TOPICS IN THIS ISSUE: Stretch Your Retirement Savings With Multi-Year Planning IRS Audit Period is 3 Years, 6 Years Or Forever: How To Cut Your Risk Be Like A Bank. Test Yourself To See How Your Finances Would Hold Up
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To help reduce your tax burden once you retire, and free up more money for expenses and fun, give income planning a try. Here are four ways to adjust your income and get a better grip on your tax bill.
Read more →The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse.
Read more →It is only natural to worry about an IRS audit, and the duration of audit periods can be downright frightening. Tax lawyers and accountants are used to monitoring the duration of their clients’ audit exposure, and so should you.
Read more →TOPICS IN THIS ISSUE: Benefits Of Starting Your Tax Planning Early In the Year What To Do If You’re Audited By the IRS 13 Advantages Of Keeping Personal And Business Bank Accounts Separate Ins And Outs of Settling With the
Read more →Mixing one’s funds with the proceeds of a business is a tempting prospect. For many solopreneurs, commingling allows them to have a much simpler time when banking. However, situations may arise where mixing business funds with personal funds can lead to a complicated mess. While the actual business of banking is easier, things like account-keeping, tax reporting and separating business expenses from private earnings become a nightmare.
Read more →“Gasp!” That might be your first reaction to seeing an envelope with an eagle on the upper left corner and the dreaded words next to it: Internal Revenue Service. But fear is not an emotion that should flow through your body. Why not? Well, if you’ve accurately recorded what properly belongs on your tax return, you have nothing to fear from the IRS if they contact you about an audit.
Read more →Don’t think you can retire on modest money? You don’t have to stare down a life sentence of work, you just need to avoid some all too common mistakes.
Reading articles and blog posts online you may be tempted to believe that the biggest scourge threatening your financial goals are subscription boxes, latte consumption, and envy of the Joneses. Having worked within personal finance with people with modest incomes for nearly 20 years, I have learned that there are even more significant threats looking to sabotage your goals.
Read more →Use the Tax Withholding Estimator to perform a quick “paycheck checkup.” This is even more important following the recent changes to the tax law for 2018 and beyond.
Read more →The National Taxpayer Advocate released the convoluted map to draw attention to a frustrating system By ANDREW KESHNER Got a problem with your taxes? Get ready for a long and winding road. A new “roadmap” charts the labyrinth inside the
Read more →IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to help Taxpayers resolve their tax disputes through an informal, administrative process, and through weighting IRS’ risks of litigation. The OOA aims to resolve tax controversies “without litigation” avoiding expensive and time-consuming court proceedings.
Read more →Before you head to the beach, use this tax-advantaged account to stock up on summer necessities.
Read more →The IRS has shown increasing willingness to work out installment agreements with individuals and business entities that could not meet their tax obligations. But that doesn’t mean you can shirk your current responsibilities. Accordingly, in a new case, Coastal Luxury Management,
Read more →Tax levies put your assets at risk. To remove them, you’ll need to work with the IRS to pay your back taxes.
Read more →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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