The IRS is a name every taxpayer and accountant hears every day. The IRS reviews the taxpayer's account and financial information to ensure the rules are followed. The IRS can...
Posted by KLSM CPA Firm PLLC on 02/08/2022
Your tax payment as an independent contractor could be a little tricky. You must file extra forms, ensure you pay Uncle Sam enough in the year, and pay your self-employment tax. Who...
Posted by Karen Munoz, EA on 10/19/2021
Every new retiree should ensure that they take full advantage of all tax breaks they get, especially if they are on a fixed income. Don’t forget that you need to confirm your...
Posted by Karen Munoz, EA on 09/20/2021
Also known as EITC or EIC, the Earned Income tax Credit is a refundable credit, meaning that if you owe no tax and you qualify, you will get the value of the credit. The idea is to...
Posted by Karen Munoz, EA on 09/03/2021
The IRS assesses penalties and interest on the employer's account when they fail to collect, report, and remit payroll taxes. You may be personally liable for failure to withhold...
QBI, also known as qualified business income deduction is a form of tax deduction that allows business owners and qualified self-employed people to deduct as much as 20% out of their...
Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
You might have a home where you stay for some time in a year while you rent it for the other part of the year. Doing this means you have to prorate the incurred expenses between rental...
For people that relocated to start a new job, they can deduct moving expenses. This deduction is available for people in the military. Rules for Military Qualification Military...