Tax tips to save you time, money, and heart ache.
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.
Those who have read Lewis Carroll’s, Through the Looking Glass, may recall the Red Queen. This character explains to Alice that she must run as fast as she can merely to stay in one place. This is the origin of the Red Queen Hypothesis, which theorizes that living things adapt and evolve, not to gain an evolutionary advantage, but to survive. In other words, evolution doesn’t improve a species’ chances of survival, but prevents it from going extinct. Continue reading “Tax Scam Trends”
One of the things that keep many of us from going too far in our attempts to reduce what we owe Uncle Sam is the fear of a tax audit. In most situations, the audit process isn’t as scary as most people fear, especially if there is nothing to hide. The following blog post will provide an overview of the audit process and explain certain steps you can take to reduce the chances of being an audit victim. Continue reading “IRS Tax Audits”
The end of the calendar year offers a unique moment to save money on your taxes. Depending on your financial situation, you can take steps before January 1st and possibly reduce the taxes you’ll owe. Continue reading “Consider These Four Year-End Tax Tips”
The information required to prepare and file taxes is substantial. On an individual return, a full name, social security number, address and phone number are typically required. Then there are supporting documents that are either included with the return or are used to prepare the return. These include W-2 Forms, 1099 Forms and any other relevant documents, such as donation receipts. Continue reading “Identity Theft & Your Tax Information”
If you’re behind on your taxes, it’s only a matter of time before the IRS sends a letter informing you of your tax debt and the additional money you own in interest and penalties. But for most taxpayers, it’s impossible to pay off their tax debt quickly. After all, if they had the cash to pay off their tax debt, their tax debt probably wouldn’t exist in the first place. Continue reading “IRS Tax Payment Plan Overview”
We’ve previously written about tax scams, especially those involving the telephone. However, scams involving the telephone aren’t the only ones taxpayers need to be aware of. Another common scam, called phishing, uses e-mails and websites.
Perhaps you’ve seen or heard the television ads, where an individual claims to have their IRS tax debt settled for significantly less than what they owe. How is this possible? Through something called an offer in compromise, or OIC. But what is it and how does it work?