Facing an IRS audit can be stressful, especially if you lack the receipts to back up your deductions or claims. While the lack of receipts can complicate things, it’s not an insurmountable issue. The IRS understands that documentation can sometimes be lost or unavailable and provides methods to reconstruct records and use alternative documentation. By […]
Taxes on Gambling Winnings
When we think of gambling, our first thoughts may be of casino games or the lottery. However, the IRS requires all gambling income to be reported, including winnings from raffles, fantasy football, and even sports betting. The IRS has specific regulations for reporting gambling activities, which can significantly impact your tax obligations. Here’s an overview of […]
Ask Phil: What is the Child Tax Credit?
Today, Affordable Tax Relief Lead Tax Attorney, Phil, talks about the Child Tax Credit, breaking down what it is and who qualifies. What is the Child Tax Credit? The child tax credit is a tax benefit provided by the IRS to parents or guardians who have dependent children. It’s designed to help offset the costs […]
What is the Single’s Tax?
Living alone can be liberating, offering independence and autonomy. However, it often comes with a financial burden dubbed the “singles tax.” This term refers to the additional costs incurred by individuals who choose to live independently, without the financial support or cost-sharing benefits that come with living with a partner or family. Here we’ll break […]
Someone Filed a Fraudulent Tax Return in My Name. Now What?
Tax season can already be stressful without the added burden of discovering that someone has filed a fraudulent tax return using your identity. Unfortunately, tax-related identity theft is a real concern in today’s digital world. If you suspect or discover that someone has filed a fraudulent tax return in your name, take immediate action. Here […]