The chances of getting audited by the IRS, in a pure mathematical sense, are small. So this might tempt you to try and cheat on your taxes. But these basic audit numbers are deceiving because the IRS doesn’t randomly decide who to audit.Continue reading “What Are My Chances of an IRS Audit?”
As you already know, Congress recently passed the largest emergency financial stimulus package in the history of the United States. Officially called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), this law provides, among other things, cash payments to Americans. The IRS will administer this process, which creates the potential for various tax scams.Continue reading “Coronavirus Tax Scams”
People will pay good money to a tax attorney or accountant to find a way to prevent Washington from getting a penny more than the government is legally entitled to. So it’s ironic that there are tax deductions that people often miss. Yet some of deductions go unused. This isn’t surprising given how complex the tax code is. Here are 10 often missed tax deductions.Continue reading “10 Most Overlooked Tax Deductions”
The new year is here. And like many years prior, Uncle Sam is coming to take his share of what you make. But as you prepare to file your tax return for the 2019 tax year, or you strategize as to how you will handle your 2020 tax obligations, there are a few tax changes that you might want to know about.Continue reading “Get Ready for 2020 Taxes”
The tax year is coming to a close. But before the year ends, consider these ten tax strategies that might be able to maximize how much money you can keep from Uncle Sam.Continue reading “Top 10 End of Year Tax Tips”
Many millions of individuals and businesses have to pay taxes. It’s about as inevitable as well…death and taxes. But how these taxes are paid will depend on several factors. For most taxpayers, taxes will be paid on a regular basis throughout the year, whether it’s from an automatic deduction from a paycheck or by making quarterly payments. But what happens when the taxpayer owes taxes that go beyond these regular payments, such as when there are back taxes owed? There are two common arrangements to choose from.Continue reading “How to Pay the IRS When You Owe Taxes”
What Is an Offer in Compromise?
If you’ve found yourself drawing the ire of the IRS due to unpaid tax debts, you might be wondering what your options are. Well, one of the most enticing is the offer in compromise, or OIC. This allows you to potentially satisfy your tax debt for less than what you fully owe. Sounds like a good deal, doesn’t it? It is if you can get it, as the IRS has the right to reject a taxpayer’s OIC.Continue reading “Offers in Compromise”
One of the hallmarks of our country is the concept of due process. This refers to following the law when a government takes action against an individual. And if there is ever a time when the government takes action against an individual, it’s when they’re taking the individual’s money.Continue reading “Appealing an IRS Decision”
The threat of an audit is a powerful deterrent and does a good job of motivating taxpayers to pay the IRS what they owe. But sometimes this isn’t enough and taxpayers still forego their legal duty to pay their tax obligation. When this happens, the IRS will reach out to the taxpayer to collect an outstanding tax debt. But when asking nicely doesn’t work, the IRS can impose a tax lien and/or a levy.Continue reading “Getting Rid of an IRS Lien or Levy”
Tax season is about to start, which means it’s that time of year where you need to be on the lookout for tax documents such as W-2s and 1099s. But what other documents and information do you need to have ready to complete your tax return over the next few months? That precise answer depends on your unique tax situation, but the following guide will provide a good overview of what you might need to have ready when you or your tax preparer files your tax return this year.