Posts by Yuriy Akopyan

Double-Check the Number: Make sure you are entering the control number exactly as it appears on the W-2 form. Sometimes, control numbers can be a mix of letters and numbers, so ensure that you haven’t mistaken any characters. Contact Your Employer: If you’re having trouble with the control number, reach out to your employer’s payroll…

There are certain tax benefits available for grandparents who are raising their grandchildren in Washington state, USA. One of the key programs that could be relevant in this situation is the “Kinship Caregiver Support Program.” However, please note that laws and regulations can change over time, so it’s important to verify this information with the…

Washington State, like any other jurisdiction, may offer certain tax-related options or benefits that could indirectly affect your financial situation when it comes to supporting your grandkids or planning for their future. For example, you might want to explore options such as: 529 Plans: These are education savings plans that offer tax advantages when saving…

If you need to make a change or adjustment on a return already filed, you can file an amended return (Use Form 1040-X). You should file an Amendment, Form 1040-X, with the Internal Revenue Service (IRS) if you need to correct information on a previously filed tax return. Here are some common reasons why you might…

Costly tax mistakes can have serious financial implications for individuals and businesses alike. Here are some of the most common and costly tax mistakes to avoid: Failing to File or Pay on Time: Not meeting tax filing deadlines or failing to pay taxes on time can result in penalties and interest charges. The IRS and…

Tax evasion is a serious offense that involves intentionally underreporting or misrepresenting your income or other financial information to reduce your tax liability. Penalties for tax evasion can vary depending on the jurisdiction and the severity of the offense. Generally, tax evasion penalties can include: Fines: Tax evaders can be subject to substantial fines, often…

When facing a tax audit in Washington State, hiring a tax professional can be immensely beneficial. Tax audits can be complex and intimidating processes, and having a tax professional by your side can provide critical support and expertise. Tax professionals, such as tax attorneys or CPAs, possess in-depth knowledge of tax laws and regulations, which…

If you are an employee who receives tips in the United States and your total tips for the month of July are $20 or more, you are required to report these tips to your employer by August 10th of the same year. This reporting is done by filling out Form 4070A, “Employee’s Daily Record of…

August 2023 Individual Due Dates August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA…

Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Note: the business expenses discussed in this article – both foreign and domestic – are not deductible by employees during years 2018 through 2025. However, they are available to self-employed individuals. When a self-employed individual…