If the thought of getting a letter from the IRS makes your heart race, you're not alone. Tax audits stir up anxiety for most people, even when they've done everything right. One reason for that is a common misconception: many people perceive that the IRS has unlimited access to your personal and financial life. The truth is, you have a ‘bill of rights’, as it pertains to tax matters. Understanding these rights can help you stay calm when dealing with communication from the IRS.

Gifting money to your children, grandchildren, or other family members can feel profoundly rewarding. In some cases, it's also a smart financial move. Whether you're helping a child with college tuition, gifting money for a down payment on a home, or simply sharing your success, generosity has its place in many financial plans. But when giving is part of your estate strategy, it's crucial to understand how the IRS views those gifts, and whether they are taxable or not.Here are some things to consider when gifting money and how the right planning can help you support your family without triggering unintended financial consequences.

If you're self-employed you understand the unique pressures of tax season all too well. Unlike traditional employees, you don't have taxes withheld from your pay so it's up to you to stay on top of everything. There is a bright side, though: you can access a wide range of tax deductions with the potential to lower your bill if you know what to look for.

Many people approach tax planning as a once-a-year scramble before the filing deadline, but this short-term thinking can cause you to miss valuable opportunities that a longer view can provide. When you look beyond just this year's tax return, and plan for the long haul, you'll keep more of your money, grow your savings faster, and build something lasting for your family. Think of it as planting financial seeds today that your family can harvest for generations.

Tax season brings more than filing deadlines and the hustle and bustle of collecting all your financial documents; unfortunately, it also brings an increased risk of tax identity theft. Scams of all kinds are on the rise, including those in which bad actors take advantage of stolen personal information to file fraudulent tax returns. Even worse, they're often able to pull it off before the rightful taxpayer submits their own. All too often, people don't realize they've fallen victim to this particular scam until the IRS rejects their legitimate tax return because one has already been filed in their name. 

Understanding how tax identity theft happens is the best way to be prepared and safeguard your financial security. Here's what you should know about tax identity theft, how it happens, and how to protect yourself.

Most people assume their tax preparer's job is done once their tax return is filed. But what happens if, months or even years later, the IRS sends a notice or requests more information? Not all tax service providers offer long-term support after tax season, which can leave taxpayers scrambling to respond to IRS inquiries on their own. Myrick CPA takes a different approach. Our Tax Service Guarantee provides ongoing protection, ensuring that if the IRS or state tax authorities reach out, you have a trusted professional handling the situation from start to finish.

Understanding how different types of income are taxed can make a big difference in how much you owe or how much you can save. The IRS categorizes income into three main types: earned, passive, and portfolio income. Each type is taxed differently and comes with its own rules for deductions and exemptions.Knowing where your income falls can help you plan better, reduce tax liability, and use smart tax strategies.

If you're like most homeowners, real estate is the most valuable financial asset you own. As you make mortgage payments and property values increase, home equity grows, creating opportunities to strengthen economic security and even pass wealth to the next generation.Understanding how to build and use home equity can help you make smart financial decisions that benefit both your present and future.

When it comes to stressful life experiences, receiving a notice from the IRS about an audit or tax dispute ranks near the top. Whether it's a disagreement over an audit or an assessed penalty, taxpayers often assume their only options are filing an appeal or preparing for a long, expensive legal battle. What you may not realize is that there is a third option: mediation. Also known as alternative dispute resolution, it can be a faster, less costly path to resolving IRS issues.

Understanding when mediation makes sense and how it compares to other resolution options can help you take control of your tax situation while finding a solution that works in your favor.

For many taxpayers, a hefty refund feels like a financial win - after all, who doesn't love a big check from the IRS to celebrate after filing taxes? But is that refund really the windfall it seems? In reality, it often means you've been giving the government an interest-free loan all year. With some strategic planning, you can keep more money in your pocket throughout the year and use it to meet your personal financial goals.

Let's break down why big refunds might not be ideal and how adjusting your tax withholding might be a financial game changer.