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. […]
Business Tax ID EIN What is an employer identification number (EIN)? How to find an EIN Does my business need an EIN? How do I get an EIN? Can you use your EIN to make tax deposits? Learn more about EINs and business taxes An employer identification number (EIN) is like a social security number […]
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