Tax tips to save you time, money, and heart ache.
To help individuals and businesses figure out their tax issues, there are two common types of professionals available. The first is the tax attorney and the second is the CPA, or certified public accountant.
Continue reading “The Difference Between a Tax Attorney Versus a CPA”
For the most part, we can’t get away with not paying our taxes. So what happens when you don’t pay your taxes when they are due? Does an IRS agent come to your bank and take money from your bank account? Or do you get a letter in the mail a month later saying the IRS has a lien on your property?
Both situations are possible, at least to some degree. However, a lot can happen from the moment a tax obligation comes into existence and the IRS takes action against you.
Continue reading “What Happens When You Owe the IRS and Don’t Pay?”
At roughly $2 trillion, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the largest economic emergency relief package this country has ever seen. And there are currently talks about a CARES II relief package in the works in Washington, D.C.
Regardless of whether or not we get another economic relief bill signed into law, the CARES Act still has tremendous implications on the individual and business taxpayer. This blog post will go over a few of those tax-related provisions.
Continue reading “How the CARES Act Impacts Your Taxes”
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”