Did you file your return expecting a big refund but end up receiving a tax bill? A lot of times, it happens to taxpayers that they file the return in expectation of receiving a refund by claiming zero allowances. However, they actually owe taxes to the state or federation. It’s justified to ask a question […]

Tax season is full of ups and downs for the taxpayers, whether corporate or individuals. Professionals with a deep understanding of tax procedures, credits, refunds, etc., deal with their tax returns. However, individual tax filers, especially do-it-yourself filers, are often in trouble. However, the corporate taxpayers are at much peace because they have got the

Tax filing is not as simple as it might sound. A lot of time and effort goes into ensuring that everything complies with the rules and you’re fulfilling all the requirements as laid down by the IRS. A common issue for most tax return filers is claiming dependence on their tax returns. When we say

Form W-2 represents the statement of wages and taxes of an employee. Employers need to complete this form and hand over a copy to each employee. Box 12 is used to report additional information on non-taxable amounts using different tax codes. Let us discuss what is box 12 in Form W-2 and the different codes

Code DD in box 12 of the Form W-2 is used to record the employer-sponsored health coverage. The purpose of this report is to inform the employees about their health coverage plans provided by the employer. Failure to comply with this requirement may incur a penalty from the IRS as well. Let us discuss what

The tax season is the busiest one for professional tax accountants as well as for individual taxpayers. Everyone is making efforts to have the accounts tidied up, the wealth statement up to date, and all documents ready to file return in no time. The purpose of filing the tax return is to report all income,

Form W-2 is one of the most important and compulsory forms for the USA’s tax filers. We have already covered the Form W-2 and the content on the left and right sides of the Form W-2. You can check the article here. In this article, we will be discussing and explaining Form W-2 from a

Do you have purchased TurboTax software and need to install it on your Windows PC?. The installation process will differ depending on whether you download the software directly to your computer or purchase a CD and then have to insert the CD into your computer’s optical drive to install the software.  If you purchased TurboTax