A sole proprietorship is a business owned and operated by one individual. The owner makes all the decisions and is responsible for running the business. Because the business and owner aren't separate, the owner is personally responsible for the business's debts and obligations. The owner should maintain separate business records as well. Sole proprietors report business [...]
Organizations who qualify must electronically file Form 1024-A at Pay.gov to apply for recognition of exemption from federal income tax under section 501(c)(4). Before filing the form online, your organization must have an organizing document and an Employer Identification Number. (More information on organizing documents can be found in Publication 557, Tax Exempt Status for Your [...]
Always be on the lookout for phishing scams aimed at stealing your tax refund and your identity through fake emails and text messages. Scammers may try to steal your info over the phone or online by pretending to be the IRS. Don't fall for fake calls asking for personal or financial info. Just hang up and [...]
American taxpayers age 65 and older may be eligible to claim an additional $6,000 tax deduction per person. Learn more at IRS.gov/OBBB.
Got audited and don't agree with the results? You might qualify for an Audit Reconsideration. You can apply if: you still owe money. the IRS disallowed your credits. you have new documents. the IRS made an error. If you qualify, take the following steps: Step 1: Review your audit report using Form 4549, Report of Income [...]
