Bitcoin has been around for more than a decade, but it recently rose to prominence a few years ago when the price started to surge. All of a sudden, it went from a niche concept backed by some people online to a potentially mainstream investment. Although the market...
Could you be headed for a tax audit?
If there is one thing that strikes fear in the hearts of most Illinois residents, it is receiving notification that you are being audited for your federal income tax returns. Most audits arise from certain red flags, although theoretically, anyone can be the subject...
2 ways people violate tax law while thinking that they aren’t
Taxes can affect just about every area of your financial life. From your retirement savings and life insurance to the gifts you give to your family members, there are many tax liability issues that are easy to overlook. Those with significant resources can sometimes...
Tax season 2021: A lot of people are in for an unpleasant surprise
Tax season is upon us once again, but many taxpayers are about to get some very unwelcome surprises when they do their taxes. They may not get much of a return -- or they may even owe taxes this year. While that prospect might be dreaded, it is always best to...
Tax breaks for gig workers and independent contractors: Know what’s legal
Tax season is here again. For many, that means just adding up their W-2s, filing a quick 1040-EZ form and collecting a return. It’s not quite that easy when you’re a gig worker, an independent contractor or somebody whose side hustle has started to turn a profit....
Ignoring a tax lien could have serious consequences
If you have struggled to keep on top of your finances this year, you might feel like ignoring tax demands from the Internal Revenue Service (IRS). However, hiding your head in the sand will only make your problems worse. Failing to respond to the IRS's demands could...
What is a fiduciary income tax return?
Many different types of taxes exist, including estate, sales, property and income taxes, to mention a few of them. The person appointed to the role of executor of someone's estate has many responsibilities. One of those is to file a fiduciary income tax return. What...
Dealing with an audit: 3 tips to get through it
An audit is something most people want to avoid in any way they can. An audit can be stressful, especially if you don’t work with professional tax attorneys or accountants each year when you file. The good news is that there are steps that you can take as you work...
Making an offer in compromise may help relieve you of tax debts
If you’re behind on your taxes or simply cannot pay what you owe, one thing you may want to look into is making an "offer in compromise" to the IRS. Using the Internal Revenue Service’s Offer in Compromise tool, you can see if you qualify to pay less than you owe on...
Do you know the difference between tax avoidance and evasion?
The difference between the wage your employer pays you and your actual take-home income can be frustrating. Many people pay 20% or more of their average weekly income in various taxes. When it is time to file your tax return, it is normal and even reasonable to want...
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