This article was published by the IRS. People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it's important for people working in these areas to understand important details involving tips. What are tips? Tips are optional cash or noncash payments [...]
The IRS conducts audits by mail to verify a taxpayer's eligibility for child-based refundable credits, such as the Earned Income Tax Credit. Typically the IRS holds the refund until the audit is complete. For Earned Income Tax Credit audits, you'll usually need to provide documentation verifying your relationship to the children claimed and that they lived [...]
This article was published by the IRS. The Internal Revenue Service has announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard milage rates are used to calculate the deductible [...]
Those who use digital assets may be wondering what their reporting requirements are come tax filing season. This 75-minute IRS webinar covers both existing and new reporting requirements so you can get all your questions answered. If you have any additional questions, please reach out to our office and we'll walk you through the answers.
This article was published by the IRS. The Internal Revenue Service is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return. This change will benefit filers claiming important tax credits like the Earned Income [...]
