What is FICA Tax?
What is FICA & Why is it Important? FICA is a federal payroll tax that serves as the primary funding source for the Social Security and Medicare programs. These programs
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Understanding The IRS Bad Debt Deduction
What is The Bad Debt Deduction? The bad debt deduction is a tax provision that allows businesses (and individuals) to deduct certain unpaid debts from their taxable income. Businesses may
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Exposing Tax Relief Scams and How to Avoid Them
Most Common Tax Relief Scams Tax relief scams can take various forms, each designed to deceive and defraud unsuspecting individuals. In fact, scams are becoming so common that the IRS
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How to Fight an IRS Accuracy-Related Penalty
What is an Accuracy-Related Penalty? The accuracy-related penalty is a monetary fine imposed by the IRS when it identifies errors or inaccuracies in your tax return. This penalty can be
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Say Goodbye to Tax Stress: Simplify Your Finances With Tax Debt Consolidation
What is Tax Debt Consolidation? Tax consolidation simply put is the process of combining two or more years of tax debt into a single payment. Generally, most people combine multiple
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What is Backup Withholding and How Does It Impact You?
What is Backup Withholding And How Does It Work? Backup withholding is a tax compliance mechanism employed by the Internal Revenue Service (IRS) to ensure that individuals and entities report
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Summer Camp Expenses: Can You Get a Tax Break for Your Kid’s Fun in the Sun?
Understanding The Qualifications for The Child and Dependent Care Credit Before we dive into the specifics of whether summer camp costs qualify for the Child and Dependent Care (CDC) Credit,
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