As the calendar winds down and the holiday season approaches, it's the perfect time to reflect on your financial health. Tax planning is a vital part of securing your financial future, and strategic tax planning can unlock significant benefits. Whether you're an individual taxpayer or a business owner, taking the right steps now can lead to substantial savings and peace of mind.
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If you’re dealing with tax issues, you may have heard the term “tax levy” mentioned as one of the possible actions the IRS can take to collect unpaid taxes. But what exactly is a tax levy, and what types should you be aware of? Let’s walk through the basics so you’ll know what to expect and, more importantly, how to protect yourself.
Editor’s Note: This post was originally published in February 2012 and has been updated for accuracy and comprehensiveness.
If you're facing an IRS wage garnishment, you're not alone. A recent study by Northwestern and MIT estimates that 1% of workers, or 1 in 100, may be experiencing a wage garnishment during any given pay period. It's important for you to understand what is true and what is false about wage garnishments so that you can take whatever steps are necessary to stop wage garnishments. If you know the truth, you are one step closer to being able to stop IRS wage garnishments. Here are 11 common myths...
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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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.
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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 2017 and has been updated for accuracy and comprehensiveness.
As the IRS reviews your tax returns each year, they are paying very close attention to the details. They look for any entry that makes this year's return seem markedly different from last year's.
If the IRS finds discrepancies, your return may be be set aside for review or even an audit. Make sure your return is accepted and processed smoothly by avoiding these common tax filing mistakes this year.
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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