Author name: Penrose & Associates

The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt. Taxpayers who owe taxes always had options to get help through payment plans […]

Because of COVID-19, millions of people no longer go to the office but work from home instead, where they have had to set up workstations with desks, printers, high-speed internet, and other pricey items, often paid for out of their own pockets. Many other workers have temporarily (or maybe permanently) fled expensive big cities for

Most of us find it nerve-wracking enough that we’re forced to focus on gathering our piles of paperwork to fill out our tax returns. Now adding to our stress, we must watch out for tax season scam artists, too. The crooks are everywhere from the gym parking lot to the latest emails and text messages.  Fraudsters want

If you borrow money and are legally obligated to repay a fixed or determinable amount at a future date, you have a debt. You may be personally liable for a debt or may own a property that’s subject to a debt. If your debt is forgiven or discharged for less than the full amount you

If you work for a living, you know that your wages are taxable, and you’re probably aware that some investment income is taxable too. But the IRS doesn’t stop there. If you’ve picked up some extra cash through luck, skill or criminal activities, there’s a good chance you owe taxes on that money as well.

Stop, take a deep breath before you pull out that plastic to jump on yet another holiday deal on a TV, toys or a smartphone. Will you really have all the money you need by January or February to cover all those holiday bills? Not necessarily, if you’re banking on a big income tax refund

First, estimate your 2019 tax tab by adding up your taxable income streams, then subtracting the tax breaks you know you will use. This exercise should help you determine whether you’ll take the standard deduction this year or itemize. The standard deduction for 2019 is $12,200 for single taxpayers and $24,400 for those married filing

If you’re considering retiring early, you’ll forego not only the headaches of working but also the additional money earned that could have made your retirement even more comfortable. Make sure that you’re truly ready before you leave. Key Takeaways Being debt-free, with a healthy retirement account that will support your extra years not working is critical

With President Trump’s new tax law, the child tax credit was raised from $1,000 to $2,000 per child for 2018 and 2019. Having qualified dependent children may also allow you to claim other significant tax credits, including the earned income credit (EIC). Together, the tax savings can be significant for many American families. However, at