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The IRS has $1 Billion on the Table in Refunds
🔎 The U.S. Internal Revenue Service (IRS) said it has $1 billion on the table in refunds due to people who never filed a return in 2020. Nearly 940,000 people did not file a federal tax return that year, and they have a deadline to file them next May 17 of this year....
IRS Warns Taxpayers about ‘Surprise’ Fees
🛑 Taxpayers can take a hit to their wallets if they don't use the IRS tax withholding calculator, according to a warning issued by the Federal Agency. Americans often get hit with "surprise fees" when their previous year's tax refund was too large or they had the...
Payment Options for Your Taxes After the Deadline (April 15)
📕 April 15 was the federal deadline for most taxpayers to file returns and pay taxes, even with a lien extension, which moves the filing deadline to October 15. Now, if we're having trouble covering the full amount of taxes, at Wave Tax we always recommend filing by...
Avoid Surprise Tax Hits when Using a Corporation for Your Business
Many taxpayers use S corporations or C corporations to legally reduce income taxes, payroll taxes, and self-employment taxes for their businesses. However, without careful planning, a taxpayer may have a surprise tax bill from using a corporation for federal tax...
Can You Write Off Your Vacation on Your Taxes?
The thing that you must address when looking at an expense is if it was ordinary and necessary. Yes, it must be both. So, let’s look at some specific items when it comes to travel and meals for your taxes. 🔸 What is a Legitimate Travel Expense? According to the IRS,...
Tax Extension: What It Is and How to File One
Filing a tax extension on or before April 15 moves your deadline to October, but remember that an extension doesn't give you more time to pay your taxes. If you're not sure you’ll have it together by tax day and think you may need to file a tax extension, you're not...
Buying Tax Credits: Inflation Reduction Act
📝 The intention of the Inflation Reduction Act (IRA), as the name suggests, is to reduce the rate of inflation. How the IRA does this is unique: In the past, energy credits existed, think tax equity. The IRA has taken a smaller market and potentially added as much as...
4 Important LLC Tax Benefits In 2024
📌 Many entrepreneurs opt to structure their small business as a limited liability company, or LLC. An LLC protects owners’ personal assets from lawsuits and some creditors. It also provides an easy-to-use business structure. In addition to these benefits, LLCs also...
Income Verification Express Services (IVES) Policy Update
🛑 The IRS IVES program lets taxpayers authorize third parties (IVES participants) to request their tax return or wage transcripts to obtain a residential or commercial mortgage on real property (real estate). IVES participants can include banks, credit unions,...