Barry Lisak

1 week ago | thechiefleader.com | Barry Lisak

The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing. The goal of these scams — known as phishing — is to trick you into revealing personal and financial information.

2 weeks ago | thechiefleader.com | Barry Lisak

Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Although some people may feel anxious when they receive one, many are easy to resolve. Here are items to know about IRS notices, just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with simply and painlessly. You generally have 30 days to respond to an IRS notice. Always check which tax year the notice relates to.

3 weeks ago | thechiefleader.com | Barry Lisak

Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax- audit areas that the IRS has examined in recent years:• Earned Income Tax Credit (EITC). The EITC is a tax credit designed for low-and moderate-income taxpayers. The more children you have, the greater your EITC will be. The IRS checks tax returns against the Federal Case Registry, and identifies custodial and non-custodial parents.

1 month ago | thechiefleader.com | Barry Lisak

Tax strategiesPosted 3/21/25 Are you paying more tax than you need to? When it comes to filing taxes, getting the best returns is not about skill — it’s about what you know. Here are some tax strategies you may have overlooked. • Earned Income Tax Credit (EITC). Millions of lower-income people miss out on this every year. According to the IRS, 20 percent of taxpayers who are eligible for the EITC fail to claim it. The EITC is a credit, not a deduction, ranging from $600 to $7,430.

1 month ago | thechiefleader.com | Barry Lisak

Posted 3/7/25 The Social Security benefits you received in 2024 may be taxable. Each January, you should receive a Form SSA-1099 (Social Security Benefit Statement) which will show the total amount of your benefits. The information provided on this statement along with the following facts from the IRS will help you determine whether your benefits are taxable. 1. How much, if any, of your Social Security benefits are taxable depends on your marital status and gross income.