Identity thieves prey on unsuspecting victims throughout the entire year. However, as tax season approaches, these criminals ramp up their efforts to steal your identity and your money.
While you should always remain on guard against this threat, you should heighten your awareness and be ready to act during tax season. You can keep your identity, your money, and your future secure by understanding why and how these thieves operate, as well as what you can do to stop them.
Scammers and identity thieves are always on the lookout for easy targets. However, they are at their busiest during tax season. During this hectic time of year, these criminals launch realistic scams that aim to steal money and identities from unknowing individuals.
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When couples divorce or separate, they must face the question of child support if they have minor children together. After the court has issued the order for this support to be paid, both parties then may wonder how this money will affect their income and their tax returns.
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The rule of thumb generally demands that people who earn some sort of income must file taxes each year. However, if you plan on filing taxes for the first time this year, you may be uncertain of how the tax filing process actually works. Before you begin your returns, you would do well to understand some basic details that could work in your favor. These tips can financially and legally protect you during tax time this year.
A growing number of people provide care and assistance for their relatives This support can include paying for a loved one's medical expenses, transportation to and from the doctor's office, covering the costs of prescriptions, or even remodeling this person's home to make it safer and more accessible.
Paying taxes each year is an obligation that many Americans accept as a regular part of life. As the New Year starts, they begin to file their returns and pay what they owe to the government. This obligation also extends to Americans who work and live overseas. They can avoid falling behind on their taxes and being fined or jailed for tax evasion by understanding how and when to file returns while living abroad.
If you are employed by a company that gives annual bonuses, you may look forward to receiving this extra money in your paycheck at the end of the year. While you enjoy the money, however, you also might consider if and how it will be taxed. In fact, the IRS considers end of the year bonuses to be payroll and imposes taxes on them. Your employer has the option of taxing yours in one of two ways.
Charities rely on people for donations. Donations comprise many charities' main source of money and allow these organizations to support their causes. If you want to donate to charities in Houston, you may wonder which ones are among the best in the city and what specific causes they support. These organizations are well reviewed by others and support issues like animal welfare, environmental conservation and human services.
Most people generally accept the inevitability of paying taxes on their income each year. They view this annual requirement as a civic duty and something that should not be avoided. However, a smaller number of would-be taxpayers go out of their way, either legally or illegally, to avoid declaring their incomes and paying taxes on it. Cases of tax evasion and tax avoidance keep the IRS busy as it investigates people who purposely withhold money from the government. With that, you would be well advised to appreciate the differences between tax avoidance and tax evasion, as well as understand the possible penalties involved with both.
Under normal circumstances, you probably assume that the primary goal of the IRS is to collect tax money owed to the government. While tax collection remains an important duty of this entity, it also makes it a priority to reward people who have information about tax cheats. In fact, you may directly or indirectly know of someone who purposely cheats on paying taxes each year, whether it be by claiming false expenses, deliberately withholding income or fraudulently claiming on their tax return. Before you call the IRS to report this individual, however, you should understand the process of taking part in the Whistleblower program and what criteria must be met before you can claim a reward.
