Making the decision to venture out on your own and work for yourself can be an exciting, yet frightening prospect. Nevertheless, it is important for those who are self-employed to know and understand the tax implications associated with such a decision.
No taxpayer ever wants to owe the IRS or have problems with this powerful agency. Unfortunately, it is easy to make mistakes or face financial problems that make paying taxes on time a major hardship.
There are many reasons you may need to obtain your IRS transcripts, including resolving back taxes or simply to provide documentation to your mortgage lender.
You should have received your W-2 form, Wage and Tax Statement by February 2nd. Since your W-2 shows the amount of your wages and taxes withheld from your salary during 2014 you’ll need it to correctly prepare your tax return.
If you are buying a home and are short on cash you may want to consider taking up to $10,000 from your traditional IRA to fund the purchase.
The Internal Revenue Service just announced it has adopted a “Taxpayer Bill of Rights” that is meant to provide taxpayers with a better understanding of their rights when dealing with back tax or audit problems.
What Is The Difference Between An IRS Tax Lien And IRS Tax Levy Ask Taxpayers In Boca Raton And Pompano Beach
Sometimes taxpayers facing IRS tax problems believe a tax lien to be the same as a tax levy. However there is a difference as we recently explained to taxpayers residing in Boca Raton and Pompano Beach.
The IRS recently updated Form 9465 used by taxpayers to request an installment agreement or payment plan to pay back taxes.
Normally, when a business sells property such as real estate, machinery and equipment or trucks and automobiles, it must include in taxable income any gain generated from the sale.
The Internal Revenue Service is warning individuals to be aware of a phone scam targeting taxpayers, including recent immigrants,that is taking place throughout the country.