by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
Ohio will begin accepting e-filed returns this Monday, January 27. There is some good news for Ohio taxpayers this year. A couple of highlights: · Ohioans will enjoy a 4% reduction in the income tax rates. · Low- to moderate-income residents will receive further cuts....
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
More and more taxpayers are waiting until the last minute to file their tax returns. The IRS has contributed to this phenomena, postponing e-file acceptance until the end of January. Taxpayers who claim the Earned Income Tax Credit and certain other credits will have...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
Gambling winnings must be reported to the I.R.S. as income. In most cases, the payer will issue the winner a W-2G. Prizes, however, must be reported regardless of whether the payer issues a report of winnings. In other words, the taxpayer must report ALL gambling...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
A taxpayer recently settled a large credit card debt with his lender. The question he then asked is “Do I need to declare the canceled debt as “income” on my tax return. The short answer is yes, but there are exceptions. A bank or other lending institution that...
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
A client received a letter from the I.R.S. several months ago. The letter reminded him that he had not paid his 2016 taxes. He ignored the letter for several weeks, before a second letter arrived; this one with more forceful language. In the second letter, the I.R.S....
by admin | Nov 16, 2022 | Solve Your IRS Tax Problems
I earned my Masters’ Degree in Taxation in 1997. During my studies, it became quickly apparent the U.S. Tax code is entirely too complex and incomprehensible to the average person. I was reminded of this truth early this year when I came across I.R.S. publication...
