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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...
You do not want the stress or responsibility of a tax debt hanging over your head. What happens when a former spouse does not pay the requisite taxes? Can the IRS come after you? Many factors determine whether or not the government can collect your ex-spouse's debt...
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...
No one wants to pay more taxes than required. An IRS audit notice may prove stressful. While you believe you have carefully reported necessary information, you may start to second guess everything. To minimize the stress, it may help to understand the reasons behind...
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...
A vacation home in New York may cause you to owe taxes to the Empire State even if you permanently reside elsewhere. According to Section 605 of the NY State Tax Law, spending more than 183 days in the state during a one-year period could incur a tax liability. The...
In general, when you work for someone else, you will either be an employee or an independent contractor. Employees are more costly to the employer, so it is very common for them to try to classify workers as independent contractors. But the requirements for this...
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...