Author name: Penrose & Associates

Filing taxes can be complex and overwhelming, and even the most diligent tax preparer can make mistakes. If you’ve discovered an error or omission in a previously filed tax return, don’t panic! The Internal Revenue Service (IRS) allows taxpayers to correct these mistakes by filing a tax amendment, known as Form 1040X. 1. Correcting Errors: […]

The burden of student loans is making it harder for college graduates to buy a home and politicians are currently debating what to do about the problem. Meanwhile, Americans must develop a plan to pay their student loans, which is critical to their long-term financial health. Below are 10 tips which may help you manage

Building an Emergency Fund is not as easy as it sounds.  You’ve probably heard the scary statistics about how roughly one in three Americans would need to borrow money to cover an unexpected expense. Experts recommend having enough cash to cover three to six months’ worth of expenses stashed away in an emergency fund. But

There may be times when taxpayers cannot pay what they owe in full, but remember the IRS has numerous payment plan options available. The IRS offers several different payment plan options, but taxpayers may want to first consider non-IRS options depending on their financial situation. Regardless of how someone pays, they should act quickly because

Self-Employment Tax Deductions To Take in 2023 Self-Employment can help you to find a better work-life balance. It give can give you the freedom to create your own schedule while allowing you to work in environments that help you perform at your best. If you are thinking of launching a business or going freelance –

The tax-filing season will be here before you know it and certain tax matters are best considered before the calendar year ends. The IRS’s much-publicized hiring of tens of thousands of new agents means that this could be a particularly bad year to make a tax misstep. Here are five tips that are worth considering

There is no tax filing status that confuses taxpayers more than the one called “head of household.” While this status can increase your tax savings, you must ensure that you follow IRS guidelines fully in order to avoid a potential IRS inquiry or audit. For starters, you can’t be married.  Here is a look at what filing as

To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties already. Nearly 1.6 million taxpayers will automatically

The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds

Summer 2022 and taxes may be the last thing on your mind, but giving tax breaks a little bit of thought now could save you a lot of money when tax season comes around again. Read on for summertime tax tips that might help you save money at tax time. Summertime gives way to many changes and