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Tax Fraud on the Rise. Can Congress Combat It?

tax fraud on rise congress to fightWhat’s the fastest-rising form of identity fraud in the United States?

According to recent numbers from the Federal Trade Commission, tax refund fraud is the biggest contributor to a recent spike in ID theft. According to the FTC, there was a 47% spike in ID theft in 2015. That’s a pretty big hike, and large portion of it is due to tax refund fraud.

The FTC says that tax refund fraud represents the fastest growing and largest ID theft category that they track.

How Does Tax Refund Fraud Work?

One of the […]

May 24th, 2016|Tax News|0 Comments

What are FICA Taxes?

estimated-taxes-dueWhen you received your first paycheck, you were probably surprised to discover that what you told you are earning, and what you actually come home with, are two different things. Due to tax withholding from your paycheck, your take-home pay is usually less than you earn.

Your federal and state income tax payments are usually withheld from your paycheck, and you might even expect that since you usually need to fill out a W-4 when you begin working. However, what you might not account for is the withholding of FICA taxes.

FICA Taxes

These taxes are different […]

May 20th, 2016|Uncategorized|0 Comments

IRS Adds More Staff for Audit and Enforcement

irs treasuryIn recent months, the IRS has complained that it doesn’t have the budget to properly enforce tax law or to provide adequate customer service. IRS Commissioner John Koskinen recently pointed out that budget cuts mean that the agency will be unable to replace up to 1,800 workers.

However, the IRS just announced that it is adding 700 new workers to help with audit and enforcement. This comes on the heels of information that IRS audits of individuals dropped to a low not seen for 11 years.

Could You Be Audited?

The new personnel means that […]

May 17th, 2016|Blog Post Categories, Tax News|0 Comments

Self-Employed? How to Make Paying Taxes Manageable

self-employed-taxes-manageableI love being self-employed as a freelancer. I can work from anywhere, and I have a lot of freedom and flexibility in my schedule. However, one of the things that took some getting used to was the taxes.

When you work for someone else in a more traditional job, your employer pays part of your payroll taxes. When you’re self-employed, though, you pay both sides of the payroll tax, increasing the burden on you. You can offset a portion of these self-employment taxes with the help of a tax deduction, but it still often means […]

May 9th, 2016|Blog Post Categories, Tax Tips|0 Comments

How to Deduct Meals and Entertainment on Your Taxes

meals and entertainment tax deductionMost of us regularly look for tax advantages that allow us to reduce our liability. When you’re self-employed, this can be an especially important move to make. There are a number of tax deductions you can take when you conduct business, but two that you might overlook are meals and entertainment.

Here’s what you need to know about deducting meals and entertainment on your taxes:

Conduct Business

Before you get too excited about deducting the cost of your meals and entertainment, it’s important to make sure that you are truly conducting business. In […]