The end of the year is usually the busiest time for taxpayers. You’re usually trying to get everything wrapped up and finished before the new year begins. One thing you should put on your list for the end of the year is to start calculating your taxes and if you will owe taxes when you file. If you find out you are going to owe taxes, there are some steps you can take to lower your tax liability. Tax planning is an important part of keeping your financials in line and can help you stay on track and make filing your tax return easier.
Tags: Taxes, IRS Tax Lien, Tax Lien, Tax Levy, Sales Tax, Tax Court, Identity Theft, Tax Cuts and Jobs Act, tax extension, Audit, Tax Deductions, Tax Return, audit help, levy, Tax Help, Tax Law, CDP, Tax Scams, Liens, Wedding, Tax
There’s two guarantees in life; death and taxes. Taxes help pay for schools, your roads, your police and fire department and other things you use every day. Depending on where you live, you can pay income tax, sales tax, property tax, capital gains tax, inheritance tax or even estate tax. Every year millions of taxpayers file their federal tax return and pay their taxes. But for thousands of others, they either don’t file their federal tax return, or they don’t pay the taxes they owe. This can be for several reasons, either they don’t have the money to pay, they forget, or they don’t know how to file their tax return. Not filing your tax return and not paying the federal taxes you owe, can create a large tax debt and make you put into collections with the IRS. This can lead to IRS garnishments such as a bank account levy, a wage garnishment, Social Security garnishment or lien. Here’s what you need to know about tax law and how it affects you.
Tags: IRS Tax Lien, Tax Lien, Tax Levy, Sales Tax, Tax Court, Liens, Identity Theft, Tax Cuts and Jobs Act, Tax Help, tax extension, audit help, Tax Deductions, Audit, levy, Tax Law, CDP, Tax Scams, Tax, Tax Return
You don’t have to be tied to one place for a job anymore! A new popular trend is being a digital nomad! People are taking advantage of being able to do their job from their computer without having to be in an office. More and more people are living in places farther from their actual office and working remotely. Now living in Spain while you work for a company based in New York may sound great, but it is important to think of the tax implications of doing so. If you retain your U.S. citizenship, Uncle Sam will still want you to pay taxes on your income. Luckily, the process for filing your federal income tax return and paying your taxes is the same whether you live in Kansas City or Rome. You just have to remember to do both tax returns and on time!
Check out just a few of the FANTASTIC results achieved for our clients last month! This months closed case round up features a contractor whose severe health problems led to a large tax debt, plus a client who tried to resolve their tax issues on their own and ended up coming back to us for help.
Tags: IRS Tax Lien, Tax Lien, Tax Levy, Student Loans, Sales Tax, Tax Court, Liens, Tax Scams, CDP, Tax Cuts and Jobs Act, Tax Law, Tax Help, tax extension, levy, audit help, Audit, Tax Deductions, Tax Return, Tax
Time is running out for taxpayers looking to take a depreciation deduction on certain property they have used in 2017. Individuals and calendar-year corporations must generally file the election with the IRS by October 15th.
Do you owe more in taxes this year than you anticipated? If you are unable to pay your balance in full by the tax deadline, it can be a very stressful and scary feeling. You wonder if the IRS will seize your bank account or your home. The good news is that there are options out there for you! The IRS has different payment plans and options for taxpayers depending on your income and your financial situation. The important thing is to be proactive and trying to find a payment arrangement with the IRS as soon as possible. The IRS can penalize you if you do not pay your taxes by issuing a failure to pay penalty.
Although tax season may finally be over, scammers are still trying to steal your identity. The IRS is warning taxpayers about a new twist on an old phone scam. In the new scam, thieves will call in on telephone numbers that look like IRS Taxpayer Assistance Center office numbers to try and trick you into paying a fake tax bill.
Tags: Tax Scams