Many taxpayers understandably feel scared, stressed, and even angry when they receive a Letter 4464C from the IRS after submitting their tax return. But what does this letter mean? In today’s post, I’ll let you know why you likely received IRS Letter 4464C and what your next steps should be.
Taxes
This post can be used as a reference when deciphering the code(s) found in Box 7, which is the distribution code(s) box of your Form 1099-R.
Getting paid time and a half for overtime work is a great perk for some employees. All the extra money on your paycheck is sure to bring a smile to your face, but are you really earning more money once Uncle Sam takes his share?
If you’re waiting on your refund and see IRS Transaction Code 766 pop up on your tax transcript, what does that mean? In today’s post, I’ll share everything you need to know about IRS Code 766. What does IRS Transaction…
When you start a new job or experience a major life change, your employer will give you a tax Form W-4 to fill out. Clients often ask how they should complete the form and how many allowances they should claim…
California is known for a lot of fun and unique things, but in the taxes and accounting world, California is known for high taxes, and their capital gains tax is no exception. In today’s article, I’ll explain everything you need…
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…
The 2% rule for itemized deductions is a concept that used to apply to certain types of miscellaneous expenses in excess of 2% of your adjusted gross income (AGI).
If you’re a small business owner, you’re likely aware of the home office deduction. But did you know there’s another tax break you can use that involves renting your home to your business? In today’s post, I’ll tell you how…
Can you deduct 20% of your net rental income from your income taxes? If your real estate investment brings in qualified business income (QBI), then you probably can!