TAX REPRESENTATION FROM A FORMER IRS EMPLOYEE
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Most married couples file joint income tax returns. There are often significant financial advantages to doing so. Moreover, it usually just makes sense and saves time. However, sometimes one person’s individual issues can negatively affect their spouse. When that...
It’s very common for people to owe taxes after they pass away. You may have had an income that year that you still have to pay taxes on when the year comes to a close, for instance. You may also have to deal with things like property taxes on your house or a vacation...
As a business owner, you have probably heard of the term "estimated quarterly tax payments." Depending on the type of business you own and how much money you make, you may be required to do this. Not only is this the law, but it's also to your benefit. Here's what...
One of the biggest estate planning mistakes that someone can make is not having an estate plan at all. This can lead to a huge legal battle that can be expensive and time-consuming. Instead of leaving everything for your loved ones to figure out, you should take the...
The lottery recently crossed $1 billion, so many people are buying tickets who wouldn’t have otherwise. It’s going to be one of the biggest drawings of all time. That said, most people choose to get the cash option rather than taking payments if they win the lottery....
In the 21st century, most Americans spend significant periods of time using digital technology. We have incorporated it into our work and personal lives. This means that you may have valuable digital assets that need your protection. You know estate planning allows...
If you travel frequently or do business abroad, it may be convenient to have a bank account in a foreign country. However, you should comply with IRS tax requirements when reporting on such accounts, or it could land you in trouble. The IRS definition of a foreign...
If there is one thing that you always need to remember, it’s that the Internal Revenue Service will try to get every penny that it is due. While there are times when it will give people payment plans or help with installments, the reality is that failing to pay taxes...
An important goal for many Illinoisans as they develop their estate plan is preserving as much of their wealth as possible for future generations. That means minimizing or eliminating estate taxes. Federal estate taxes are levied on the amount of an estate that...
If you find out that you're behind on taxes, you may be unable to come up with a way to pay. You're not doing this maliciously. There was no intent to commit fraud or to get out of paying your taxes. You just honestly cannot pay the back taxes that are due. Is it...
