Taxpayers who adopted or started the adoption process in 2023 may qualify for the adoption credit. This credit can be applied to international, domestic, private and public foster care adoption. Here is some basic information to help people understand this credit and...
When a small business decides to bring in a tax professional, they should know what to expect and how to select a reputable practitioner. The IRS has information and resources to make choosing a tax professional easier. What a small business can expect from a tax...
Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. A digital...
Taxpayers can check the status of their refund easily and conveniently with the IRS Where's My Refund tool at IRS.gov/refunds. Refund status is available within 24 hours after the taxpayer e-filed their current year return. The tool also gives the taxpayer a...
The IRS has ended most unannounced visits to taxpayers by revenue officers. Ending unannounced visits to taxpayers will increase confidence in IRS’s tax administration work and improve overall safety for taxpayers and IRS employees. Fraudsters bombarding taxpayers by...
As people get ready for tax filing season, it’s important that they select tax return preparers with the skills, education and expertise to prepare tax forms properly. Taxpayers are ultimately responsible for all the information on their tax return, regardless of...
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Taxpayers who earn a...
When you are self-employed, you generally can deduct the ordinary and necessary expenses of traveling away from home for business from your income. But before you start listing travel deductions, make sure you understand what the Internal Revenue Service (IRS) means...
Accounting is part and parcel of the Key Performance Metrics (KPIs) of a successful business. Therefore, you need stellar accounting processes to ensure that your financials are in order. Here are four questions that business owners should ask their bookkeepers to...
Love your Money. That is not a saying that we here often. With the passing of Valentine's day, I would like to discuss a related topic that is usually uncomfortable to talk about. The love of money. The type of love that I am talking about is not the love of what...
