62. What Records Should I Keep for Taxes and for How Long?
According to the IRS, records should be kept for 3 years from the date you filed your original return, and for 7 years if you file a...
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Mar 30, 20223 min read
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Feb 25, 20221 min read
56. Error in form W2 or 1099?
Substance over form. Have you received a W-2 or 1099 with an error? Check forms carefully to ensure accuracy. If you discover a mistake,...
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Feb 19, 20221 min read
53. Low-Income Taxpayer
Low-incomers needn't pay back credit overpayments. But others will have to. Families with 2021 modified adjusted gross incomes at or...
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Feb 17, 20221 min read
51. Child Tax Credit
The monthly child credit payments aren't taxable. On your 2021 Form 1040, which you file next year, you'll reconcile the payments you got...
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Feb 2, 20221 min read
44. How Long Should I Keep My Tax Records?
Should keep your individual federal tax returns for at least three years. As a general rule, that's how long IRS has to question items on...
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Feb 1, 20223 min read
43. Are You an Independent Contractor or an Employee?
It is critical that business owners correctly determine whether the individuals providing services are employees or independent...
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Jan 29, 20221 min read
39. Proposal for Due Date Change for Estimated Payments
Tax pros support a bill to change the due dates for estimated tax payments CONGRESS by individuals. Currently, estimated payments are due...
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Jan 28, 20221 min read
38. We Are Approaching the End of the Year!
We are approaching the end of the year, and that means the IRS has been busy processing and reviewing hundreds of millions of returns!...
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Jan 26, 20221 min read
36. Tax Season Overview
Let's take a look at the 2021 filing season. Millions of individuals still await refunds from timely filed 2020 tax returns. As of Sept....
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Jan 24, 20221 min read
34. Name Change on Your Documents
If you changed your name because of marriage, divorce, or another reason... Be sure to report the name change to the Social Security...
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Nov 14, 20211 min read
32. What You Need to Know About ITIN Expiration
If an Individual Taxpayer Identification Number (ITIN) was not included on a U.S. federal tax return at least once for tax years 2018,...
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Nov 5, 20210 min read
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Nov 3, 20212 min read
29. Everything You’d Like to Know About Travel Insurance
Unexpected things can happen when you are away from home. If you find yourself dealing with an automobile accident, theft, or some other...
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Nov 2, 20212 min read
28.Mandatory Insurance for Motor Vehicles in Illinois
If you drive on Illinois roadways, then you are subject to the mandatory insurance law in the state. It is one of several measures that...
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Nov 1, 20211 min read
27. The Importance of Auto Insurance
Auto insurance is necessary because it is a legal requirement. If you carry the correct level of coverage, then you receive financial ...
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Oct 23, 20212 min read
26. Benefits of Hiring A Spouse as An Employee - Part 2
Unfortunately, you may have been forced 10 lay off or furlough workers during the pandemic, but now you're short-staffed. Strategy: Hire...
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Oct 21, 20212 min read
25. Benefits of Hiring A Spouse as An Employee - Part 1
Unfortunately, you may have been forced 10 lay off or furlough workers during the pandemic, but now you're short-staffed. Strategy: Hire...
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Oct 15, 20211 min read
24. Do I need to send my original passport to the IRS for receipt of an ITIN number?
YES and NO YES If you fill out documents with an agency that does not have an ITIN Acceptance Agent license, you will have to send your...
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Oct 15, 20211 min read
23. I arrived in the USA two weeks ago, can I get an ITIN number?
YES, but the time of your arrival is important. Depending on which time you arrived on time. An Individual Taxpayer Number is issued for...
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