When you make a late tax payment to the IRS, you might not think that doing so could damage your credit. In some cases, though, remitting a tax payment after the deadline could endanger your credit score. This could be a particular issue if you are subject to an income tax lien or if you have to use a high-interest credit card to pay your balance. Here's a look at how paying your taxes late could affect your credit score.
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As the name implies, a health savings account (HSA) is a bank account where individuals can save money toward current and future health care expenses. In a way, an HSA serves as a 401(k) fund for health care costs, because it allows individuals to save money for a specific purpose while earning interest on the funds. While anyone can have an HSA, there are requirements for those who want to use their expenses to gain income tax benefits. Here are a few of the tax benefits of a health savings account.
The IRS has the federal authority to impose a tax levy to collect outstanding tax balances. In these situations, taxpayers' and business owners' property may be up for grabs and sold at auctions to cover the back tax debt. However, the IRS does not have the authority to take everything a person owns. Here's a look at which accounts are subject to an IRS levy.
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re you a business owner who owes back taxes to the IRS? If so, your accounts receivable may be fair game if the IRS decides to impose a tax levy. If you want to protect your receivables and make sure they are paid to your business, you'll have to familiarize yourself with the IRS regulations that govern tax levies on accounts receivable.
Despite having millions in the bank, celebrities are just like everyday taxpayers and sometimes experience their fair share of tax woes. These 10 celebrities are well-known for their work on the big screen or in concert as well as the fact that they were charged with tax evasion.
ered several forms of income tax assistance to taxpayers over the years. These aids are designed to help individuals understand, prepare, and pay their taxes. Here are 10 cool tools available from the IRS this tax year.
An IRS audit reconsideration is a review that the IRS grants to taxpayers who have already completed an audit. The reconsideration is basically a re-examination of the case to look for errors that may have been committed while assessing the individual's tax liability. There are only a few situations in which the IRS will consider re-examining the results of a completed audit. As a result, it's important for taxpayers to know which circumstances qualify for reconsideration and how they can begin the process of requesting the review.
Receiving a written notice from the IRS may trigger feelings of fear or concern. Receiving an IRS audit letter in particular can be a scary experience. What's in an IRS audit letter? Can you do anything about an impending audit? What should you do if you disagree with the findings in an audit letter?
If you find out that you have been selected for an IRS examination, you may easily become nervous about what to expect. An IRS examination, commonly referred to as an audit, is a detailed review of your financial situation. In most cases, the agency will only discuss specific matters that relate to a certain tax year. Do you know what exactly happens at an IRS examination? Do you need to do anything to prepare for it?
The Affordable Care Act (ACA), which is commonly referred to as "Obamacare", allows U.S. citizens to purchase health insurance at a reduced rate. Those who do not buy health insurance by the deadline are subject to a tax penalty. For those who cannot afford the insurance, though, there is an Affordable Care Act hardship exemption that allows them to escape liability for the tax penalty.
