When the IRS charges your business with tax penalties, you may be shocked at the amount they charge. IRS penalties at times can account for 50% of a tax bill at times. Many of the IRS penalties have their limits but the IRS also does tend to stack some penalties which can lead to enormous tax bills. Understanding the most common ... Read More
Avoiding Penalties From Underpayment of Estimated Taxes
A common tax penalty for self employed individuals is the underpayment penalty for not paying enough estimated taxes. The IRS requires that self-employed individuals must estimate their annual income tax a full year prior to actually knowing what that amount will be. It is very common for individuals to not estimate enough ... Read More
IRS Could Take Refunds for Health Insurance Penalties
The IRS could potentially take personal tax refunds to collect fines from those who do not purchase health insurance in accordance with recent healthcare legislation. Under the new law, most people are required to buy health insurance. If they don’t, they will face harsh penalties. By 2016, those who do not purchase coverage ... Read More
H&R Block At Home vs. TurboTax: Price Comparison
Recently I've written reviews on both TurboTax and H&R Block and have found that both of these tax programs are excellent programs and can help just about anyone file their taxes. Both of these programs easy enough to navigate even for those individuals with very little tax knowledge. Tax software is a great alternative to ... Read More
H&R Block At Home 2010 Review
H&R Block At Home tax software is one of the top tax preparation programs available. H&R Block has been in business since 1955 and has become the largest tax preparation company in the country. One thing they have been lacking until recent years has been a solid tax preparation program that is available to individuals ... Read More
Turbo Tax 2010 Review
Review of 2011 version for 2010 Taxes TurboTax is one of the most well known and most used tax preparation software. TurboTax has been around since the mid 1980s and they continue to improve the product each year that goes by. TurboTax keeps on top of the latest tax changes and tax forms. Each year they will release a new ... Read More
Increasing Rate of IRS Threats Spurred by Plane Crash?
Last year threats on the IRS have increased and in the past few weeks the IRS has been receiving threats at an increasing rate. The National Treasury Employees Union seems to believe that the threats are increasing because of the actions taken by Joseph Stack, the man who flew his plane into the IRS building last month which ... Read More
Income Tax Settlement More Likely This Year, According to IRS
The IRS made an announcement yesterday that it is more willing to work with taxpayers this year who have become unemployed or financially strapped. In other words, the IRS is relaxing rules on income tax settlement methods such as an Offer in Compromise, which is one way a taxpayer can pay less than they owe. Moreover, the IRS ... Read More
When to File a Late Tax Return or Request a Tax Extension
April 15th is the normal deadline to get your income taxes filed with the IRS. You can always request an automatic 6-month extension, which gives you until October 15th to file your taxes using form 4868. Be aware, that if you elect to to extend your filing deadline, it is not an extension to pay. In fact, if you push off your ... Read More
How to Cheat on Your Taxes
Well, I'm not actually going to tell you how to cheat on your taxes, but I will tell you the most common ways used to cheat on taxes and why you will likely get caught if you attempt to use any of these methods. The IRS system is getting more and more efficient at catching tax cheats each year. There is a chance you can get ... Read More
Crow Creek Sioux Tribe Buys Back Land IRS Seized & Auctioned
It was reported today by USA Today that Crow Creek Sioux Tribe (CCST) in South Dakota has settled with the IRS and has obtained a loan to buy back 11.1 square miles of land the IRS seized and auctioned off last December when the CCST failed to pay about $3 million in employment taxes, penalties and interest. It was confirmed ... Read More
Why Will You Owe Taxes If You Settle Liabilities or Become Unemployed?
Many Americans, believe it or not, who become unemployed or settle liabilities can be stuck with a State and/or Federal tax bill. It seems crazy that anyone facing such financial difficulties would be asked to pay taxes but this happens for many reasons. Unemployment Compensation There are many ways you could end up paying ... Read More