Owing taxes to the IRS can feel overwhelming. It can trigger stress and uncertainty, especially if the amount seems unmanageable within your current financial situation. However, the IRS offers several repayment plans designed to help taxpayers manage their tax debt...
You may find yourself worrying about how your heirs are going to spend the money that you leave to them. Perhaps it’s a significant amount of money and you’re afraid that it will take away their motivation to work. Maybe you know that they’ve struggled with certain...
Being a small business owner can be challenging. You have to invest in finding the right employees and balancing growth and quality. Besides, you must pay and file your taxes on time and report everything as required on your tax return. Unfortunately, there are...
Most people are direct-hire employees and have been classified as such ever since their first teenage jobs. They fill out a W-2 with their employer, receive their paycheck and then file a tax return each year in April to get a refund. The system works well for the...
The importance of regularly updating your estate plans cannot be understated. You never know when they will come into play, and you do not want to have a situation where your estate plans do not reflect your current wishes. Reviewing your estate plans every couple of...
Tax issues are one of the most complicated subjects to deal with. Thus, it can be concerning when the Internal Revenue Service (IRS) wants to audit you. Here is what you should do after the IRS notifies you of an audit. Understand the reason for the audit The IRS can...
The most straightforward ways to avoid tax-related controversy and accusations of tax evasion involve having your taxes prepared by a knowledgeable professional and filing your return on time. Of course, this is certainly easier said than done. Even when a...
Accounting for digital assets or income on a tax return is still new to the Internal Revenue Service (IRS). The current laws regarding digital property with material value are somewhat lax, but you must still report these assets to the IRS. Taxpayers must answer a...
When someone owes taxes to the federal government, they are at elevated risk of prosecution and incurring financial penalties. Falling behind on taxes can happen for many different reasons, including a sudden loss of income as a self-employed individual or repeated...
During a presidential debate against then-opponent Hillary Clinton, former president Donald Trump famously observed that not paying his full tax liability “makes me smart.” There are certainly times when not paying one’s full tax liability is a savvy approach to...
