Author: Admin

Issue Number:    IR-2024-243 Inside This Issue IRS warns of ‘mills’ taking advantage of taxpayers with Offer in Compromise program WASHINGTON – The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results.  These unscrupulous “mills”…

Common mistakes in HSA that can cost clients Here are some common mistakes that Health Savings Account (HSA) holders can make that can cost them money: HSA funds can only be used to pay for qualified medical expenses, which are those that primarily diagnose, treat, or prevent a medical condition. If funds are used for other…

Hobby or business: What people need to know if they have a side hustle Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Whether someone is having fun with a hobby…

Issue Number:  Tax Tip 2024-57 Newlyweds Tax Checklist Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name…

Issue Number:  IRS Tax Tip 2024-44 Emergency preparedness plans for businesses should include financial records When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annuallyPersonal and business situations…

Issue Number: IRS Tax Tip 2024-35 Debunking common myths about federal tax refunds Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Knowing fact from fiction can help manage expectations as they wait for their money. Myth: Calling the IRS, a tax software provider or a…