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Tax season is a great time to make sure your Social Security statement accurately reflects your earnings history. You will have all the documents you need at your fingertips to correct any mistake. The annual statement details how much you earned each year to estimate monthly benefits, which are based on an average of your…
A few weeks after the national election, the Internal Revenue Service began to issue notices to employers who may have failed to comply with the Patient Protection and Affordable Care Act. These notices appeared to be the first salvo in the IRS ACA audit process. Failure to successfully defend this IRS audit could mean significant…
The Internal Revenue Service is continuing to face challenges with identity theft and taxpayer service this tax season, although there have been some improvements since last year. LEARN MORE NOW
Taxpayers that are married may file a JOINT RETURN, therefore combining their INCOME and expenses. Individuals will be considered married if: 1. They are living as husband and wife; 2. They are recognized living as common law marriage; or 3. Legally married but separated and living apart but not legally divorced. Marriage is determined as…
Homeowners, get excited: It’s tax season, that magical time of year when having a house actually saves you money. But just know that taking advantage of all these tax breaks can be kind of complicated, especially if you’re used to filing a 1040EZ and calling it a day. For one, with a home, it usually makes sense to itemize…
An approach to product costing that assigns a representative portion of all types of manufacturing costs–direct materials, direct labor, variable factory overhead, and fixed factory overhead–to individual products.
House Republicans released a bill, the American Health Care Act, on Monday night to begin making good on their promise to repeal and replace the Affordable Care Act. The ACA repeal bill proposed in the House on Monday would immediately repeal the individual and employer mandates, and modifies the current premium tax credit for 2018…
At tax time, it’s easy to remember your wages, since you receive a Form W-2. It’s also easy to remember income reported on Forms 1099. You probably get many Forms 1099, so don’t lose them. But what isn’t so clear is if you get income without cash, and it is more common than you might think.…
The Internal Revenue Service said Wednesday it has a total of $1 billion worth of unclaimed tax refunds waiting for people who have not filed a 2013 income tax return. The IRS estimates half the refunds are over $763, while the other half are less than that amount. Taxpayers can claim their refunds by filing…
Perhaps you didn’t realize it, but like the average house mouse, or your driver’s registration, many tax breaks have a life span of only one year. Technically, a lot of those tax credits and deductions expired on Dec. 31, 2016—which means that if you’re a homeowner, you might want to lock in whatever home-related tax…