Income Tax

If you recently received a “Notice CP21C” from the IRS, you can breathe a sigh of relief. The letters were sent in error, the IRS confirmed last week. The notices had many citizens worried, since they suggested that stimulus payments could be taken or garnished to pay off previous tax debt. Many Americans desperately need […]

If you’re traditionally employed in the United States, you’ve likely glanced at the line-by-line breakdown on your paystub before. You’ve probably noticed a deduction called FICA Med or FICA Social Security. It might even stand out to you. That’s understandable, since it’s easy to see when money is taken out of your paycheck. It’s also […]

Some people worry that offering financial help will enable irresponsible family members. On top of that, complicated tax laws can make the whole process much more complicated than it needs to be. Who wants to give their kids money knowing that Uncle Sam is going to demand a chunk of it? That’s why financial gifting […]

Normally, filing taxes is pretty uneventful for me on the freelancing side. That’s because I log my expenses as I go. So when it’s time to tell Uncle Sam how much I owe him, I’m prepared. I send my CPA a list of the business expenses I incurred, in several different categories. I also include […]