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Filing taxes late is common, and many wonder how far back they can go to submit past returns. While federal guidelines offer some clarity, New York State has its own rules. It is important to understand the laws surrounding the time limits for filing past tax returns....
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...
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...
Income and self-employment taxes are levied on individuals who earn money outside of traditional employment settings. Understanding why you might pay both taxes is necessary for anyone navigating the world of independent work. By learning about the various scenarios...
When you find yourself facing IRS debt collection, you might feel panicked and overwhelmed. Knowing how to communicate with the agent can make a significant difference in resolving the situation. With a few helpful tips on what you should and should not say, you can...
If you have just filed for divorce, or gone through a divorce recently, you may be wondering how this will affect your taxes in 2024. Taxes can indeed be daunting in normal times, and a divorce can change things considerably. Of course, it is important to address...
If you have just filed for divorce, or gone through a divorce recently, you may be wondering how this will affect your taxes in 2024. Taxes can indeed be daunting in normal times, and a divorce can change things considerably. Of course, it is important to address...
If you find yourself facing a tax bill that you are unable to pay in full, the IRS offers payment plans as a viable solution. These plans allow you to settle your tax debt over time, providing financial relief while ensuring compliance with your tax obligations. Every...
Facing an IRS audit can be a daunting experience for any small business owner. To navigate this process successfully and minimize potential consequences, it is important to be aware of actions to avoid during an IRS business audit. 1. Neglecting recordkeeping...
Starting a new business in New York can be an exciting endeavor, but it also comes with a host of responsibilities, including understanding and managing various tax considerations. Taxes play a crucial role in the financial health of your business, and being...