Tax Information
The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-3)
The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-3) What if my employer goes out of business or into bankruptcy?Your employer must provide you with a Form W-2 showing your wages and withholdingsfor the year by January 31 of the following year. You should keep up-to-date records orpay stubs until you receive your Form W-2.…
Read MoreThe IRS “What Ifs” for Struggling Taxpayers – Job Related (A-2)
The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-2)What if my income declines?There are many tax credits that are subject to income limitations. If you had a reductionin income this year you may be eligible for some credits or deductions. For example,the Earned Income Tax Credit is available for working families and individuals.Eligibility…
Read MoreThe IRS “What Ifs” for Struggling Taxpayers – Job Related (A-1)
The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-1)What if I lose my job?The loss of a job may create new tax issues. Severance pay and unemploymentcompensation are taxable. Payments for any accumulated vacation or sick time also aretaxable. You should ensure that enough taxes are withheld from these payments or makeestimated tax…
Read MoreThe IRS “What Ifs” for Struggling Taxpayers
The IRS “What Ifs” for Struggling TaxpayersFor the next several weeks, we will be discussing the IRS “What Ifs” for StrugglingTaxpayers.People facing financial difficulties may find that there’s a tax impact to events such as jobloss, debt forgiveness or tapping a retirement fund. For example, if your incomedecreased, you may be newly eligible for certain…
Read MoreIRS Suspends Mailing of Various Letters (Part XI)
IRS Suspends Mailing of Various Letters (Part XI) IRS Business Notice CP518 Suspended (CP618 in Spanish) This is a final reminder notice that the IRS still has no record that you filed your prior tax returns. What you need to do If the IRS does not hear from you You may want to (IRS Notice…
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