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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...
Punishable by steep fines and jail time, tax evasion has serious consequences. Understanding the difference between tax evasion and making errors when filing helps give you a better idea of who might face prison time. While the IRS does not pursue every situation of...
It is virtually impossible to exist nowadays without at least one bank account. Indeed, according to the U.S. Federal Reserve, more than 80% of American adults keep their money in banks. This makes sense, as keeping cash can be quite risky. If you have a bank account,...
Like many other professions, you may have migrated more to working at home over the past few years. If you have spent most of your working day at home, you may have an allowable tax deduction on the horizon. A home office is something the IRS allows those working...
Most taxpayers will go their entire life without having to worry about an audit from the IRS. However, it is important to avoid doing anything that an IRS agent may flag as suspicious regardless. Keep the chances of an audit low by understanding what they might look...
The more complex your tax return, the greater your chances that you may face an IRS audit. Most taxpayers selected for an audit will receive notice by mail. If you receive a letter from the IRS about an audit, you need to respond appropriately. Prepare for your audit...
Few life events are likely to cause you more consternation than an Internal Revenue Service audit. After all, an auditor might find problems with your tax return, potentially exposing you to stiff penalties. Fortunately, though, according to the IRS, tax audits remain...
Adopted in 2014, the Taxpayer Bill of Rights is a document that summarizes your legal rights as a taxpayer. These rights were in place prior to 2014, but the Taxpayer Bill of Rights presents them in a straightforward manner. What are your rights as a taxpayer? The...