News
At EGP PLLC, we feel it is our duty and obligation to keep our clients, business associates and trusted advisers current and up to date on a range of topics from tax law changes to the latest firm news. We have the knowledge, expertise and resources of our much larger competitors and place great value in delivering this information to you.
Obtaining Prior-Year Tax Information from the IRS
Now that the main tax filing season is over, you may find yourself at some point in need of tax return information from the past.
Taxpayers sometimes need tax returns from prior years for loan applications, to estimate tax withholding, for legal reasons or because records were destroyed in a natural disaster or fire. If this is you, you can obtain copies or transcripts of your returns from the IRS.
Here are a few things to know if you need federal tax return information...
IRS "Fresh Start" Program Helps Taxpayers Who Owe Taxes
I'm sure we've all from time to time seen the commercials for companies who claim to be able to solve all your tax debt problems (be careful, one of them recently filed for bankruptcy protection).
Well, the Internal Revenue Service says it wants to help too, and has recently expanded its "Fresh Start" initiative to help struggling taxpayers who owe taxes. Part of the initiative relieves some unemployed taxpayers from failure-to-pay penalties. Penalties are one of the biggest...
Education Tax Benefits Can Help Pay for Higher Education
Two key federal tax benefits can help you offset the costs of higher education for yourself, your spouse or your dependents. They are the American Opportunity Credit and the Lifetime Learning Credit.
Because these benefits are tax credits, they are generally better than tax deductions because they reduce your taxes directly dollar for dollar, whereas as deductions only reduce your taxable income.
To qualify for either credit, you must pay postsecondary tuition and fees...
A Fresh Start
Employers and the Internal Revenue Service have long battled over proper employee classification. The question of whether a worker is an employee or an independent contractor is complex. While there is no cut and dry definition of who is an employee, making the wrong determination can cost you.
Employers are required to withhold federal income tax, to withhold and contribute a matching portion of FICA and Medicare, and to submit Federal Unemployment Taxes. However, if...
What Do You Mean My Social Security Benefits are Taxable?
One of the most frequent tax surprises I have heard voiced over the years is when people first find out they may have to pay federal income tax on some of their Social Security benefits. Ironically, they may have received Social Security benefits for years and never had any of it taxed, so never considered the possibility.
They may have even wondered why each year they, like all Social Security recipients, receive a Form SSA-1099 from the Social Security Administration...