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In this video tutorial, Lissandra Everett from ETS tax relief discusses the importance of the wage and income transcript in resolving tax issues. The transcript includes third-party financial information such as W-2s, 1099s, and more. It is crucial to check that the information on your tax return matches the transcript to avoid receiving a notice from the IRS. Many people are not aware of the type of information reported to the IRS, so understanding the wage and income transcript is essential in handling tax matters.
