There are many misconceptions surrounding taxes. However, we don’t suggest taking advice from anyone other than a tax professional. We have highlighted some of the biggest tax misconceptions and have provided the accompanying, accurate information. Myth 1: Filing your taxes is voluntary Filing your taxes is reporting your income and taxes paid to the IRS. […]
Legislation has officially passed for taxpayers to obtain a third stimulus payment. The third round of Economic Impact Payments will be based on the taxpayer’s latest return from either 2020 or 2019. Payment Breakdown $1,400 for single filers $2,800 for married filing jointly An additional $1,400 for each dependent Individuals earning up to $75,000 would […]
On Thursday, March 11, the President signed into law the $1.9 trillion American Rescue Plan. While this does include another stimulus payment for eligible taxpayers, it also includes a large one-year increase to the Child Tax Credit. What is a Child Tax Credit? Child Tax credits were implemented to assist parents and/or caregivers to help […]
With the economic stimulus payments that were distributed in 2020, many questions have arisen. What happens if I didn’t receive my payment? What if I only received partial payment? What if I received it all? We will address what you should do for each of these scenarios as we head-dive into tax season. What amount […]
As tax season arises, so do hundreds, if not thousands, of scammers. Scammers will try to take advantage of taxpayers by pretending to be the IRS, asking for personal information, or even hacking your email. Due to COVID-19, more taxpayers are receiving unemployment benefits opening the door for fraudsters to access this information, too. In […]
This time of year, unfortunately, many taxpayers receive a “lien notice” in their mailboxes. But, what does a lien even mean? According to the IRS, a federal tax lien is the government’s legal claim against your property when you neglect or fail to pay tax debt. The lien protects the government’s interest in all your […]
As election season rolls around, discussions are often centered around the raising or lowering of taxes. For many local elections, there are items on the ballots about raising or lowering a millage. For many, though, it is not common knowledge about what a millage is or how it translates to actual dollars. The Definition A […]
Congratulations! You’ve just tied the knot. You’re unwrapping all the gifts you received now that you’re back from your honeymoon, and you’re starting your lives together under one roof. April rolls around, and it’s time to file taxes. You see a little checkbox for married (how cute?!), but you see there are more options: Married […]
Making estimated tax payments during the tax year can help you avoid penalties and a huge tax bill when Tax Day rolls around. If you are self-employed, there is no employer withholding federal taxes from your paycheck so you may need to make estimated tax payments on your own throughout the year. What are estimated tax […]
Whether you are new to the real estate world or you’re a real estate pro, these five tax tips can help you save big going into tax season. By following these tips, you can rest assured knowing you are saving all you can. Business Travel For realtors, travel is always a part of the job. […]