News & Advice

The amount of federal income tax you pay on $1,000,000 depends on various factors, including your filing status, deductions, credits, and any other sources of income. Here's a general overview assuming you're…

If you receive income reported on a Form 1099, you are required to report that income on your tax return, regardless of the amount. The Form 1099 is typically issued by businesses…

The amount you receive back in taxes depends on various factors, including your filing status, deductions, credits, and tax withholding throughout the year. Here's a general overview of how your income of…

Yes, failing to file taxes for an extended period, such as five years, can lead to significant consequences and legal trouble. Here are some potential repercussions... Penalties and Interest - The IRS…

The IRS 6-year rule refers to the time limit the IRS has to audit a tax return when a taxpayer substantially understates their income. Specifically, under Internal Revenue Code Section 6501(e)(1)(A), if…

The average tax return for a single person making $50,000 can vary significantly based on several factors, including deductions, credits, and other individual circumstances. A tax return refers to the document filed…

The minimum income for filing a self-employed tax return depends on various factors including your filing status, age, and the type of income you earn. As of 2022, for most self-employed individuals,…