Is EFTPS right for you?
EFTPS stands for the Electronic Federal Tax Payment system. It is a free service provided by the United States Department of the Treasury to allow taxpayers to quickly and...
OIC Mistakes
Mistakes to avoid while applying for OIC If you owe the Internal Revenue Service, an Offer in Compromise (OIC) is a legitimate way to settle the debt. The goal...
Applying for an Offer in Compromise
Five Steps for an Offer in Compromise An offer in compromise is a tax settlement in which a taxpayer pays a sum that is less than the full tax...
When Should You Hire a Tax Professional?
Dealing with taxes, especially debts owed to the IRS, can be a real headache. If you file incorrectly, you can wind up being asked to pay more than you...
If You Can't Afford Your Tax Debt
5 Ways the IRS Can Help Tax time is stressful for most Americans, but even more stressful if you can't afford to pay what you owe right away. Thankfully,...
How to Negotiate a Tax Settlement
If you've started your taxes and think you might owe the IRS more than you can afford to pay this year or owe back taxes from previous years, you...
IRS Tax Payment Plans
What to Expect From IRS Tax Payment Plans Most people do their best to stay on top of their taxes. However, filing errors or financial difficulties could result in...
Help When Filing a Late Tax Return
If the thought of April 15th is giving you shivers, you might be in a common situation, where you have to file a late tax return. Don’t be too...
Failure to File or Pay Penalties
Forgetting to file your taxes or refusing the pay the amount that you owe in taxes can result in certain penalties. Depending on your actions and the situation, the...
What Happens During a Tax Audit?
November 29, 2013 by admin in category Avoiding Audits tagged as correspondence audit, criminal investigation audit, field audit, office audit, Tax AuditReceiving notice that the IRS will be auditing your taxes is a nightmare scenario for almost any adult, but it doesn’t need to be. Getting audited doesn’t necessarily mean the IRS thinks you’ve done something wrong. Tax returns are selected for audit by several methods, including random statistics, document matching or having business ties with […]
0 0 Read moreLargest tax returns ever
November 28, 2013 by admin in category Taxes tagged as $2.1 Million Tax Refund, $54, 000 for a Family of 9, 712 Mistake, Largest tax returns ever, The $434Tax season. It’s a time of year that most people dread. This is partly because it’s a tremendous hassle for most people to do their taxes, despite all the new software and companies that will help with this process, and partly because it can be a costly time of year. Those who don’t pay taxes […]
0 0 Read moreCommon Tax Return Mistakes
November 27, 2013 by admin in category Avoiding Audits, Taxes tagged as Entering things on the wrong line, Leaving out info about your income sources, Math errors, Missing social security numbers, Not including all the forms, Not selecting the right status, Not signing your return, Not taking all deductions, Tax Return Mistakes8 Common Tax Return Mistakes and How to Avoid Them The tax code is complicated and there’s a lot of ways to make mistakes when filling out your tax returns. While you may be tempted to decide tax mistakes are unavoidable and it’s too difficult to make sure your return is perfect, preventing the most […]
0 0 Read moreAvoiding Tax Scams
November 23, 2013 by admin in category Scams tagged as 'Free' Money From the IRS Scams, Fake Charity Scams, Frivolous Arguments, Identify Theft, Misuse of Trusts Scams, Phishing Scams, Tax ScamsThe IRS recently warned taxpayers to become more conscious of a variety tax scams con artist use to prey on victims this tax season. While the IRS does all it can to protect people from these types of scams, it is important that citizens are aware they exist and the importance of reporting any suspected […]
0 0 Read moreHistory of the IRS
November 22, 2013 by admin in category irs tagged as 1894 Tariff, 1913 ratification of the 16th Amendment, 1998 to the present, Bureau of Internal Revenue, History, Internal Revenue Service, IRS, Revenue Act of 1862, The Revenue Act of 1918, The Revenue Act of 1942The power of the U.S. Government to tax its citizens has been controversial since 1791 when George Washington signed into law a bill that allowed whiskey to be taxed. The plan was for the revenue to help pay debts incurred during the Revolutionary War. Citizen’s opposed the tax, claiming it was once again taxation without […]
0 0 Read moreHow to Manage Payroll Taxes
November 21, 2013 by admin in category Taxes tagged as EIN, Employer Identification Number, Federal Income Tax Withholding, Internal Revenue Service, Manage, Payroll TaxesManaging payroll taxes is an important part of doing business. It is a task that should never be left on the back burner, because it is much easier to take care of the details as they come. As a business owner, you are responsible for recording and paying all payroll taxes due to the state […]
0 0 Read moreFiling Head of Household to IRS
November 19, 2013 by admin in category irs, Taxes tagged as Head of Household, Tax StatusWhat is Head of Household and when should you file that status with the IRS Head of Household is a tax filing status that allows unmarried individuals to receive numerous benefits ranging from lower tax rates to the ability to receive a higher standard deduction. Before checking the box on your tax form stating that […]
0 0 Read moreWhat is the Tax Gap
November 17, 2013 by admin in category Taxes tagged as Noncompliance, Tax GapThe Dreaded Tax Gap: Definition And Implications Despite American residents’ constant complaints regarding the alleged efficacy of the Internal Revenue Service (IRS), the federal government — and many state and local governments — struggles to gather all income, property and other varieties of taxes owed by individuals and businesses. The area between what is owed […]
0 0 Read moreUnderstanding your W-2 Form
November 17, 2013 by admin in category Taxes tagged as W-2 FormThe W-2 form looks like a lot of numbers all in tiny boxes that don’t mean much to most people. However it actually is an important form regarding income that is used by both employer and employee. It is important for the employee for filing the income tax paperwork and it is important for the […]
0 0 Read moreIRS (When NOT to contact)
November 15, 2013 by admin in category irs tagged as Income taxes, IRS, issues, tax formsIncome taxes, tax forms, and other income tax based issues are confusing. In fact, this is the reason most people contact and use an accountant for their tax needs. For those who do not have access to an account or who have quarterly taxes, questions may come up during awkward times. You may also have […]
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