The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68. Generally, under the per diem substantiation method, if an employer or other payer pays[…]
Read More »While many taxpayers have an overpayment after filing their taxes, many also find they unexpectedly owe taxes. This can be due to a life or job change for which they did not make the necessary tax adjustment during the year. Those who should be especially careful are: • Gig economy[…]
Read More »The Internal Revenue Service reminds taxpayers the deadline to submit their third quarter estimated tax payment is Sept. 16, 2024. The IRS also reminded taxpayers affected by disasters in 17 states, Puerto Rico and the Virgin Islands that they may automatically qualify for a delayed tax-payment deadline. Deadlines vary depending[…]
Read More »The W-4 form can seem confusing to an employee at first glance. Here’s a breakdown of the information an employee needs to provide on this tax form: Step 1: Personal Information (Lines 1-5) This section is a straightforward introduction, asking for an employee’s basic details: Step 2: Filing Status (Line[…]
Read More »While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for filing season. MarriageWedding season is upon us, and[…]
Read More »The tax system in the U.S. is “pay as you go,” so estimated taxes are due on a quarterly basis. The expectation is that each taxpayer will pay their estimated income and self-employment taxes due for the most recently-completed calendar quarter. The due date for the second quarter’s taxes, covering[…]
Read More »The Internal Revenue Service encouraged taxpayers who missed the April tax-filing deadline to file a tax return as soon as they can. The IRS offers different resources to help those who may be unable to pay their tax bill in total. Those who missed the deadline to file but owe[…]
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