As the saying goes, “Two things in life are certain; death and taxes.” And while the similarities between death and taxes do not end there, understanding the latter can make it a lot less frightening than the former. One question worth asking is what are the rules when it comes to privileged conversations. Is what […]
If you’re wondering “how much do I owe the IRS?” you’re not alone. In 2018, Americans owed more than $128.2 billion in back taxes. But this includes penalties and interest, and few people are good at keeping a running balance of their total tax debt. That same year, the IRS assessed $13 billion in additional […]
Article Summary Tax amnesty programs provide taxpayers with an opportunity to file and pay for outstanding tax debts without paying a penalty. Most tax amnesty programs are set up by states. They are a fast way to generate revenue and they also help out taxpayers. A win-win for everyone. Find out which tax amnesty programs […]
Are you behind on your tax payments? Dealing with tax debt is particularly challenging when you’re retired or on a fixed income. You may be worried about the IRS taking your Social Security money. Can the IRS garnish Social Security benefits and other types of retirement income? Or are they exempt from garnishment? The bad […]
Millions of taxpayers look forward to getting a tax refund every year. But are tax refunds a good thing or a wasted opportunity? Every year as tax season rolls around, millions of Americans can’t wait to file for their taxes in anticipation of their big “bonus” check. In fact, there were 31,937,000 refunds issued in […]
In all likelihood, your mortgage is the largest loan you’ll take out in your lifetime. Most Americans spend decades paying off their mortgage — and that means racking up a ton of interest. The good news is there s a tax deduction that can make your life a little easier. The mortgage interest deduction reduces […]
The Earned Income Tax Credit (EITC) is one of the largest credits offered to U.S. taxpayers. Available since 1975, it can help to reduce tax liability or even provide a tax refund. This can provide a helpful financial boost for those with low-to-moderate income levels. Read on to learn what the EITC is and how […]
Did you receive a 1099-C Cancellation of Debt Form from the IRS? If you have, you are probably a little confused. Not many people know that the IRS considers debt forgiveness compensation and as a source of income. You could call it a debt forgiveness tax. Yes, if you are lucky enough to get a […]
In the land between an employee and an incorporated business lives the independent contractor. An independent contractor acts mu9ch like a business owner but don’t meet all the “formalities” that come with being a business. Sometimes called a 1099 employee, here’s a closer look at 1099s, independent contracting, and what it means for tax time. […]
An employer identification number (EIN) is like a social security number for businesses. However, since you don’t use your EIN as often as you use your social, it can be harder to remember. Do you need to find your EIN? Read on to learn how. Plus, learn how to apply for an EIN for your […]
Did you receive an IRS Form 1095-A? If so, you may be wondering what it is and why you need it. IRS form 1095-A (a subcategory of Form 1095) is a Health Insurance Statement provided by the Marketplace. If you signed up for health insurance through the Health Insurance Marketplace, you should receive a 1095-A […]
140 Reasons the IRS can charge you a penalty. Last year, the IRS collected more than $3.4 trillion from taxpayers. Part of that total consisted of more than $11 billion in penalties on individual, trust, and estate income tax returns. [Source] The $11 billion didn’t include penalties on early distributions to IRAs. In fact, there […]
Article Summary Tax season can be very stressful. Not only do you have to meet deadlines to avoid costly penalties, but you also have to keep up with the latest changes to tax laws. Well, we’ve got good news: we’re here to make the process easier. Here is a guide to the tax deductions and […]
Article Summary: This nuts-and-bolts guide to filing your taxes will clue you in on how to prepare for and pay the latest round of federal taxes without making costly mistakes. From getting prepared before you fill out any forms, to choosing the right filing status and optimizing your deductions, to enlisting the assistance of software […]
IRS information returns (aka 1099s) are forms that collect and report information about financial transactions outside salary and wages. They help the IRS keep track of events that are likely to be taxable so it can hold taxpayers accountable for underreporting. If you are responsible for filing 1099s this year, here are some common pitfalls you […]
Are you thinking about withdrawing money from your retirement plan early? An estimated 1.5% of 401(k)s and IRAs assets leak out each year through loans, cashouts, and early withdrawals—so, you’re not alone. $26.1 trillion Total assets in retirement accounts (Source: Investment Company Institute) But how will this financial move impact your taxes and future? The […]
We’ve all heard the saying “snitches get stitches’ but how about, ‘snitches get riches’? The IRS Whistleblower Office accepts tips from individuals who notice tax problems in their workplace. If the IRS moves ahead and collects as a result of the information, they may pay the whistleblower an award of 15% to 30% of the total […]
Are you a business owner that the IRS considers an applicable large employer? If so, you’re required to provide your full-time employees with an opportunity to enroll in a health insurance plan with at least the minimum essential coverage. If you don’t meet the IRS’s requirements, however, you may receive IRS Letter 226J and be on the […]
When you owe money to the IRS, you will begin to receive letters. While you should always read them and respond right away, IRS Letter 3174 is especially important. It is the last notice you will receive before your property is levied or seized. Read on to learn more about this letter, how to respond, […]
What is an IRS Notice of Intent to Levy (CP 297) and what should you do about it? First things first, relax so you can make sense of the situation. The IRS provides taxpayers with many options whether you can pay the tax debt right now or not. The important thing is to understand what […]
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