The IRS collects more than $2 trillion in tax revenue each year. Despite this massive sum of money, the IRS will at some point notice if you do not report your own income to the government.
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As the year draws to a close, your thoughts may soon turn to filing your income tax return. Tax season will be here before you know it. You can start preparing now to file your 2016 taxes by heeding some precautionary steps and by gathering information that could be critical to completing your return.
The Affordable Care Act, also known as Obamacare, now requires all eligible U.S. citizens and residents to have health insurance. Failure to purchase health insurance from your employer, a private insurer, or through the Healthcare.gov exchange could result in the IRS monetarily penalizing you and your family.
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The government has a vested interest in keeping businesses afloat and people employed. When companies and their workers fare well, they in turn contribute to the economy.
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Nobody wants to think about taxes during the holiday season. Still, one of the best New Year's resolutions you can make is to take some critical tax moves now that will pay off come April 2020.
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The chances of being selected for an IRS audit are rare for most taxpayers. However, if you have good reason to believe that your return will be audited this year, you may wonder what you should be doing now to ensure the best possible outcome. These five crucial steps can help you get ready if or when you are chosen for an IRS audit.
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Creditors are ready to take whatever steps are necessary to collect on money that is owed to them. When you are unable to pay off a debt entirely, your creditor may petition the court to have your wages garnished.
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The IRS has the duty to make sure you pay every cent that you owe in taxes. When you have an outstanding tax debt, the IRS will utilize a variety of collection methods to settle the amount.
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When you owe multiple creditors, you may find it difficult to keep up on payments and get your accounts paid off in full. Despite your best efforts to pay, your creditors may choose to garnish your wages.
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Close to a million taxpayers owe the IRS money at any given time. While the IRS makes sincere attempts at collecting each penny owed to the government, in reality it does not have the resources to pursue each individual debtor.
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