updates
What is the purpose of IRS form 5498?
Form 5498 reports your total annual contributions to an IRA account and identifies the type of retirement account you have, such as a traditional IRA, Rot...
Jun 08, 2026 • 1 READS
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Updates
updates
When did the IRS start sending out letter 5071c?
The IRS began increasing identity theft identification efforts in the year 2015 (for the tax year 2014) following an increase of fraudulently filed tax re...
Jun 08, 2026 • 1 READS
updates
What is the depreciation life for HVAC?
The recently-enacted Tax Cuts and Jobs Act of 2017 included a provision to allow HVAC products to be immediately expensed. Under Section 179, all componen...
Jun 08, 2026 • 1 READS
updates
How do I get my 1040 information?
To order by phone, call 800-908-9946 and follow the prompts in the recorded message. To request a 1040, 1040A or 1040EZ tax return transcript through the ...
Jun 08, 2026 • 1 READS
updates
Can sole proprietors hire freelancers?
Sole proprietorship is the default business entity for freelancers. This means that if you start working as a freelancer without forming an LLC or corpora...
Jun 08, 2026 • 1 READS
updates
Do both spouses pay Social Security tax?
Social Security and Payroll Tax Social Security is designed to be an individual thing, whether you file jointly or separately. If you’re married filing jo...
Jun 08, 2026 • 1 READS
updates
Will tax deadline be extended 2021?
Due to the COVID-19 pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. In addi...
Jun 08, 2026 • 1 READS
updates
How many years will I receive an IP pin?
After the taxpayer passes authentication, an IP PIN will be mailed to them within three weeks. Taxpayers should never share their IP PIN with anyone but t...
Jun 08, 2026 • 1 READS
updates
Do people with disabilities pay child support?
The law recognises a duty to support a child over 18 that has a physical or mental disability and can make a parent pay maintenance that is necessary to f...
Jun 08, 2026 • 1 READS
updates
Does my paycheck go into my direct deposit checking account?
Direct deposit eliminates several steps in that process. Instead of issuing a paper check, the payer issues an electronic payment, which is deposited dire...
Jun 08, 2026 • 0 READS
