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 […]

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 […]

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 […]

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 […]

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 […]