Is Severance Pay Taxable? Everything You Need To Know
November 2, 2023
When facing a job loss, severance pay can provide a financial cushion as you move forward. However, a common question often arises: Is severance pay taxable? Knowing the tax implications of severance payments can help you prepare financially, make smart decisions, and understand options for reducing your tax burden. In this article, we’ll cover the…
What Is Tax Debt and How Can You Avoid Accumulating It?
November 1, 2023
Tax debt is a financial obligation that arises when an individual or business owes unpaid taxes to the government. This can occur due to underreporting income, failing to file tax returns, or making errors in tax calculations. Accumulating tax debt can lead to serious financial consequences, including penalties, interest charges, and legal action by tax…
Preparing Your Profit & Loss (P&L) Statement
October 31, 2023
Tax-related profit and loss statements, often referred to as P&L statements, are essential financial documents that summarize the revenue, expenses, and overall financial performance of individuals or businesses for tax purposes. These statements play a fundamental role in helping taxpayers accurately report their income, calculate tax liability, and ensure compliance with tax regulations. What Is…
What Is Innocent Spouse Relief?
October 27, 2023
Innocent Spouse Relief is a legal provision that allows a taxpayer to be relieved of the responsibility for paying taxes, interest, and penalties resulting from a joint tax return when their spouse or ex-spouse improperly reported or underreported income or engaged in fraudulent activities without their knowledge or consent. This relief is designed to protect…
What Is A Penalty Abatement And How Do I Get One?
October 26, 2023
Taxes can be tricky, especially when you owe money. When you do your taxes, sometimes you have to pay extra because of interest or penalties. These extra charges are like a message from the IRS saying you didn’t pay everything or made a mistake on your taxes. If you ignore these charges, the extra money…