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Should you elect married filing separately on your tax returns? The truth is only about 2% of married couples do so. For a select few, however, the election can be quite beneficial. Most married couples can and should file jointly. The IRS itself states that “in...
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The IRS just made it easier to respond to a handful of tax notices online, which presents an excellent opportunity to review what a letter from the IRS could mean and how you should respond to each. Hint: You should always give your CPA a heads-up before responding....
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If you got used to receiving a tax refund in recent years, don’t hold your breath for the same this tax season. While the IRS is better staffed and equipped this year for prompt refunds, pandemic benefits that sweetened the deal have now expired. CBS News reports that...
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The federal government is again working on final changes to its independent contractor guidelines. Getting this sticky area wrong can hold dire consequences with potential litigation, fines, fees, and, of course, back taxes. Employee classification can be a...
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You win some, you lose some—that’s the nature of investing. But when it comes to paying taxes, you might be able to turn an investment loss into a tax win through tax-loss harvesting. It’s certainly a volatile time for investing. U.S. stocks and bonds were down in the...
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New instructions for schedules K-2 and K-3 are out. The big change is a Domestic Filing Exception (DFE) that, in theory, makes it easier to file if all partners/owners qualify. The DFE is designed to reduce the complexity and time associated with preparing and filing...
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