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an overview of the gift tax

An Overview of the Gift Tax

There’s a cynical saying that goes something like this: “No good deed goes unpunished.” If you’re not familiar with it, it means that people who act kindly will often get punished for their acts of kindness. Whether this is true may be up for debate. What’s not up to debate is that subject to certain conditions, the IRS will gladly tax anyone for the gifts they give.

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child tax credit

The Child and Dependent Care Credit: What You Need to Know if You’re a Parent

If you’re a parent who regularly files income tax returns to the IRS, you’re probably already aware (and taking advantage of) the Child Tax Credit. But did you know there’s another tax credit you might be able to take advantage of if you’re a parent?

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overview of irs penalties

An Overview of IRS Tax Penalties

Getting in trouble with the IRS is not a fun experience. If you’re lucky, the only thing you’ll lose is your time (and maybe a little sanity). If you’re unlucky, you might have to pay some hefty monetary penalties to the IRS for unpaid taxes. In this blog post, we’ll examine why you might have to pay a penalty to the IRS. We’ll also look at ways to avoid having to pay tax penalties.

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Surviving the Tax Audit What You Need to Know to Protection Your Finances

Surviving the Tax Audit: What You Need to Know to Protection Your Finances

The best way to deal with a tax audit from the IRS is to avoid it altogether. But despite your best efforts, you still might receive the dreaded (and unexpected) IRS letter in the mail (the IRS will always initiate the audit process by mailing a letter). If you’re facing an audit, here are some strategies to help you get through the audit and avoid paying the IRS any more money than you have to.

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