Tax Tips & News | R&G Brenner

"IRS Announces Relief: Penalties Waived for Unpaid Taxes Under $100,000 for 2020 and 2021"

2 minutes read

In a significant move, the IRS declared on Tuesday that it will be forgiving penalty fees for individuals with outstanding taxes totaling less than $100,000 for the tax years 2020 and 2021. This announcement comes as part of a relief initiative aimed at aiding nearly 5 million people, businesses, and tax-exempt organizations, with the majority having an income below $400,000 per year. The relief, totaling around $1 billion, will start to roll out this week.

IRS Postpones New Reporting Requirement, Eases Tax-Filing Process

2 minutes read

As tax-filing season looms, the Internal Revenue Service (IRS) has unexpectedly granted a paperwork reprieve for millions of Americans, delaying the implementation of this new reporting requirement again. This welcome news for any individuals engaged in e-commerce, selling items on platforms like eBay, reselling concert tickets, and using payment processors such as Venmo.

Tax Copies or IRS Transcript? How to Get Them and Which is Better.

3 minutes read

Keeping copies of your tax returns is essential for at least three years. However, if you accidentally dispose of some of that paperwork too soon, there's no need to panic. You can request a tax transcript from the IRS at no charge, and it serves as a valid alternative to your original tax return. Whether you need it for a home loan application or college financial aid, obtaining an IRS transcript is a straightforward process. Here’s how you can get your IRS transcript hassle-free.

DIY Tax Software vs. Tax Professionals: Which is the Better Choice?

3 minutes read

When it comes to preparing your taxes, you have a few options. One option is to use do-it-yourself tax software—such as TurboTax, H&R Block or TaxAct—which can be a convenient and affordable way to file your taxes. However, there are some risks associated with using DIY tax software that all taxpayers should be aware of. Alternatively, you can choose to work with a dedicated tax professional from R&G Brenner, who can provide you with expert guidance and ensure that your taxes are prepared...

How to Get Your Tax Refund Quickly and Securely

3 minutes read

Are you eagerly waiting for your tax refund? You're not alone! According to the IRS, more than 150 million individual tax returns were filed in 2021, and approximately 70% of filers received a tax refund. It's no surprise that many people want to get their refund as quickly and securely as possible and “where’s my refund” is a common question.

How To Find The Right Tax Professional For Me

4 minutes read

Your Tax Season Checklist

4 minutes read

Taxes

Dissolving a Business 101

3 minutes read

Talk to your business partners and stakeholders - including employees

Tips for Filing Delinquent Taxes

3 minutes read

Confirm the IRS Didn’t Make a Mistake

5 Ways to Prepare for Next Tax Season

3 minutes read

Gather all necessary informationThe first step is to gather all of your information. While you may not have your W-2s for the year just yet, any other documents--investment statements, last year’s tax return, bank statements, and any other financial statements--can be pulled together for ease of access. You’ll ideally already have a filing system in place for tax purposes, but now is the time to create one if you don’t.

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