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Potential Self-Employed Taxpayer Penalties in 2024
If Americans pay their estimated taxes late, they could be in line for a shocking bill from the IRS this spring. Last October, the IRS…
Reporting your Child’s Capital Gains and Dividends on Your Taxes: Form 8814
Little Timmy's investments actually paid off? Congrats! Here's how to put your kiddo's income on your joint tax return. Are you the custodial parent of…
Tax Refunds Disappointing Many in Early 2024
Due to the increasing volume of returns being processed, the IRS has cautioned taxpayers that the average refund amount will likely change in the coming…
How IRS Exchange Rates Work When Converting Foreign Currencies to US Tax Dollars
Taxpayers who earn income in a foreign country or financial assets in foreign currencies must report their earnings and assets in US dollars on their…
The Only Official IRS Penalty Calculator Is an Accurate Tax Return
A fast tax penalty calculator? It's the IRS, not hockey. You need to accurately calculate your annual tax returns to avoid any potential penalties and…
Want Credit for Saving With Qualified Retirement Plan Contributions? Then Use Form 8880
You know those score multipliers in pinball? Saving for retirement is kinda like that. Are you looking to claim the Retirement Savings Contributions Credit, also…
IRS Publication 502: Yes, You Can Deduct Your Medical and Dental Expenses on Your Tax Return
If you've never heard of the medical expense deduction, you might be in for a treat. The Internal Revenue Service offers you a bit of…
The IRS One Time Forgiveness Program: How It Relates to Offer in Compromise, Installment Plans and Tax Penalties
Financial hardship makes taking care of your tax liabilities difficult, if not impossible. Sometimes a payment plan isn't enough. If you owe unpaid taxes to…
