There are options to help you resolve your tax debt and SuperMoney.com has done the research to help you find out what tax relief path is best suited for your specific situation.
Article Summary: Separate and marital property are terms used to define ownership of property by either spouse before, during, or after marriage. Separate property can become marital property in a few ways, depending on how the property was derived, when it was received, and if the separate property has “commingled” with other assets. In most […]
Article Summary: An IRS hardship program is a government application that allows individuals who owe outstanding taxes to apply for tax deferment or forgiveness. This is similar to the Fresh Start Program, which will in turn halt any collections actions against them. The taxpayer changes their status to “Currently Not Collectible.” Once this status is […]
Article Summary: The “buy, borrow, die” strategy is a popular estate planning tool that many wealthy people use to minimize the amount of taxes they owe on their investments. The basic idea is to purchase investments that appreciate in value, borrow against these assets and use them as collateral for loans, and then pass on […]
Article Summary: Claiming a child on your taxes has several potential tax benefits. To determine who can claim a child on taxes with 50/50 custody, we look at three main qualifiers: custodial time, income, and mutual agreement between parents. When time is split 50/50 between two parents, the parent with the higher income claims the […]
Article Summary: Owing back taxes can result in significant penalties and interest accruals. If you owe the IRS, it’s important to know your options and act as quickly as possible. You may find out you owe back taxes through an IRS notice or by checking your online IRS account. Seeking help from a reputable tax […]
Article Summary: Annuities are given “favorable” tax treatment because the IRS doesn’t require you to pay income taxes on funds within an annuity. You can choose between funding a qualified or unqualified annuity, which is funded with untaxed or pre-taxed funds, respectively. While you’ll still have to pay taxes on that money eventually, an annuity […]
Article Summary Filing your taxes can be a confusing and time-consuming process, and the last thing you want is to incur a late-filing penalty. Unfortunately, the COVID-19 pandemic has made it difficult for many taxpayers to file their taxes on time. In response, the IRS has announced that it will refund $1.2 billion in late-filing […]
Article Summary: Banks typically reject tax refunds due to a wrong account number or routing number on the recipient’s tax return. If your bank rejected your tax return, it’ll likely release the funds back to the IRS. The IRS will then issue a paper refund check. Avoid all of this by checking that you’ve entered […]
Article Summary: If you need an IRS form W-2 to file your federal income tax return but never received it, you don’t need to panic. You can try to track it down from your employer, contact the IRS, or file a substitute form. If you need more time to locate the missing information, you can […]
Article Summary: If you are self-employed or a business owner, there are several ways you can deduct your leased or owned vehicle expenses from your federal taxes. However, you can only deduct the portion of the vehicle expenses that relate to your business. That means if the vehicle is also used for personal purposes, you […]
Article Summary: The IRS can technically take your house to collect delinquent tax debts but is unlikely to do so. However, there are other types of property the IRS is more likely to seize. Most of us dread paying our taxes. Not only do you hate to see the money being taken from your paycheck […]
Article Summary: Capital gains tax applies if you inherit a property that appreciates in value. However, the IRS excludes the gains from before the inheritance through their stepped-up basis program, which measures fair market value when you inherit a property. There are also several other solutions, such as a 1031 exchange, that allow you to […]
Article Summary: If you sell a business for a profit, whether in stocks or assets, a capital gains tax will be applied to the sale. However, many of these tax consequences can be mitigated substantially depending on the business’s structure and the selling process. Whether your business is structured as a partnership, a sole proprietorship, […]
Article Summary: A gift tax is a tax levied on the transfer of assets from one party to another as a gift. It exists to prevent people from circumventing the estate tax. However, there are several exemptions and structuring methods to mitigate gift tax, or to avoid it altogether. Assets transferred from one party to […]
Article Summary: Although many times you need to pay some sort of tax when selling a rental property, the IRS offers many structures and exclusions that can help you mitigate tax or avoid tax altogether. Tactics such as a 1031 exchange and depreciation are classic asset structures and allowances that can help you to avoid […]
Article Summary: As a self-employed person and sole proprietor, you probably know that you need to fill out a special form to report your business income and claim deductions for business expenses. If your business is among those the Internal Revenue Service (IRS) considers farms for tax purposes — such as ranches, plantations, fish hatcheries, […]
Article Summary: The United States Internal Revenue Service (IRS) requires taxpayers to file Form 8606 to report transactions within IRAs. If you have an IRA and have made nondeductible contributions, you will likely have to file Form 8606 — if not this year, sometime in the future. Individual retirement accounts (IRAs) make up the largest […]
Article Summary: Form 4797 is an important tax form used to report sales of business property. The IRS requires taxpayers involved in the sale or exchange of business property to file this form with their taxes. Even if you plan to have a tax professional help guide you through Form 4797, which is probably a […]
Article Summary: When it comes to taxes on your hard-earned money, every deduction counts. So are HOA fees deductible on your tax return? The answer’s not as straightforward as you might think. In general, HOA fees are considered a part of your monthly housing costs and are not tax deductible. However, there are some exceptions […]
Article Summary: Cost basis is the amount of money you spent to buy an asset. This amount usually includes the purchase price, fees, reinvestments, and commissions. Cost basis must be reported on your taxes. Determining cost basis can help you see how much you are making or losing with your investments, and might help you […]
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