Tag Archive for: internal revenue rules

This One-Time Strategy Can Waive IRS Tax Penalties. ‘It’s Like A Get Out Of Jail Free Card,’ Expert Says

Described like a 'Get Out Of Jail Free Card', this lesser-known first-time penalty abatement may waive IRS fees in certain situations, tax pros say. However, there are specific IRS guidelines to qualify for penalty relief.
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Seven Questions To Ask Your Accountant Before You File Your Taxes

With tax deadline day only weeks away, Americans are working away at their IRS returns and facing all the usual difficulties. As with any learning experience, a good way to gain insider knowledge of taxes and filing is to ask a trusted accountant or other tax specialists. Before filing taxes and risking negative outcomes, you can get ahead of the problem by asking a professional some critical questions.
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IRS Is Rewarding Retirement Savers With Up To $2,000 — Are You Eligible?

Formerly known as the Retirement Savings Contribution credit, the Saver's Credit tax break is available to low- and moderate-income earners who tuck away money for retirement. You can get a credit worth as much as $2,000 if you're filing your tax return as a married couple ($1,000 if filing single). For a break down of the rules as well as the 2022 income ranges and credit rates, CLICK ON THE HEADLINE
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So You Missed The Tax-Filing Deadline. Now What?

The official tax filing due date was Monday, April 18 or Monday, Oct. 17 for those who applied for an extension. If you did neither, the question now is: What are the repercussions for you and how can you minimize them? The answers depend on whether you're owed a refund or whether you still owe the IRS money for 2021. CLICK ON THE HEADLINE FOR MORE
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Three Unusual Capital Gains Rules To Watch Out For

All income isn't created equal, and the type of gains you receive will determine how it's taxed. As we enter tax season, here are three unusual capital gain rules you should watch out for. CLICK ON THE HEADLINE FOR MORE