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 report a gain over several years, to postpone it by investing the proceeds into another property, or by simply investing the gain in a recently enacted investment vehicle.
Just a reminder that the last day you can make a tax-deductible purchase, pay a tax-deductible expense, or make tax-deductible charitable contributions for 2018 is Dec. 31. Every taxpayer’s situation is unique, and the suggestions offered here may or may not apply to you.
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.