Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where’s My Refund? Tool on the IRS website. The tool also provides a personalized refund date after the return is processed and a refund is approved. […]
One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine […]
Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650 for individuals with self-only coverage […]
After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how to report any payment that wasn’t received. If you’ve […]
If your child is a student with a summer job, your child’s income over the summer is considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income […]
June 10 Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. June 15 Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, […]
After the unprecedented year we’ve just experienced, the last thing you need is to have your accounting data compromised or stolen. It would be impossible to reconstruct your QuickBooks file from scratch, and you can’t afford to have a hacker steal any of your funds. There are numerous steps you can take to protect yourself […]
May 10Employees who work for tips – If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2021. This due date applies only if you deposited the tax for the quarter […]
When you receive an invoice or bill in the mail or online, how much attention do you pay to the way it looks? You might think you don’t pay any attention, but any communication received from vendors patronized does have an effect, and people are more likely to notice if it’s particularly good or bad. […]