by PSA CPA | Jun 1, 2024 |
When election season arrives, it may appear like news and commercials regarding political campaigns, candidates, and elections are ubiquitous. If you intend to give money, time, or effort to a political campaign, you may be wondering, “Are political...
by PSA CPA | May 1, 2024 |
Let’s all breathe a collective sigh of relief now that this year’s tax return has been filed. But now that this year’s filing is done, what might you have done differently? One typical error that people make is not thinking about their taxes until it...
by PSA CPA | May 1, 2024 |
Let’s be honest – tax preparation isn’t at the top of anyone’s summer to-do list. But consider this! When planning fun summer activities or making life changes, it may be helpful to keep in mind how they may affect your tax return the following...
by PSA CPA | May 1, 2024 |
Penalties for late filings and payments The IRS applies late filing penalties when taxpayers fail to submit or pay their tax returns on time. The failure-to-file penalty is typically 5% of the unpaid tax, with a maximum of 25% every month or portion of a month that...
by PSA CPA | Apr 1, 2024 |
The IRS generally has three years to audit a tax return, beginning with the later of the return’s due date or the day you submit. You can also file an amended return within this time window if you missed anything. Here’s what you should know about keeping...
by PSA CPA | Apr 1, 2024 |
Filing jointly or separately The IRS deems taxpayers wedded if they are legitimately married under state law, reside together in a state-recognized common-law marriage, or are separated but do not have a separation maintenance or final divorce decision at the...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…