Spotting IRS code 971 on your tax transcript can feel like stumbling into a puzzle with missing pieces. You’re not alone, this code appears when the IRS flags your tax return for review, often due to amended filings, income mismatches, or refund adjustments. Left unaddressed, it could delay your refund for weeks or trigger unexpected tax liability. This guide deciphers […]
Let’s face it: taxes are stressful enough without throwing rental properties, royalties, or investment income into the mix. If you’ve ever stared at a pile of receipts or a cryptic Form 1099 and thought, “There has to be an easier way,” you’re not alone. That’s where Schedule E swoops in to save the day. This IRS form isn’t just […]
An IRS notice lands in your mailbox. $18,000 owed – penalties piling up – all traced to your ex’s “creative math” on a joint return you trusted. You’re financially handcuffed by someone else’s errors. This scenario plays out daily. Innocent Spouse Relief exists to cut those chains. Built into tax law via IRS Section 6015, it’s designed to […]
Imagine slashing your tax bill by simply checking a box. That’s the power of IRS Form 2553 – a document that could save your business thousands. Let’s be honest: tax forms are about as fun as a root canal. But this one? It’s different. If you’re running a C corporation or LLC, form 2553 lets you […]
You’ve filed your taxes, triple-checked your forms, and now you’re glued to the IRS refund tracker, watching for updates. Then you spot it: Tax Topic 152. Cue the panic. Is your refund delayed? Does it mean an audit? What if your direct deposit got lost? Take a breath – this IRS notice isn’t the villain it’s […]
As a self-employed individual, properly filing your Schedule SE each year remains a crucial responsibility when handling your own payroll tax obligations. However, numerous pitfalls exist when tackling this confusing form that can easily trigger IRS penalties and future tax headaches if not addressed early on. This comprehensive guide will overview key aspects of Schedule […]