The IRS advises people to keep copies of their tax returns. Still, if you have misplaced your copies or you would like to have extras on hand, you have the right to request them from the government. Before you contact the IRS to ask for a copy of any of your tax records, however, you should understand why you have the right and what process the IRS asks that you abide by when making your request.
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When you owe back taxes to the IRS, you put any assets or income you possess at risk of being levied or seized. If you do not have money or property that the IRS can claim now, you could face a tax lien or seizure of your assets in the future if your financial status improves or if you receive an inheritance. Before you inherit money, you may prepare yourself financially by knowing how an IRS debt could impact any trust fund that has been established for you.
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The IRS pays close attention to how businesses file their taxes each year. Its scrutiny of companies' tax returns ensures that businesses pay what they rightfully owe to the federal government. You can pay your obligatory business taxes and avoid unneeded attention from the IRS by learning more about the five primary triggers that could lead to a corporate audit.
Hiring a lawyer can be expensive. If you retain legal counsel to help you maintain or secure income, however, you may be allowed to deduct your legal expenses on your taxes. You may be able to pursue legal action and recoup some or all of your money by knowing under what circumstances the IRS will allow you to claim attorney fees on your tax return.
The IRS' main obligation centers on collecting current and past due taxes. Because it can be difficult to collect money from people who travel and live overseas, the federal government has implemented laws that could make it more challenging for seriously delinquent taxpayers to get a passport. If you owe taxes and plan to travel internationally, you should realize how your tax debt could impact your ability to get or renew your passport.
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An old adage says that nothing in life is certain except death and taxes. Taxes are especially unavoidable when you consider the many ways that people are coaxed into paying them. These seven wacky tax laws demonstrate how taxes abound in everyday life and on what common items people willingly pay them.
Packing up and moving to a new home can take its toll on your budget. You may be distressed at having to spend so much money relocating to a new city for your job. However, the IRS permits you to recoup some of these costs by claiming them as deductions on your taxes. Before you file your return, however, you should learn under what circumstances you can deduct moving expenses on your taxes.
An Offer in Compromise, or OIC, can relieve people from significant tax burdens. However, the IRS considers each OIC individually and has the ability to turn down offers for various reasons. Rather than accept the refusal as the IRS' final determination, you can use these tactics to appeal the denial of your Offer in Compromise.
Small business owners have the unique obligation to report and pay their taxes quarterly. While the IRS wants this process to be relatively straightforward and simple, you still may be confused about what is actually expected of you at the end of every quarter. You can learn how to file the 941 employment tax form and avoid expensive fines and penalties by keeping these tips in mind.
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The 16th Amendment instituted the personal income taxes that people are accustomed to paying each year. While people understand that they pay their income taxes directly to the federal government, they may not realize that they also are paying indirectly paying taxes when they go shopping for their favorite consumer goods.
