by Leif Jensen | Jan 23, 2023 | Taxes |
Form W-4V is relatively short, with few fields to complete, apart from showing the individual’s name, address, social security number, and claim or identification number. It gives the individual the option to start or stop withholding from social security or similar...
by Leif Jensen | Jan 18, 2023 | Taxes |
Before the government enacted the Social Security Amendments of 1983, social security income was not taxable. The legislation’s enactment created the need to withhold federal income tax. Form W-4V, (Voluntary Withholding Request), allows benefit recipients to have...
by Leif Jensen | Dec 13, 2022 | Taxes |
The IRS has a Free File program which began in the mid-1980s, it lets individual taxpayers with adjusted gross incomes of $73,000 or less use free commercial tax software to prepare and e-file their returns. No state returns. Its usage is anemic. Only about 3% of...
by Leif Jensen | Dec 12, 2022 | Taxes |
Filers who report health premium credits are juicy audit targets. I have a client who graduated college and started his career, his return was audited because he got insurance coverage under his parent’s exchange policy. But he had no premium coverage listed on his...
by Leif Jensen | Nov 28, 2022 | Taxes |
First, do you owe the IRS money? If so, is the balance greater than $55,000? If the answer to both questions is yes, then you may have a passport problem. The State Department can deny or revoke U.S. passports of people with tax debts of $55,000 or more on whom a tax...
by Leif Jensen | Aug 30, 2022 | Taxes |
We started working with a new client and we were working through the company credit card charges. A number of the items looked to be personal items. So, we contacted the client, and it was his stance that everything is deductible, and the chance of an audit is slim....
