According to the National Student Clearinghouse Research Center, about 15.2 million undergraduate students enrolled in college for the 2023-2024 academic year. Navigating the financial aspects of sending a dependent to college can be challenging, particularly when it comes to understanding the tax implications. While college expenses for a dependent are not directly tax deductible, there are several tax credits and deductions available that can significantly reduce the financial burden.
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Editor’s Note: This post was originally published in July 2012 and has been updated for accuracy and comprehensiveness.
Charitable giving is one of the most common tax deductions for individuals. But some business owners may not know that they can use these same deductions to lower their taxable corporate income. The IRS offers significant tax savings for employers who take advantage of charitable deductions during the tax year, including these five tax write-offs.
If you find yourself facing possible criminal tax charges, you will almost definitely need to seek help from criminal tax attorneys who have a thorough understanding of tax law and can review the particular details of your case to see what can be done to help you. Tax crimes are federal crimes that can carry heavy financial penalties, jail time and other negative consequences. We'll look at some possible strategies to take in addressing your criminal tax charges and walk through the process so you know what to expect and what you can do to get the best possible outcome.
It's that time of year again—tax season. For many individuals and businesses, the looming deadline to file taxes can bring about stress and uncertainty. However, if you find yourself needing more time to gather documents or organize your finances, filing for a tax extension might give you the extra time you need. Let's delve into what a tax extension entails and how you can use an extension to buy yourself a little extra time.
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Editor’s Note: This post was originally published in February 2012 and has been updated for accuracy and comprehensiveness.
While doing your own taxes might be an easy way to save money, some individuals, especially those with complex returns, may need a bit more assistance to make sure everything is in order on their return.
Editor’s Note: This post was originally published in June 2013 and has been updated for accuracy and comprehensiveness.
When you are seriously negligent in paying your IRS tax debt, you put your income and assets at risk of being seized. The IRS uses this extraordinary step to collect on debts when taxpayers have failed after repeated warnings to pay what they owe.
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Editor’s Note: This post was originally published in April 2019 and has been updated for accuracy and comprehensiveness.
No one wants to be audited by the IRS. And while there is no guaranteed way to avoid an audit, there are actions you can take in preparing your taxes to help minimize your chances of being selected for audit.
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Editor’s Note: This post was originally published in February 2023 and has been updated in 2024 for accuracy and comprehensiveness.
The IRS is rarely in a forgiving mood, but under the right circumstances, you might be able to earn their forgiveness for part of your tax debt.
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So you're getting audited. You're not alone. According to USA Today, roughly 2 in every 1,000 tax returns of middle-income Americans was flagged for audit in the last fiscal year (2022). Hiring representation is a smart next step.
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Editor’s Note: This post was originally published in May 2018 and has been updated for accuracy and comprehensiveness.
The IRS expects most taxpayers to file their returns on time every year. When the tax season starts in January, you have close to four months to file and submit your returns before the April 15 deadline.
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