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.
Continue reading “An Overview of IRS Tax Penalties”
When you file a return with the IRS, you have to include more than just your name. You also need to include a Taxpayer Identification Number, or TIN. But many of you reading this right now are probably thinking, “I usually just put my Social Security number (SSN) or Employer Identification Number (EIN), so what’s a TIN?”
Continue reading “TIN Versus EIN – All About Tax ID Numbers”
The vast majority of taxpayers try to file an accurate tax return with the IRS. But sometimes, they realize they made a mistake in the tax filing. In other situations, circumstances change, so the previously filed return is no longer correct.
Continue reading “Should I File an Amended IRS Tax Return?”
Last month we discussed how to best survive an IRS tax audit. But wouldn’t it be nice to avoid the tax audit altogether? That’s the topic of this month’s blog post and in it, we’ll identify a few tips to prevent getting audited in the first place.
Continue reading “Tips for Avoiding an IRS Tax Audit”
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.
Continue reading “Surviving the Tax Audit: What You Need to Know to Protection Your Finances”
The IRS says you have unpaid taxes. You think they’re wrong, but despite your efforts to explain to them why they’re incorrect, they refuse to budge. Now you just received a notice from the IRS saying they’re going to try and collect money from you. Is there any way to formally dispute this tax bill? Yes, and one way to do so is to file an appeal. Here are some tips to increase your chances of success.
Continue reading “Five Expert Tips for Navigating the Tax Dispute Appeals Process and Coming Out on Top”
If the IRS believes you owe them money for unpaid taxes, you might grudgingly acknowledge the IRS is correct. But in situations where you disagree, you have certain legal rights to contest or dispute the IRS.
Continue reading “How to Dispute a Tax Bill from the IRS”
The 2023 tax season has begun, so it’s that time of the year when you get your tax documents ready for filing your return for 2022 income. Whether you prepare your taxes yourself or have a specific tax professional that you use each year, it doesn’t hurt to be aware of some tips when filing your taxes. These pointers can save you money, make the tax filing process easier or both.
Continue reading “Top Five Tips for Filing Your 2023 Taxes”
The year is almost over, but the time to make financial decisions that could affect your taxes in 2022 and/or 2023 is about to begin. Below are a few tasks and considerations to look into before January 1 arrives.
Continue reading “End of Year Tax Planning Guide for 2022”
Every year, the IRS releases its “Dirty Dozen” list of tax scams for taxpayers to watch out for. In this blog post, we identify and explain a few of the more notable scams that have made this list.
Continue reading “2022 Tax Scams the IRS Is Warning You About”