Can the IRS Garnish Social Security?
There is a lot of confusion when it comes to this topic. Most creditors cannot garnish federal benefits. This includes social security benefits. The federal government has a different set of rules than most creditors. Only the federal government can garnish your social security and other federal benefits. Throughout my time in this industry, I […]
Read MoreWhat Is Depreciation?
When operating any business, it always takes money to make money. This money that is being spent is your expenses and can actually be deducted on a taxpayer’s tax return. There are many different expenses that can be deducted such as cost of goods, sales commission expenses, rent, salaries, or advertising expense. These are all […]
Read MoreHow the IRS Tax Collections Process Works
The whole world has been in the grasp of the Coronavirus for the past two years. During this time, the government has done many things to try and aid people financially. There have been three different stimulus checks sent out, the federal government provided extra money for unemployment benefits on top of what the states […]
Read MoreHow to File a Final Tax Return for Decedents
The last thing that anybody wants to think about when they lose a loved one is filing their taxes. Unfortunately, if the deceased were normally required to file, then someone would be required to file a final tax return on their behalf. In many of these situations, the decedent may be leaving a spouse behind […]
Read MoreA Guide to the Qualified Business Income Deduction
In 2017, there were major changes to tax law. The Tax Cuts and Jobs Act included reductions in tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions, and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes. With […]
Read MoreAvoid Being a Victim of IRS Scams
Over my many years in this industry, I have encountered petrified taxpayers that reach out looking for help that feels the IRS is bearing down on them. This is what the IRS does, so in some cases, it is 100% valid to be scared. With others that contact me, I ask some simple questions and […]
Read MoreWhat You Can Deduct from IRS, State, and Local Taxes
When filing your taxes there are many ways to reduce your tax bill or ways to get yourself a bigger refund. This can happen using different credits and deductions that are available. This article will discuss different tax deductions that can be used on your tax return to reduce your taxable income. I will start […]
Read MoreHow to Get the Child Tax Credit Early
There have been many different programs made available by the government to help people get through these tough times. With the Covid-19 pandemic, there has been a record number of people on unemployment, and many small businesses and self-employed people had a serious loss of income. The government has provided benefits in the form of […]
Read MoreWhich Education Expenses Are Tax Deductible?
For many Americans, their years spent in college are a time when every little extra dollar counts. Fortunately, the government sees this, but they also value higher education so much that there are many different exclusions of income, tax deductions, and tax credits that can be utilized that are associated with different aspects of cost […]
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