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What you should do if you get a letter or notice from the IRS

What you should do if you get a letter or notice from the IRS

Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts if you receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue...

Attention teachers: Those school expenses might be tax deductible

Attention teachers: Those school expenses might be tax deductible

School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator: You must be a kindergarten through grade 12 teacher,...

Even if no money changes hands, bartering is a taxable transaction

Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you...

Businesses: Get ready for the new Form 1099-NEC

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020,...

Have an installment agreement or payment plan?

Have an installment agreement or payment plan?

As a reminder, if you received tax relief as part of the People First Initiative and didn’t make previously owed tax payments between March 25, 2020 and July 15, 2020 you will need to restart those payments to avoid penalties. Here’s what you need to do to restart...

Steer clear of the Trust Fund Recovery Penalty

Steer clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages....

Are my Social Security benefits taxable?

Are my Social Security benefits taxable?

If you are receiving Social Security benefits you may have to pay income taxes on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They do not include supplemental security income payments, which...

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Fullerton, CA 92835

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