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Tax liability is a serious concern for individuals and businesses. It is even more so when dealing with complex tax issues. Understanding how long you may be liable for taxes is crucial for managing your financial obligations and avoiding potential legal trouble. The...
You might be missing out on tax deductions that could save you money. Taking advantage of often-overlooked deductions can lower your taxable income. It's important to understand which deductions you qualify for and how to claim them. Vehicle sales tax Did you know you...
Receiving a tax audit notice from the New York State Department of Taxation and Finance can be unsettling. However, it is crucial to understand that an audit doesn't always imply wrongdoing. Often, it means the department needs more information to verify your tax...
Failing to pay your New York state taxes for multiple years can lead to severe consequences. Understanding these repercussions and paying your taxes can help you avoid financial and legal troubles. Accumulation of penalties and interest One of the immediate...
Tax evasion involves illegally avoiding paying taxes, which can lead to severe consequences. Individuals in New York with complex tax situations should be aware of actions that constitute tax evasion to avoid potential legal issues. Underreporting income...
Disputing IRS penalties for underpayment or late payment of taxes in New York requires understanding the process and following specific steps. Taxpayers can take proactive measures to resolve these issues and minimize financial impact. Review penalty notice Carefully...
A federal tax lien is a legal claim against your property when you fail to pay a tax debt. It protects the government’s interest in all your assets, including real estate, personal property, and financial assets. It can be helpful to understand federal tax liens, so...
Tax fraud is a big deal and can get you in big trouble with the law. In the state of New York, understanding the distinction between civil and criminal tax fraud may help you personally to ensure you are in compliance with the law. Civil tax fraud The police may...
An audit from the Internal Revenue Service (IRS) can be nerve-wracking even if you have done nothing wrong. While the probability of the IRS looking into your New York business may be small, it is not zero. The IRS usually relies on random selections through...
If you have unpaid taxes, the IRS may impose a tax levy to collect what you owe. Unlike liens, which are claims against your property, levies entail the actual seizure of property to satisfy tax debts. Knowing what property may be subject to these levies is important...