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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...
Even if you have a mortgage, your house undoubtedly is one of the more valuable things you own. Indeed, according to Zillow, the average home value in the White Plains area is currently more than $750,000. Whether you want to keep your house forever, sell it or take...
As the old saying goes, "nothing is certain except death and taxes." Despite the certainty of taxes, many people take steps to reduce or even avoid paying them altogether. It is common knowledge that tax avoidance and evasion are not acceptable in the eyes of the IRS,...
Tax law is not always easy to understand. With complex terms and conditions, finding yourself in trouble with the IRS may prove avoidable if you get a basic grasp of some of the more common illegal practices. Evasion is one that many may commit without any intention....