Do you work with contractors or have employees receiving non-wage compensation? If so, you’ll likely need to file IRS Form 1096. This form serves as the cover sheet for other tax documents like form 1099. It provides the IRS with a summary and transmittal of U.S. paper filings. In this post, we’ll explain everything you […]
Treating clients or employees to a nice meal or event can seem indulgent. But with the right documentation and eligibility criteria in place, many of these meals and entertainment expenses can qualify as legitimate tax write-offs. In this comprehensice guide, learn how to maximize your meal and entertainment expense tax deduction. In the complex world […]
Making mistakes on your small business taxes can lead to big problems down the road. From penalties and interest to audits and even lawsuits, a simple tax error can grow into a recurring nightmare for your bottom line. That’s why it’s critical for entrepreneurs and small business owners to understand the most common small business […]
Life as a new U.S. immigrant comes with challenges, including navigating complex tax laws without a Social Security Number (SSN). Luckily, the IRS offers a pivotal alternative – the Individual Taxpayer Identification Number (ITIN) application. Though not a work authorization, submitting an ITIN application and getting an ITIN helps non-resident aliens comply with mandatory filing […]
The social security COLA (cost-of-living adjustment) for 2025 has seniors wondering what’s ahead. This annual bump, announced every October, aims to help Social Security benefits keep pace with inflation. However, the size of each COLA depends heavily on economic conditions. Understanding how your benefits could change next year starts with learning the way this important […]
You filed your return, daydreamed about that refund, then checked your status – only to see “Tax Topic 203” glaring back. What does it mean? Simply put: the IRS might have redirected your refund to cover unpaid debts. It’s not a mistake. It’s the law. IRS Tax Topic 203 is the agency’s formal notice explaining […]