They Sent Form 1099, Not the W-2
All employees, which easily includes unskilled laborers and most (near) minimum wage hourly workers, expect their W-2 Form in January. On the W-2, the employer reports last year’s wages and taxes withheld, employee benefits, etc. Those numbers are reported to the employee, the Social Security Administration, and to the Internal Revenue Service. This is the…
I Don’t Have My W-2 Form
Most every worker in the United States knows to expect his/her Form W-2 no later than January 31st. Even though many tax preparers will process your return by using your final pay statement for the previous year, you are still entitled to receive this form. There are steps you can take. Read on to learn…
When Your Boss is Evading Taxes
Most of the private companies in the U.S. are formed as pass-through entities. This means that the income received goes to the owners, and this income is taxed as personal income tax. Depending on where you live, these income tax rates can get as high as over 50 percent. With that said, these high taxes…
What Documents Should You Keep for Taxes?
Most people collect quite a few financial documents during a year, so it’s no surprise that some end up being tossed, others end up stuffed in a drawer, and few actually make it to the filing cabinet. However, if you are trying you couple your tax filing with some spring cleaning, be careful! While many…
Losing Your Passport for Unpaid Taxes?
Most Americans have a general understanding of what can happen when it comes to neglecting to pay or file taxes. There are late fees, fines, and possibly even wage garnishment to be concerned about. In more serious cases, there can even be prison time. However, now losing your passport is added to the possible list…
Top Tax Law Questions
Tax season can certainly bring some stress, and we understand why. While some people know that they will be receiving a return, for others, this may be far from the case. If you are stressing about tax season, read on to see if we can answer some of the most commonly asked questions about tax…
Common Myths About Tax Audits – Part Two
Hello, and welcome back! In our last blog post, we began discussing some of the top reasons why people fear audits from the IRS and common myths folk have about what the IRS does to people who need an audit. Today, we are going to continue discussing these myths. Read on to learn more, and…
Consequences of Misclassifying 1099 Employees
With freelance work becoming more and more popular each year, we have begun to see an influx of issues with businesses misclassifying their employees as contractors in order to save on their taxes. The cost of doing this can be massive, with some companies owing millions depending on how severe the situation was. And, of…
Common Myths About Tax Audits – Part One
Many people dread filing their taxes simply because it could end up with the IRS contacting them for an audit. Some have this idea that the IRS will show up on their doorstep and take all their personal assets away. However, what actually happens in these audits is drastically different. Most of the time, only…
Keep All Tax Return Copies
Mistakes Do Happen (So CYA) It is a good idea to keep everything you or your tax preparer file with the IRS. (Duh.) One of our recent cases gives an example of an IRS problem caused by failing to keep complete and accurate records. This case is being handled out of the Matteson IL office….