The US income tax system is what the IRS calls “pay-as-you-go,” which means that you can’t sit down to file your tax return in the spring and pay all of the taxes you owe for the previous year at once.
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When you owe a creditor, there are many ways your debt can be collected. Back taxes are a type of debt and the IRS can collect the amount you owe in different ways, including multiple types of levies. Can the IRS garnish wages in an attempt to collect tax debt?…
Unfortunately, there is no concrete answer to the question, “How long does an IRS audit take?” There are many factors that determine how long a specific tax audit takes. No two IRS audits are the same, which means predicting how long the process will take depends on the situation. However,…
When you’re preparing your taxes, you want to make sure you utilize all the deductions you qualify for. If you work from home, the home office tax deduction sounds like it might apply to you. In reality, it’s not that simple. Do you qualify for a home office deduction? Before…
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits.
Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither of those things compare to the feeling that accompanies a…
The IRS has temporarily stopped the mailing of three collection notices – the CP501, the CP503 and the CP504 – that go to taxpayers who owe back taxes.
The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared.
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status.
If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.