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Tax season brings with it a multitude of questions and considerations, including whether you can claim your adult children as dependents on your tax return. While claiming dependents is a common practice for many taxpayers, the rules surrounding adult children can be...
Tax fraud carries significant legal and financial consequences, yet numerous misconceptions surround this offense. These misunderstandings can lead to potential trouble and non-compliance with tax laws. This article aims to debunk common misconceptions about tax...
Facing criminal tax charges can be an overwhelming experience that can have serious consequences. If you are being investigated for tax fraud or evasion, it is essential to understand the charges against you and to take steps to defend yourself. This article will...
When the IRS believes that you owe money, they will begin the process of collection which can cause many issues for you. Understanding the wide net that the IRS can cast when collecting taxes can make it easier for you to predict how your life will end up impacted by...
The Internal Revenue Service recently unveiled its plans to enhance customer service and increase the number of audits targeting wealthy taxpayers. These new initiatives aim to address longstanding concerns about the agency's ability to provide timely assistance to...
Gambling is something that many Americans indulge in, and the number of people engaging in various forms of gambling has steadily increased over the years. To that end, it is important to understand how taxes apply to casual gamblers. Where do you report your...
In the realm of U.S. taxation, individuals facing financial difficulties may encounter a term known as "Currently Not Collectible." This status, assigned by the Internal Revenue Service, offers temporary relief to taxpayers experiencing great financial hardship. What...
After you file your taxes, the IRS may decide to review what you submitted to ensure it is correct. This is the auditing process, and it can happen to anyone, no matter their situation or financial circumstances. According to the IRS, the purpose of the auditing...
New York residents have to pay state income taxes of four to 10.9%. These taxes are in addition to federal taxes, and some communities, such as New York City, also charge income taxes. For those who choose not to pay their taxes, the State of New York can pursue...
Few things have the potential to be more stressful than falling behind on your tax payments. After all, the Internal Revenue Service has many collection tools at its disposal. These include levying your bank accounts and seizing your home. In some cases, the IRS even...