When checking your tax return status using the IRS’ “Where’s My Refund” tool, you might see a message referring to Tax Topic 152. But what does that mean? In today’s post, I’ll explain what Tax Topic 152 really means and…
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If you’ve submitted your tax return and have been checking your online IRS tax transcript, you may have noticed an IRS Code 150. So what does Code 150 mean? Read on to find out. What is Code 150? After submitting…
Here in the United States, we have a pay-as-you-go federal tax system, which means you have to pay your income taxes throughout the year as you earn your money. If you’re a small business owner, this usually means you make…
If your income is over the threshold allowed to open or fund a Roth IRA, then today’s post is for you! I’ll explain how you can get around this problem with a strategy called “backdoor Roth IRA.” And don’t worry;…
Owning a home is an important dream and a pivotal milestone for many people. But can you get a mortgage with unpaid taxes? We’ll answer that and more in this article.
We often think of the IRS as the enemy, but believe it or not, sometimes they do offer mercy and even debt forgiveness. Today, I’ll walk you through the IRS Debt Forgiveness Program so you can determine whether or not…
It’s important to keep a copy of your S-Corporation acceptance letter in your business records. If you need to know how to request a copy of your S-corporation acceptance letter, I’ve got the lowdown for you in today’s post. How…
Since the money is coming from the government to start with, many people ask, “Do I have to pay taxes on my unemployment benefits?” In today’s article, I’ll answer that question and respond to the most frequently asked questions regarding…
In order to claim a federal tax refund for a deceased person, you may need to file Form 1310. I’ll answer some common questions about requesting a tax refund due to a deceased taxpayer and point out some details and related tax forms that are sometimes overlooked.
The IRS cycle code is an eight-digit number that you can find on your online tax transcript once your return has been posted to the IRS Master File. If you see a cycle code along with transaction code 150, you’ll know that your tax return is being processed.