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f you're far behind on your income tax debt you might be thinking about pursuing bankruptcy protection to get some relief for back taxes. However, rather than thinking of bankruptcy as the solution to a problem you'll need to find out some details about how bankruptcy works and if there are better options for settling your tax debt.
If you’re the type of taxpayer who waits until the last minute to file a return you’re probably at a higher risk of making a common tax filing mistake than you’d think. When you’re under the pressure of trying to beat the deadline you’re far more likely to report incorrect information or make a math mistake while preparing your form. Here are six of the most common tax filing mistakes you’ll want to avoid this tax season.
An IRS audit is one of the most feared experiences in the income tax world. Fortunately, very few taxpayers are selected for an audit each tax season. Still, some individuals have a higher risk of audit than others.
If you have an employee you might be confused as to whether you’re responsible for sending in payroll taxes for that person. Generally, a person who works in your employ and under your supervision is considered your employee which makes you responsible for the payroll taxes. However, if the worker is actually a contractor, he or she would be liable for payroll taxes instead of you. Here are a few tips to help you decide if you or the worker is responsible for payroll taxes.
Have you missed out on receiving an IRS income tax refund? If so, you might still be able to claim your money form the IRS. This is true, even if you haven't filed a tax return or if you've lost a refund check in the mail. Learning how to check the status of an IRS refund can help you reclaim some of your deserved income tax money.
It's true that celebrities get paid lots and lots of money but they sometimes get hit with lots and lots of tax penalties when they don't report their income properly. Over the years many famous people have gotten into trouble with the IRS usually over unpaid back taxes. Here are the top ten celebrity tax problems.
Self-employed taxpayers often face unique income tax challenges when it's time to prepare their returns. The IRS has special rules and regulations that apply to these individuals so it's very important for taxpayers who work for themselves to have their financial affairs in order before they file a return. It's also wise for self-employed citizens to get tax preparation help before attempting to complete forms on their own. Here are a few IRS tax tips for the self-employed.
The IRS provides five different tax statuses for individuals to choose from when preparing their income tax returns. The key to choosing the best tax filing status for you is learning about the rules and regulations that apply to each status. Here are eight tips for picking your tax filing status.
IRS tax audits are difficult processes for any taxpayer to endure. Unfortunately, some tax returns tend to get audited more frequently than others. Finding out which types of returns are likely to get audited can help some taxpayers prepare themselves for a possible audit. If your account is one that is flagged for an audit you'll also need to enlist qualified audit representation to assist you during the procedure.
