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If You Found Code 570 on Your IRS Transcript, Here’s What You Shouldn’t Do
If you hear about Code 570, always follow the Hitchhiker's Guide... "Don't Panic!" Code 570 is one of the essential codes that appears on an…
Can I Deduct My 529 Contributions on My Federal Tax Returns?
Definition of 529 Contributions I think I might start a 529 just for the tax benefit! A 529 plan is an educational savings plan that…
How Old Do I Have to Be to Withdraw Funds from my 401k?
59 and a half is gonna be a big year! Or will it be? A 401k is an employer-sponsored retirement account that allows employees to…
Required Reading for Anyone Worried About Their 401k RMDs (Required Minimum Distributions)
What Is a Required Minimum Distribution? The dreaded RMD of 401ks. A 401k is an employer-sponsored retirement account that allows employees to save for their…
Power of Attorney and When to Use Form 2848 With the IRS
I didn't realize there was a form for this! The 2848 form is an Internal Revenue Service (IRS) document used to authorize a third party…
Get to Know Form 1099, How Independent Contractors Talk to the IRS
Form 1099 is a tax form used to report income from independent contractors. It is sent to the contractor by the client and also to…
Making Sense of Tax Form 1042-S for Reporting Income Paid
When filling out a 1042-S form, it's important to provide information about the source of the income being paid and the type of income being…
The Ins and Outs of 1040-NR for Nonresident Aliens and U.S. Expatriates
Nonresident Aliens and Tax Obligations I hear Canada's nice this time of the election cycle. Nonresident aliens are individuals who are not U.S. citizens or…
