to you if you do not file or do not pay your taxes.

Tax Deductions for Property Damage from Disaster

When you have a loss due to a federally-declared disaster, you may be eligible to deduct some or all of your loss on your tax return.

The Affect of Earnings on Your Social Security Benefit

How do current earnings impact your Social Security benefit? Surprisingly, the impact can be felt in several different ways,

How to Get Your Prior Year Tax Return Information From the IRS

If you need your information from a prior year’s tax return, here’s how the IRS suggests that you can get this information.

Avoid Errors In Your Tax Filing

Common errors in tax filing that you can avoid easily by paying attention to detail and using available software tools.

Your Appeal Rights at the IRS

If you’re in disagreement with a result that the IRS has given you, you need to know what rights you have for an appeal.

Avoiding the Underpayment Penalty with Form 2210 – Annualized Income

If you have sporadic income throughout the year, using Form 2210 to explain your annualized income may help avoid penalties.

What to do When You Receive a Notice From the IRS

What should you do when you receive a notice from the IRS? It’s important to pay attention to what they’re asking for, and take action.

Electronic Filing of Amended Tax Returns – Coming Soon!

The IRS recently announced that electronic filing of amended tax returns will be available later this summer!

The Net Investment Income Tax and How to Avoid It

The Net Investment Income Tax of 3.8% can reduce your overall investment income. This article explains the tax and how to avoid or limit the exposure.

Coronavirus Stimulus Check – 2020 Income Wrinkle

If you don’t qualify for a coronavirus stimulus check based on your 2018 & 2019 income, all is not lost. Depending on your 2020 income you may still get it.