Tax audits from the IRS are on the top of many people's lists of worst-case scenarios, but there are some reasons that put people at greater risk of being audited. While there's no fool-proof way of ensuring that you're never audited, there are some ways that you can...
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What is an offer in compromise?
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...
Penalties for not paying taxes
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...
4 Things That Can Trigger A Tax Audit
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...
4 commonly misunderstood tax deductions for the self-employed
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...
Steps to take if you receive notice of a delinquent tax return
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...
What are the different ways the IRS can audit your taxes?
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....
It isn’t too late to file or pay your 2019 income taxes
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...
What is innocent spouse relief on income taxes?
When people divorce, there are often some surprises that come up in the process. Unfortunately, some people might realize that their spouse didn't handle something related to income tax returns properly. This can lead to a tax liability for both parties, including the...
Could filing your business taxes cause trouble with the IRS?
Business owners often have to perform a wide range of tasks for the company that they start and run. While you may not have had any experience with financial record-keeping before you started the business, you may start to perform minor accounting tasks as a way of...