Every tax season, people from Washington to Florida will either make mistakes on their taxes or deliberately ignore paying them altogether. The IRS will take legal steps to ensure that you pay what you owe to the government. In fact, not paying may even lead to a...
Tax season is just around the corner for everyone in Washington and around the country. The filing deadline is typically in mid-April, but many individuals try to complete their taxes long before then. It is important to set up a payment plan, pay your taxes or file...
For most taxpayers, the idea of getting audited by the IRS is a troubling thought. While a tax audit is simply a review to ensure that individuals are reporting correctly and adhering to tax laws, it's an ordeal most people wish to avoid. The odds of the IRS selecting...
There’s nothing like being your own boss. However, the downside of only having to answer to yourself is that you are responsible for your own payroll taxes. To help lighten your tax burden, the IRS allows for several tax deductions. It’s important that you understand...
The Internal Revenue Service (IRS) recently announced it will renew audit efforts that were postponed a few months ago in response to the current coronavirus pandemic. The federal agency, like most organizations and businesses throughout the country, greatly reduced...
A letter from the IRS can be anxiety-provoking. Feelings of unease can turn to terror if the IRS is informing you that you have a delinquent tax return. However, it’s important to remind yourself that this is not the end of the world. Here are some steps you can take...
If you are unable to pay what you owe in taxes, or if paying would create a financial hardship for you, the IRS may consider what is called an “offer in compromise” to settle your tax debt. Essentially, the IRS is sometimes willing to settle your debt for the amount...
In recent months, numerous Americans have lost their jobs due to the flagging economy. As a result, a record 36.5 million people have applied for unemployment benefits to make ends meet. The federal government even passed legislation to ease the restrictions on...
As an adult responsible for filing and paying your own taxes, the word audit might send a shiver down your spine. After all, an audit usually only occurs if the Internal Revenue Service (IRS) has reason to believe that there are omissions or errors in your tax return....
Whether you run your own small business, pay your quarterly taxes as a self-employed independent contractor or just have had too much on your plate in recent weeks to think about filing your annual tax return, you probably know that the longer you wait to file your...
