Scammers and hackers are always on the lookout for the perfect opportunity to steal people's private information. As people rush to file taxes and cash in on substantial refunds they are often unaware that they leave themselves open to scams that could jeopardize their identities and their tax returns.
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It is perfectly legal to keep money in an overseas bank account. In fact, many Americans do simply because they work and live abroad.
While it is legal to open and maintain international bank accounts, it is illegal to avoid reporting this money to the IRS. You can obey current U.S. tax laws and still keep your overseas accounts by keeping in mind these tips about reporting this money to the IRS.
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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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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People who own bars, restaurants, and other businesses that employ tipped staff must make sure that they pay enough money into Social Security and Medicare. The amount that they pay is based off the amount of money in tips that their employees earn.
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Having an IRS tax lien on your credit record can be devastating. Because it can stay on your record up to seven years after you pay off or settle the amount, you may have a difficult time getting financed for loans, credit cards, and other financing.
