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IRS Audits

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How Long Should You Keep Tax Returns?

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How Long Should You Keep Tax Returns? You might be surprised how long you should hang onto your federal and state tax returns, as well as supporting documents—especially if you've ever missed filing.

Child Tax Credit 2022: Could You Get $450 Per Child From Your State?

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Child Tax Credit 2022: Could You Be Eligible for $750 From Your State? More than a dozen states are sending additional child tax credit money to parents. See how much you could qualify for if you live in one of these states.

What is a payroll expense? A guide to payroll expenses

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What is a payroll expense? A guide to payroll expenses - Article Payroll expenses are the costs associated with hiring employees and independent contractors for your business. To pay workers, start with gross pay and deduct withholdings to calculate net pay. Processing payroll requires you to collect and manage data, and your payroll expenses may change frequen...

5 Skills to Learn to Help You Save Money

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Learn These 5 Skills to Maximize the Amount You Can Save Start saving money and take control of your finances with these five skills for saving money.

Top 10 Most Common Financial Mistakes

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Top 10 Most Common Financial Mistakes Avoid these common money traps to get a handle on your finances and make smarter financial decisions.

2022 Federal Income Tax Brackets, Standard Deductions, Tax Rates

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2022 Federal Income Tax Brackets, Standard Deductions, Tax Rates Learn the IRS rates and inflation adjustments for 2022 federal taxes—tax brackets, standard deductions, new IRA rules, and more.

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

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What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS | Internal Revenue Service Tax Tip 2022-109, July 19, 2022 — When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or mor...

IRS reminds taxpayers who haven't filed yet to choose their tax preparer wisely

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IRS reminds taxpayers who haven’t filed yet to choose their tax preparer wisely | Internal Revenue Service Tax Tip 2022-79, May 23, 2022 — Taxpayers who have not yet filed their 2021 tax return may file electronically when they are ready rather than wait until the October 17, 2022, extension deadline. If they are considering hiring a tax preparer, it’s important to choose wisely. Taxpayers are respon...

Breakdown of Taxable vs. Non-Taxable Income

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What Income Is Taxable? What Isn't? What income sources are taxable? Which aren't? These are the rules for the 2021 tax year. You might even be able to tweak some of them in your favor.

Gambling Loss Tax Deductions: No Luck Involved

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Gambling Loss Tax Deductions: No Luck Involved The IRS takes a broad view of what constitutes a gambling activity. This isn’t restricted to betting on the racetrack or dog track or high stakes at the casinos, although those count, too. It also encompasses lotteries, raffles, keno, poker games ...

Small businesses can benefit from the work opportunity tax credit

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Small businesses can benefit from the work opportunity tax credit | Internal Revenue Service Tax Tip 2022-70, May 5, 2022 — The work opportunity tax credit is a federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment.