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There are many reasons people do not file their tax returns. Whether you have not filed for one year or for many, the worst thing you can do is ignore the problem. Take steps to resolve your unfiled tax returns today. Reasons to file your taxes If you do not file your...
People end up not paying their taxes for a variety of reasons. Often, it is because they fear that they owe money they do not have or are confused about how to file. Some even forget. There is some good news: Making an honest mistake, such as innocently miscalculating...
If you receive a letter in the mail showing the return address of the Internal Revenue Service, your first reaction may be one of panic. Did they find a discrepancy in your 1040 return? Do you owe additional taxes? Surely they don’t accuse you of tax fraud — do they?...
If you are not aware, you should always keep the six most recent years of your tax return paperwork and receipts. The reason is not arbitrary. Standard three years The federal statute of limitations for an IRS audit is three years from the April 15 due date of the...
It is unlawful to interfere with the administration of the nation’s Internal Revenue Laws. As noted on IRS.gov, impeding an agent acting in an official capacity may result in facing allegations of a felony offense. The Department of Justice notes that an individual...
The IRS has set the standard for how it operates to recoup the money it believes you may owe. Once they begin the process of collections, you may find yourself facing a host of issues. With the federal government's power at its disposal, the IRS can cast a wide net...
The Internal Revenue Service defines an excise tax as one levied on “specific goods or services.” According to IRS.gov, consumers pay federal excise taxes for goods such as fuel, tires, tobacco and heavy trucks. Services that incur excise taxes under the federal tax...
Gambling is a common pastime – increasingly so during the pandemic. If you’re getting ready to file your taxes for the year, you may be wondering how your winnings (or losses) at the slot machine will affect your bottom line. In this post, we break down the basic tax...
Beginning in 2022, payment app providers must report to the Internal Revenue Service their accounts totaling $600 or more each year in transactions. If you accept credit card payments online through a peer-to-peer app, you could receive a copy of Form 1099-K, which...
The type of business you own and operate could determine whether you need to file and pay self-employment taxes. The Internal Revenue Service’s website notes that work performed as a sole proprietorship or an independent contractor generally requires filing annual...