Taxes

How Lawsuit Settlements Are Taxed?

 How Lawsuit Settlements Are Taxed?

Many plaintiffs win or settle a lawsuit and are surprised they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. A little tax planning, especially before you settle, goes a long way. It's even more important now with higher taxes on lawsuit settlements under the recently passed tax reform law

IRS promotes disaster readiness and Hurricane Preparedness

IRS promotes disaster readiness and Hurricane Preparedness

The 2019 hurricane season begins in June and the IRS joins the National Weather Service during Hurricane Preparedness Week, May 5-11, by encouraging everyone to update or make an emergency plan.

Never Postpone Taxes! 3 Common Mistakes to Avoid During Tax Season

Never Postpone Taxes! 3 Common Mistakes to Avoid During Tax Season

Taxes are something you should never postpone! If you need time, file an extension and try to do estimated payments :)

An IRS Tool If You Are E-Filing Your Tax Return

An IRS Tool If You Are E-Filing Your Tax Return

You can get much of the needed information by using tools from the Internal Revenue Service (IRS). The run-up to (and the few days after) Presidents Day are the busiest time of the year for the IRS. It can take over an hour to get through to the IRS by calling if you get through at all. The online tools are faster and more convenient.