Everything You Need to Know About Tax Debts If you cannot pay your tax debt and the Internal Revenue Service (IRS) is already putting on the pressure, there is a solution for your problem. You can now pay less than your actual IRS tax debt by compromising or paying in installments. Tax Debts and How [...]
Do It Yourself Tax Filing When It’s Fiscally Feasible to Prepare Your Own Taxes Millions of Americans depend on professional tax preparers for their annual tax returns. Professional tax preparers like Certified Public Accountants (CPAs) and tax agencies can prepare one’s annual tax returns with speed, precision, and accuracy. However, these professionals offer their services [...]
Legal Tax Deductions Save Thousands For some people with impressive collateral and income, seeing a chunk of that hard-earned money go down the drain in taxes is irritating and saddening. But this is the law and people have no choice but to comply with it. For that matter, here are several tips on how to [...]
Tax Prep Basics Many small businesses have complex tax records. There are health care options to consider, as well as other billable services which can impact one’s tax books. With these scenarios, it is no wonder that most entrepreneurs are at a loss when it comes to preparing their annual tax returns. Self Prepared vs. [...]
Cheaters win sometimes, but losing once against the IRS could cost you; even mobster Al Capone was finally put in prison, not for gangster or mob activities, but for tax evasion!
Personal Exemption Rules Taking yourself or someone else as a personal exemption requires certain rules, namely dependency, residency, support and sometimes by court order. General Personal Exemption Rules In order to take yourself as a personal exemption, you must meet certain criteria, namely that you are a taxpayer who may not be legally claimed as [...]
Offer in Compromise Not for Everyone Please take note first: Not all taxpayers qualify for an Offer in Compromise (OIC). Absent special circumstances, if you have the ability to fully pay your tax liability in a lump sum or via an installment agreement, an offer in compromise will not be accepted. Offer in Compromise Payments [...]
Generally, expenses necessary to conduct a trade or business are deductible business expenses.
Email Scam Targets Taxpayers We are not even sure that Google and their massive data centers could come up with all of the possible scams possible on the Internet. Tacky and unbelievable as they may seem, especially preying on consumers, emails scams on the Internet are a real threat to anyone connected today. The latest [...]
