Category Archives: General Filing
Have you worked at a private startup for over a year, and held employee incentive stock options? If so you likely received a Form 3921 from your employer. Now that it’s tax season, here’s what you need to do. This form documents to the IRS that you have exercised stock options from your employer, and […]
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An innocent spouse seeks to be relieved from the liability of their spouse’s tax issues. Relief from Joint and Several Liability is Section 6015 of the Internal Revenue Code. Married taxpayers who file a joint return are liable for taxes, interests, and penalties according to the return, as well as any other taxes the IRS […]
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Taxpayers who file a joint return with their spouse and have part (or all) of their share of overpayment applied to a spouse’s past tax debts may be entitled to claim a refund as an injured spouse. A spouse’s past debts can include: Tax liability Child/spousal support Federal non-tax debt State income tax Situational Example: […]
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It’s tax time again. Be sure you’re prepared to file by gathering all the forms and documents you’ll need. Here are the most common things taxpayers use to complete their taxes, starting with the most basic: Last year’s tax return – federal and state. Not a requirement but used to compare what you filed last […]
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If you think you’ve been a victim of a tax identity theft, you should call the IRS immediately. The IRS Identity Protection Specialized Unit can be reached at 1-800-908-4490. The more paperwork you have to prove you are whom you claim to be, dating as far back as possible, will help your claim. You’ll also […]
— Read moreWhen planning for the next tax year, taxpayers should keep accurate records and receipts of any expenses they plan to deduct. However, if no records exist, the Cohan Rule may benefit the taxpayer in such that it states expenses may be reasonably and credibly estimated. The taxpayer in the next situation benefited from the Cohan […]
— Read moreIf your spouse and children are U.S. citizens, it is easy to claim them on your tax returns. You just provide their name and Social Security numbers. It can be a bit more difficult to claim a non-U.S. citizen spouse or children on your return. But, you’re still able to claim them and take advantage […]
— Read moreAdjusted Gross Income can impact the credits and deductions you are able to claim, this can lead to a reduction in the amount of taxable income reported on your tax return. You are probably paying more attention to your taxable income then your adjusted gross income when you are preparing your tax return. You should […]
— Read moreMarried couples who file a joint tax return should be aware that both parties are liable for each other’s tax responsibilities, meaning if there is a balance owed, it doesn’t matter which spouse’s income the tax is owed on – both will be held equally accountable. There are some situations where one spouse may be […]
— Read moreIf you receive Social Security disability benefits, you should be aware that they are taxable. However, many aren’t required to pay on them. Social Security disability benefits are taxed, but those who have very little additional income usually don’t have to pay the tax. Statistically, those who do pay taxes on their Social Security Disability […]
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