LATEST TAX NEWS & SUBSCRIBE

Worker Classification 101: Employee or Independent Contractor IRS Tax Tip 2022-117, August 2, 2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for...

Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t. Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits...

What Is a Required Minimum Distribution? Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiary Distribution Rules Surviving Spouse Eligible Designated...

Owe the IRS Money? How Long Do They Have to Collect? Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% No Filing or Fraud Ten-year Collection...

Separation and Divorce Tax Issues to Consider For clients in the process of ending their marriage, there is more to consider than a simple separation of assets. Whether legally separating or divorcing, they could be facing big changes in their individual tax...

Portability of Unused Estate Tax Exclusion Article Highlights: Estate Tax Lifetime Exemption Surviving Spouse Portability Election Financial Drawback Election Considerations Portability Extension When an individual dies, the value of that individual’s estate is...

Will Your Planned Retirement Income Be Enough after Taxes? Article Highlights: States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee...

People Without a Filing Requirement May Miss Out on a Refund if they Don’t File a 2021 Tax Return COVID Tax Tip 2022-111, July 21, 2022 Some people may choose not to file a tax return because they didn't earn enough money to be required to file but may miss getting a...

Summer Activities That Could Affect Your Tax Situation Although the tax return filing deadline has come and gone, it's never too early to start planning for next year's tax return. With that in mind, let's take a look at some common summertime situations that could...

The Difference Between a Hobby and a Business A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People have all kinds of hobbies, from collecting stamps and woodworking to crafting and quilting. In contrast,...