Tax Audits Explained (Not As Scary As You Think)

Tax Audits Explained (Not As Scary As You Think)

In movies, tax audits are always scary. Big, burly, intimidating men in dark suits and glasses. Over-sized clipboards. The sound of pens furiously scratching paper. Handcuffs. You know the deal. But are tax audit visits really that frightening in real life? Not so. In fact, only 1% of all taxpayers even experience an audit. Of those, about 20% ever result in a face-to-face encounter with the IRS. Most inquires, fortunately, are resolved through correspondence. Take a look below at our guide to tax audits. Full story

What are IRS Tax Forms?

What are IRS Tax Forms?

It’s crunch time for your taxes if you haven’t filed already. While you still have until April 18th to get it done, you’ll want to take care of it sooner than later. What do you need to be prepared for your taxes this year? What forms are some big ones to look out for? I’ll share the typical tax forms that you can expect to see this year. Full story

What is a 1099 Form?

What is a 1099 Form?

When you’re filing your taxes, you have to organize all financial paperwork for your 1040 to be filed correctly. Many people are familiar with W-2s, but they may not be aware of another financial document needed- 1099s. What are they for exactly? What kinds of 1099s can I expect to receive? I’ll answer these questions to help you file taxes easier. Full story

What is the Gift Tax?

What is the Gift Tax?

Did you know that the government imposes a tax on large gifts? This may come as a surprise to some. After all, you’re simply giving money away, usually to family, only to find out the government wants to tax you for doing so. You’re probably thinking that isn’t fair, but the tax was created to close a bit of a loophole. Full story