“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin
Your small business needs to correctly file and pay taxes – on time
That hopefully isn’t news to you. But many small business owners put off thinking about taxes until the last possible moment.
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Tax levies put your assets at risk. To remove them, you’ll need to work with the IRS to pay your back taxes.
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A tax lien can be used by the IRS or other taxing authority in the event that you don’t pay some or all of the tax that you owe.
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All taxpayers have fundamental rights when working with the IRS. The agency outlines them on IRS.gov and in Publication 1. To help taxpayers understand their rights, here is a list of them with a brief description of each one:
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On May 15, the IRS notified tax software companies that it had discovered an error in the instructions for the Tax Worksheet for the 2018 Schedule D, Capital Gains and Losses. The IRS explained that the tax calculation did not reflect the new
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You don’t want to play chicken with the Internal Revenue Service. Tax season is over, and the vast majority of taxpayers have filed their returns and paid any outstanding taxes they owed. But for a significant number of people, paying
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Despite calls for its renewal, Congress hasn’t addressed the issue of the popular residential energy credit, which officially expired after 2017. This credit, which is generally equal to 10% of the cost of qualified energy-saving improvements made to a principal
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Here’s a breakdown of how the US Government spends your tax dollars…it may not be the way you think.
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Just under 500 lawsuits were filed in 2018 in federal courts across the country by private attorneys seeking money for the federal government.
The lawsuits are a mostly unknown part of an industry of private collectors working on behalf of the federal government to track down student loan payments. It’s a system that showcases how student loan debt is different from all other kinds of debt: It can’t be written off in bankruptcy and, because it’s owned by the federal government, long-term unpaid debt is never written off, but relentlessly tracked down.
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The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $55,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.
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No one wants a visit from the Internal Revenue Service. But if you get too generous with your calculations, you may need to back up your tax return.
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Chances are a big portion of your retirement savings are in pretax accounts like a 401(k) or IRA. If you need to tap those accounts for costly care, you must realize that every dollar is taxable. And you might be shocked at the tax rates that come with withdrawals large enough to foot the bill.
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Required minimum distributions are a bane of retirement for many Americans. The concept puzzles many people, and the rules can be complicated. The result is that many people fail to take their required minimum distributions (RMDs) or they take the wrong amount. The IRS noticed this a few years ago and decided to change the information reported to it and how it is analyzed so it can better identify people who don’t take the correct RMDs.
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What You Need to Do If You Plan to Travel Abroad and Have Unpaid Federal Taxes WRITTEN BY: Rosenberg Martin Greenberg LLP Last week, the Internal Revenue Service (“IRS”) published another friendly reminder that it was recently vested with the
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It’s not your imagination: It really is a different kind of tax season. It’s so different that the National Taxpayers Union Foundation (NTUF), a nonpartisan research and educational organization, is calling on Congress to extend the filing season. by Kelly Phillips
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