If you have received a notice from the IRS the first and most important thing is to not panic. Most notices are minor and should not be of long-lasting concern and many do not even require any action on your part. Here is some information that will help guide you through the process and put your mind at ease. First, read the ... Read More
How to Spot a Tax Scam and What to Do Next
In a perfect world we could be rest assured that any person, company, or offer we came across was legitimate. Unfortunately, since this is not the reality of the world in which we live, consumers across the nation must always be on the lookout for scams perpetrated by con artists. Criminals looking to make a quick buck have been ... Read More
Why the State Corporate Income Tax Should be Eliminated
Ronald Reagan once proposed eliminating the federal corporate income tax. That was in 1983 and the same issue has been brought back to the table; however it doesn’t seem like too many people are taking notice. What is the Deal With the Corporate Tax? Under the current tax regulations, corporate earnings are being taxed twice. ... Read More
How the FTC Wants To Tax and Subsidize Journalism
Journalism is not what it used to be and the Federal Trade Commission is exploring ways to reinvent the craft. The FTC proposed that the US government should be the hub of a media overhaul but some are worried it is not the right course of action. Concern now is that the Internet has changed the way things are being done. The ... Read More
How Does the IRS Attack Deadbeat Taxpayers?
Ever wonder what would happen if you didn't pay your taxes? When deciding which bills are the most important to pay, some people don't include the IRS as a top priority, believe it or not! Think about it – if you skip utility bills, they shut off your service. If you skip a car payment, they'll come and take your car away. When ... Read More
Start Now: Get Organized for Tax Filing in 2010
If you are like many Americans, you wait until April to start worrying about filing your taxes each year. By then, it becomes a mad dash to find all the paperwork you need to file by the April 15th tax deadline. This year – why not start now and get yourself organized for your 2010 tax filing? With just a few adjustments to how ... Read More
The state of Pennsylvania has extended to its taxpayers a limited time offer to resolve delinquent state taxes without fear of persecution. The 2010 Pennsylvania Tax Amnesty program is available from April 26, 2010 through June 18, 2010. This special period of amnesty is the result of Act 48 which was signed into law on October ... Read More
How an IRS Installment Agreement Could Hurt Credit if IRS Secures It
Do you owe tax money to the IRS? Have you been trying to figure out how you are going to pay your bill? Did you know that ignoring your bill could lead to dire consequences? You need to take action quickly and determine how you are going to pay it. One option is to set up an IRS tax installment agreement. An IRS installment ... Read More
Should You Borrow From a 401K to Pay Taxes You Owe?
Taking money out of a 401K for something other than your retirement isn't easy, but there are some situations that allow you to access the funds. If you leave a job where you had a 401K plan, you can roll it into an IRA, which gives you different options for accessing the money – but if you're still with the employer you have ... Read More
How a Short Sale Could Lead to a Large Tax Bill
Homeowners who are in the unfortunate position of being “upside down on their mortgage”, a situation that simply means they owe more than the property is worth, might be hard-pressed to think of something that can be worse. This is exactly why homeowners need to be cognizant of all the facts before they make any financial ... Read More
Tax Audit Defense: How to Defend Against an IRS Audit
Receiving an audit notice from the Internal Revenue Service is not something anyone would wish on their worst enemy but the reality is audits do happen and if you are knowledgeable and prepared, you can get through the audit and come out on the other side safely. The best way to start with tax audit defense is to understand your ... Read More
Tax Penalties That Can Be Removed and How to Remove Them
There are a few penalties the IRS charges that can be removed, including the IRS failure-to-file penalty – which is the most common and harshest of IRS penalties - and the failure-to-pay penalty. Failure to File Penalty Many people think that if they can't pay for the taxes they owe, their only option is to hide from the IRS. ... Read More
