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Receiving a letter from the IRS can make your heart sink and raise a lot of questions. Correspondence from the government agency is not always clear, so understanding what your letter means is of utmost importance. Here are some common questions and answers to help...
A tax audit is a normal part of the tax process. It allows the agency to ensure everyone is paying the proper taxes. In some cases, it can uncover errors that made you overpay on your return, so you could get a refund. The Tax Department explains you will usually...
The government requires everyone to pay taxes with very few exceptions. Your decision to ignore tax requirements can result in serious legal trouble that can impact your life for a number of years. When you understand the difference between tax avoidance and tax...
Owing the IRS money may impact your life in more than one way. If you try and avoid the collection process, you may find yourself with higher hurdles to clear. The IRS has set up programs to help qualified taxpayers who need help paying get the time and plan to do so....
Smart business owners do their best to avoid taxes. The IRS considers this perfectly legal, according to their worksheet. However, tax evasion is illegal, which the IRS defines as the failure to pay taxes you owe. Sometimes the difference between tax avoidance and...
Many think of the Internal Revenue Service as the government’s inflexible tax collections unit. However, excepting those who engage in criminal fraud, the IRS is generally reasonably open to finding different strategies for taxpayers to meet their obligations. It...
The federal government may take different measures to collect unpaid taxes from you. You may find one day that the IRS has put a federal lien on your business and/or other property you own. Since a lien can impact your ability to acquire financing and negatively...
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...
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...