The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes, penalties and interest. There may be serious nontax consequences as well.
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If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements...
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Did you recently file your 2023 tax return only to realize there was a mistake? Whether you filed on your own and made a calculation error, forgot to attach a necessary schedule, or just remembered some significant charitable donations from early...
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Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something.
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As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their important tax documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your...
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Filing an error-free tax return is key to taxpayers getting any refund they are due as soon as possible. Requesting a Tax Transcript From the IRS
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If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return.
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Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.
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IRS penalties. At some point in almost everyone’s life, it seems, we will receive greetings from the IRS which includes a penalty. The penalty could result from filing or paying your taxes late or misstating your income or deductions on your...
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