Withholdings
For W2’d employees, withholdings are the federal or state income taxes taken from your paycheck. These amounts of income taxes your employer withholds from your regular pay depends on two things: The amount of income you earn. The dependent information you provide to your employer on Form W–4. For assistance with your income tax […]
Claiming Dependents: What You Should Know
Claiming Dependents: What You Should Know Claiming dependents is a great way to increase tax deductions. The IRS has specific guidelines to ensure a dependent is an eligible claimed dependent. A dependent relies on another person for financial support, such as housing, food, clothing, necessities, etc. Qualifying Children Qualifying children must be under 19 at […]
Understanding IRS Collection Holds
Understanding IRS Collection Notices How The Collections Process Works: The IRS sends collection letters and notices to taxpayers for various reasons. There are two types of notifications. Those you agree with and those you disagree with. Responding to the notification letters by the due date is essential to avoid more aggressive collection actions. Common IRS […]
Estimated Tax Payments
Estimated Tax Payments A taxpayer who receives income from 1099-Nonemployee Compensation (1099-NEC) must make four estimated tax payments. These payments are due during the following periods: January 1st – March 31st April 1st – May 31st June 1st – August 31st September 1st – December 31st Payment vouchers, or IRS Form 1099-V, are attached to […]