What Happens If You’re Audited and Found Guilty of Tax Errors: Tax Audit Penalties Explained If an IRS auditor finds mistakes and you "fail" the audit, you may face significant…
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What to Do When an Offer in Compromise (OIC) Isn’t the Right Tax Relief Choice An Offer in Compromise (OIC) lets qualifying taxpayers settle tax debt for less than owed,…
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Buying a home is exciting. It is also stressful, especially when you know there is something in your finances that could complicate the process. For many buyers, that something is…
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IRS ACS: What to Expect From the IRS's Automated Collection System You just received a notice from the IRS Automated Collection System ( ACS), and now you're panicking. What does…
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If you, your spouse or dependents had significant medical or dental costs in 2021, you may be able to deduct those expenses when you file your tax return. Here are…
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The year is quickly coming to a close and if you haven't taken your 2021 RMD, it's time to do so. RMDs are required minimum distributions from qualified retirement plans…
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Once you turn age 70 1/2, tax law mandates that you withdraw a required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution…
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Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of…
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If the sale of business or investment property results in a gain, the gain is normally subject to tax in the year of the sale. However, there are opportunities to…
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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…
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