While federal taxes take the largest bite out of most taxpayers' income, it's also important to remember that state taxes are also an important consideration for Massachusetts taxpayers. Just like with federal taxes, penalties and interest levied against late...
Month: July 2021
What to do when you’ve received an IRS notice
It's no secret that the U.S. tax system is complicated and confusing to the average taxpayer. This is why, every day, thousands of taxpayers open their mailboxes to find the much-dreaded IRS Notice. You've received a notice from the IRS; What to do next? First, don't...
How does the IRS determine tax penalties?
It's no surprise to learn that the IRS levies both late payment penalties and interest on unpaid tax obligations. Unfortunately, a quick visit to the IRS website might leave you more confused than when you began. Below, we'll provide a quick and simple summary of how...
GME, AMC, BTC: Roller-coaster investments can leave you with a shocking tax bill
Even for those who don't follow the stock market, it's almost impossible not to have heard about the explosion of interest in volatile securities over the last few months. Companies like Gamestop (GME), AMC Theaters (AMC), or one of the endless varieties of...
Can failure to declare capital gains amount to tax fraud?
The Covid-19 pandemic brought about radical social changes. Despite its challenges, it has been a renaissance for many people. Social media users, particularly Reddit, have rallied people to invest in the stock exchange. Reddit became a platform used to give out stock...