Most taxpayers have heard horror stories about the IRS taking possession of someone's assets and they may fear that this could happen to them. While it's true that the IRS has the authority to seize individual assets, this only happens in situations where a taxpayer becomes seriously delinquent on their account and doesn't take any steps to clear up their outstanding tax balance. In these cases, the agency may issue a tax lien or a tax levy. How can you prevent the IRS from seizing your assets?
Once you've completed your income tax return and filed it with the IRS, you might think that you're done with your taxes for the year. While you're finished reporting your tax information, you're not finished with those documents you used to prepare your forms. In fact, you may need to hold onto that paperwork for several years. However, keeping all of those tax documents organized in your home doesn't have to be a hassle. Here's how to organize and store tax documents.
Are you in the process of starting up a new business? You're probably feeling both excited and overwhelmed at the prospect of having your own company. While you might be optimistic now, though, it's wise to prepare for the inevitable financial recordkeeping you'll have to undertake along the way. Part of this is beginning your company on the right financial foot at the very start. Doing so will make your reporting at income tax time much easier. Here are a few income tax advice pointers for new businesses.
Estimated taxes are often described as a bit of headache for American taxpayers. However, most individual taxpayers are not required to remit these taxes during the year. The IRS does, though, require some entities and individuals to submit estimated taxes if they meet certain conditions. If you are wondering whether you will have to pay estimated taxes to the IRS, here is an overview of those qualifications and a review of how to remit the taxes due, if necessary.
If you own and operate your own business, you might be familiar with an Employer Identification Number, abbreviated as an EIN. This term is often used on several IRS business forms such as a Schedule C, a W-9, and other forms. Many small businesses don't need to have an EIN, but some do, depending on their industry and their staffing situation. How can you know if you need an employer identification number? If you need an EIN, how do you go about getting the IRS to issue you one.
Do you owe a large amount of back income taxes to the IRS? If you do, you might have heard about the "offer in compromise" arrangement, which may allow you settle your tax debt for far less than the amount you currently owe. The sticking point, though, is the difficulty of meeting the stringent requirements that will qualify you for an offer in compromise. When you learn more about this option works, you'll be able to find out if you can settle your taxes with an offer in compromise.
If you're in the unfortunate position of owing past due income taxes to the Internal Revenue Service, you may be feeling concerned about what the agency can do to try to collect these funds from you. You may even be unsure about how to go about resolving this matter appropriately. Learning what you should do about past due income taxes is important, because the longer this situation goes on, the worse the possible consequences can be. Here's what you can do to resolve a past due income tax bill.
The John McAfee drama continues to unfold in Central America as the eccentric multi-millionaire is recovering following two minor heart attacks. The founder of the pioneering antivirus software company, which bears his name, is currently being held in a police-run hospital in Guatemala after his request for political asylum was denied. McAfee is to be returned to Belize where he is wanted for questioning in relation to the death of his neighbor, Gregory Viant Faull[1].
Are you in the process of selling your home? Did you know that your home sale could have an impact on your income tax liability this year? Depending on the amount of gain you receive on your home sale, you could end up owing Uncle Sam a hefty tax bill. You might also have to pay the IRS if you use a short sale to dump a bad mortgage loan. Here are a few considerations to help you see how selling your home impacts your income taxes.
Most American taxpayers qualify for tax deductions and credits on their income tax returns. However, many of the most common tax deductions tend to disproportionately favor the wealthiest individuals. One of the main reasons for this is that deductions are only valid up to the income tax bracket that applies to the taxpayer. Since the wealthy tend to fall into a higher tax bracket, they often qualify to deduct a higher percentage of their income than those who earn lower income amounts. Here are a few IRS tax deductions that benefit the rich more than the middle class.
