Personal Finance Archives - Page 21 of 83

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers
Gallery
COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers

Coronavirus, IRS, Personal Finance, Personal Taxes, Tax Refunds, Tax Relief, Tax Tips, Taxes

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers

This article was published by the IRS. To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service has issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties [...]

cozbycpa2022-09-07T12:13:01-04:00September 7th, 2022|Categories: Coronavirus, IRS, Personal Finance, Personal Taxes, Tax Refunds, Tax Relief, Tax Tips, Taxes|Tags: broad-based COVID penalty relief, COVID tax relief, Cozby & Company, CPA Heather Cozby, IRS penalty relief, refunded tax penalties, tax penalties due to COVID to be refunded, tax preparers in Cape Cod|

Here’s What Taxpayers Should Know about Backup Withholding
Gallery
Here’s What Taxpayers Should Know about Backup Withholding

IRS, Personal Finance, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Payments, Tax Tips, Taxes

Here’s What Taxpayers Should Know about Backup Withholding

This article was published by the IRS. Backup withholding ensures that the government is paid the correct amount of taxes on specific types of payments reported on certain Forms 1099 and W-2G. Here are some facts about backup withholding: Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments [...]

cozbycpa2022-08-24T10:23:41-04:00August 24th, 2022|Categories: IRS, Personal Finance, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Payments, Tax Tips, Taxes|Tags: Cozby & Company, CPA Heather Cozby, payer's liability for backup withholding, tax planners in Plymouth MA, what is backup withholding, which payments are subject to backup withholding, who must deduct backup withholding|

Social Security Benefits May Be Taxable
Gallery
Social Security Benefits May Be Taxable

IRS, Personal Finance, Personal Taxes, Retirement, Social Security, Tax Tips, Taxes

Social Security Benefits May Be Taxable

This article was published by the IRS. Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don't include supplemental security income payments, which aren't taxable. The portion of benefits that are taxable depends on the taxpayer's [...]

cozbycpa2022-08-17T13:14:11-04:00August 10th, 2022|Categories: IRS, Personal Finance, Personal Taxes, Retirement, Social Security, Tax Tips, Taxes|Tags: are supplemental security income payments taxable, best accountants in Plymouth MA, Cozby & Company, CPA Heather Cozby, when are Social Security benefits taxable|

Here’s What Taxpayers Need to Know about Their Right to Finality
Gallery
Here’s What Taxpayers Need to Know about Their Right to Finality

Audits, IRS, Personal Finance, Personal Taxes, Tax Tips, Taxes

Here’s What Taxpayers Need to Know about Their Right to Finality

This article was published by the IRS. Taxpayers interacting with the IRS have the right to finality. This is especially for taxpayers who are being audited. This is one of ten basic rights —collectively known as the Taxpayer Bill of Rights. For taxpayers who are in the process of an audit, here's what they should know [...]

cozbycpa2022-08-03T10:52:54-04:00August 3rd, 2022|Categories: Audits, IRS, Personal Finance, Personal Taxes, Tax Tips, Taxes|Tags: Cozby & Company, CPA Heather Cozby, great tax accountants in Plymouth MA, how long can an audit last, how often can the IRS audit a taxpayer, taxpayer right to finality|

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022
Gallery
For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022

Coronavirus, Education, IRS, Personal Finance, Personal Taxes, Planning Strategies, Tax Deductions, Tax Relief, Tax Tips, Taxes

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022

This article was published by the IRS. The Internal Revenue Service is reminding teachers and other educators planning ahead that they'll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator [...]