Author: Rick Kouns

Sometimes, no matter how well we save up for the future, there can be unforeseen life events that can lead us to struggle financially. When combined with an unexpected tax liability, it can really put a financial stress if we lack the capacity to pay our obligation.   Fortunately, the Internal Revenue Service (IRS) offers a… Continue reading IRS Payment Plan: What is it and How to Apply 

Parents and guardians with qualifying children can benefit from the Child Tax Credit. The child tax credit is a tax break for eligible taxpayers to help them with the cost of raising children by reducing their tax liability dollar-for-dollar. Here’s what you need to know to benefit from this credit for the tax year 2024. … Continue reading The 2024 Child Tax Credit 

Parents and guardians often find themselves juggling their time between work and caring for their children or dependents. Most often than not, they need to hire extra hands to help them tend to the people they love, and its related costs can be significant. Thankfully, there is a tax credit that can help ease this… Continue reading Child and Dependent Care Credit: An Overview 

In this digital day and age, safeguarding your identity from cyber criminals around the world has become a priority. In the 2023 tax season alone, the Internal Revenue Service (IRS) has flagged more than one million tax returns for potential identity theft.  To combat this threat, the Internal Revenue Service (IRS) encourages taxpayers to enroll… Continue reading The IRS IP PIN: What is It and How to Get One 

Self-employed and small business owners often seek ways to maximize deductions, and to know which expenses are deductible can significantly impact their taxable income. However, one area that is often found to be confusing is the work clothing deduction. Read on to find out if the cost of your recent clothing purchases will make it… Continue reading Work Clothing as a Business Deduction 

Dues and subscription fees are not uncommon for many individuals. Taxpayer or not, especially in this digital age, we encounter several expenses that fall under this category. And if the IRS criteria are met, such expenses can qualify as business deduction.   Dues vs Subscription  Dues are regular membership fees paid to organizations or clubs to… Continue reading Dues and Subscriptions as Deductible Expense 

Self-employed and small business owners enjoy the freedom and independence to manage their own business or profession. They decide what, when, and how things are to be done. It may sound like a lot of work to some, but it does not really mean that they don’t get help to operate their business. They alleviate… Continue reading Contract Labor as a Business Deduction 

When it comes to paying taxes, one of the popular choices is to use the Electronic Federal Tax Payment System (EFTPS). It has features that are unique compared to the other payment alternatives. But is it the right option for you?  What is EFTPS?  EFTPS or the Electronic Federal Tax Payment System is a free… Continue reading EFTPS: Is it Right for You? 

If you want to properly manage your taxes, signing up for an IRS Online Account is the smartest way to do it (Read our dedicated blog on why you should have one). However, if you are trying to meet a payment deadline and don’t have the luxury of time to pass its authentication process, you… Continue reading IRS Direct Pay: A Fast and Secure Way to Pay Your Taxes 

Managing your tax obligations is essential for a stress-free relationship with the government. This is especially true if you are self-employed or a small business owner since your taxes are not a once-a-year engagement because of the quarterly estimated taxes. Fortunately, the Internal Revenue Service (IRS) provided a tool to streamline your tax-related tasks, the… Continue reading Why You Should Have an IRS Online Account