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The Brilliant Blog

Business news, tax policy updates, pro accounting tips, tutorials for QuickBooks, software reviews, & more.

Should You Get an IRS Identity Protection PIN?

Jul 28, 20222 min read

Should You Get an IRS Identity Protection PIN?

IRS assigns Identity Protection PINs (IP PINs) are to prevent misuse of social security numbers. Why should you get one?

What You Need to Know About the IRS and Tax Audits

Mariko Hayashi-Hall

Jul 28, 20224 min read

What You Need to Know About the IRS and Tax Audits

An audit from the IRS can be intimidating. The more prepared and better represented you are, the greater your chance for a positive outcome.

Mariko Hayashi-Hall

Jul 28, 20225 min read

Were You Affected by a Disaster Loss?

If you are impacted by federal disaster declaration, you may be eligible for tax filing deadline extensions and other tax benefits:

Mariko Hayashi-Hall

Jul 28, 20222 min read

Our Olympic Champs Get a Tax Break

In addition to winning an Olympic medal, winners are compensated by the U.S. Olympic Committee with tax-free prize money:

Mariko Hayashi-Hall

Jul 28, 20224 min read

Tax Breaks for Grandparents

Grandparents raising their grandchildren should be aware of a variety of tax breaks that may ease their financial burden:

Mariko Hayashi-Hall

Jul 28, 20222 min read

Mid-Year Tax Planning Checklist

Planning taxes in mid-year is a smart move. Here is a list of several life events that may trigger tax opportunities or consequences:

Should You Opt Out of the Advance Child Tax Credit?

Mariko Hayashi-Hall

Jul 28, 20224 min read

Should You Opt Out of the Advance Child Tax Credit?

If you have children under 18, you might've already received the first Advanced Child Tax Credit. Learn why may be beneficial to opt-out:

With the Potential Higher Capital Gains Rate Looming Interest in Opportunity Zone Funds Renews

Mariko Hayashi-Hall

Jul 28, 20224 min read

With the Potential Higher Capital Gains Rate Looming Interest in Opportunity Zone Funds Renews

The Biden administration released its 2022 fiscal year budget. Here are details of some of the proposed tax changes:

Mariko Hayashi-Hall

Jul 28, 20222 min read

4 of the Most Common IRS Tax Problems

The IRS may contact you about your tax return for many reasons. Here are 4 common reasons the IRS may contact—and demand action from—you.

Tax Ramifications of Disposing of a Vehicle

Mariko Hayashi-Hall

Jul 28, 20225 min read

Tax Ramifications of Disposing of a Vehicle

If you buy a new car, how should you deal with an old car? Options with and without tax ramifications are available:

Mariko Hayashi-Hall

Jul 28, 20224 min read

Getting Married and Related Tax Issues

Getting married has tax implications that newlyweds need to consider. Tax problems and surprises can be avoided by taking certain step:

Congress Introduces Tax-Preparer Regulation Legislation

Mariko Hayashi-Hall

Jul 28, 20222 min read

Congress Introduces Tax-Preparer Regulation Legislation

Congress is working on regulating untrained tax preparers, who may have overlooked your deductions and credits due to the pandemic:

Minimizing Tax on Social Security Benefits

Mariko Hayashi-Hall

Jul 28, 20223 min read

Minimizing Tax on Social Security Benefits

Find out if your social security benefits are taxable and how to minimize taxes on your benefits:

How Long Should You Keep Old Tax Records?

Mariko Hayashi-Hall

Jul 28, 20224 min read

How Long Should You Keep Old Tax Records?

Here's how to determine which tax documents should be kept and which can be disposed of after a certain period of time:

35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season

Mariko Hayashi-Hall

Jul 28, 20222 min read

35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season

The midyear report indicates a large backlog of tax returns. Despite backlogs being common, this year's is much larger than ever before.

IRS Extends COVID-19 Relief Leave Donations

Mariko Hayashi-Hall

Jul 28, 20222 min read

IRS Extends COVID-19 Relief Leave Donations

In 2020, the emergency disaster declaration allowed employees to donate unused sick leave/PTO. The IRS extended the donations through 2021.

Contemplating Refinancing Your Home Mortgage? Things You Should Consider

Mariko Hayashi-Hall

Jul 28, 20224 min read

Contemplating Refinancing Your Home Mortgage? Things You Should Consider

You may be thinking about refinancing your mortgage since mortgage rates are currently at historic lows. Here are a few things to consider:

Mariko Hayashi-Hall

Jul 28, 20224 min read

Tax Rules for Home Flippers

Would you consider flipping a house? Flipping properties appears to be gaining in popularity now that mortgage interest rates are low.

Day Care Providers Enjoy Special Tax Benefits

Mariko Hayashi-Hall

Jul 28, 20224 min read

Day Care Providers Enjoy Special Tax Benefits

If you provide a family daycare business through the use of your home, you may be able to deduct some expenses related to your business.

Did You Get a Letter from the IRS? Don’t Panic.

Mariko Hayashi-Hall

Jul 28, 20223 min read

Did You Get a Letter from the IRS? Don’t Panic.

If you have gotten a letter from the IRS do not panic. Here are some potential reasons why you got the letter and what you can do:

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