Search Google for “how to pay off credit card debt” will undoubtedly return a slew of results promising a “big secret” to pay off your credit cards and other debts. Not only pay them off, but pay them off quickly.
There’s no hidden magic involved …
Acting National Taxpayer Advocate Bridge Roberts released the 2019 annual report to Congress (https://taxpayeradvocate.irs.gov/2019AnnualReport). The National Taxpayer Advocate’s 2019 annual report has been consolidated and differs from prior reports …
Since 2002, the IRS has partnered with private tax preparation software providers to offer eligible taxpayers a free tax preparation and e-filing option. Called Free File, this option can be used to prepare and e-file 2019 returns by those with adjust…
If you use a vehicle for certain driving purposes, you can deduct your costs based on your actual expenses or rely on an IRS-set mileage rate. The IRS has announced the standard mileage rates that can be used for deductible-driving costs in 2020 (Noti…
Distributions from an IRA prior to age 59 ½ are subject to a 10% early distribution penalty. However, the penalty is waived if an exception to it applies. One exception is for disability. But, as a recent case illustrated, the disability must be that …
Distributions from an IRA prior to age 59 ½ are subject to a 10% early distribution penalty. However, the penalty is waived if an exception to it applies. One exception is for disability. But, as a recent case illustrated, the disability must be that …
As a tax professional, you know that each season brings its own set of unique challenges and changes. Sometimes, it’s interesting to see how your fellow tax prep experts are faring this time of year, too — now you can take part and find out for yoursel…
If you’re getting a tax return, you probably have ideas on how to spend it. A well-deserved getaway — somewhere peaceful with no Wi-Fi access sounds nice. So does an upgrade to your home’s outdated appliances — and a little extra fun money to freshen u…
When life throws a financial curve ball your way — and the funds you have on hand just don’t cut it — your retirement account may seem like a viable option to help make ends meet. However, early distribution of retirement funds comes at a cost. Before …
Updated for tax season 2019*
Are you among the many Americans who file your taxes early so you can get your refund sooner? If you claim the Earned Income Tax Credit (EITC) or Child Tax Credit (ACTC) and expect to receive a refund, you’ll have to wait u…
