Divorce is never easy and navigating a divorce while trying to do your taxes can feel impossible. If you are recently divorced, this tax year will be a little different from others and it might be a little trickier than previous years have been for you. The important thing is to file your tax return and try to file it as correctly as you can. If you need help, get a tax professional. They will be able to help you navigate the new tax situation. If you want to do it on your own, here are some things to keep in mind.
Parents will do anything to help their kids succeed and in some cases that means breaking the law. Just recently, the FBI uncovered a multi-million-dollar entrance admissions scandal. FBI prosecutors say wealthy parents paid William Rick Singer to guarantee placement at high-profile universities, including Georgetown, Stanford, UCLA, and Yale.
Estimated Tax Payments (ETP) are just around the corner and before you write that check, you may want to take a second look at the amount you pay. The Tax Cuts and Jobs Act of 2017 changed the way most taxpayers calculate their taxes. The changes not only affected taxpayers who are W2, but also those who do not have their income subject to withholdings. This can include small business owners and self-employed individuals.
Every month our team of tax attorneys and case managers work diligently to help resolve our clients tax issues once and for all. Resolving our clients tax issues can be a long process due to the amount of paperwork needed and how slow the IRS moves when trying to get approval. Each case we resolve has a unique story as well as a unique process. Here are just a few of the cases that show how the process works.
Portugal soccer star Cristiano Ronaldo’s tax troubles may finally be ending. The soccer star has reportedly reached a deal with Spanish prosecutors in his tax-evasion case. Ronaldo was accused by Spanish Authorities of evading over 14.7 million euros (equal to about $17 million) in taxes between 2011 and 2014. The authorities allege that Ronaldo set up a company to manage his image rights but then transferred the rights to a second company to confuse Spanish Tax authorities.
The IRS is warning taxpayers about a new twist on the IRS impersonation phone scam. The IRS says criminals can now fake calls from the Taxpayer Advocate Service (TAS). This scam comes after years of hackers and scammers pretending to be the IRS to trick taxpayers out of thousands of dollars. The scams have evolved each year making it harder for taxpayers to know if they are being scammed.
Still trying to save for retirement? You still can while saving money on your taxes! Taxpayers can contribute to an Individual Retirement Arrangement (IRA) and claim that contribution on their 2018 tax return. Taxpayers with a traditional IRA may be eligible for a tax credit or deduction on their 20
After a slow start to the tax filing season, it looks like taxpayers might be getting some good news! The IRS released numbers earlier in February that showed fewer tax returns filed, fewer tax refunds issued and a decrease in the amount of each tax refund. While numbers are still low for people who are filing their taxes, the IRS says that the average tax refund has increased.
As a taxpayer, each year you must file your federal tax return and see if you will owe taxes or if you get a tax refund. One way you can lower the taxes you owe is by taking advantage of tax deductions and tax credits. A tax credit is a dollar-for-dollar reduction in your tax bill because the credit is applied against your gross income. For instance, if you spend $100 on an energy-efficiency project, the taxes you owe are reduced by $100. Whether your business has decided to “Go Green” or your family wants to rescue or foster an animal, your expenses for doing these types of things could be tax-deductible.
Whether you own your own business, do freelance work, or drive for Uber, it is important for you to understand what to do when it comes to filing your taxes. Being your own boss means you also have to have control and knowledge of your finances and be able to stay compliant with the IRS. Being self-employed comes with a good deal of responsibility as well as special tax write offs. Here are a few tips to help you out if you are self-employed.