If you are unable to pay the taxes that you owe the IRS, rest assured that your situation is not hopeless. Because the IRS understands that it is not possible for everyone to pay their tax liability in full, they provide alternate tax settlement solutions depending upon their tax and financial situation. IRS Installment ... Read More
What Should I Do If I Received a Letter from the IRS?
For most people, receiving a letter from the IRS seems like a nightmare. Receiving a letter from the IRS does not mean for certain that you are in trouble; for example, if your refund check is enclosed in the letter, you will more than likely be happy and relieved. However, anytime the IRS contacts you, there is a good ... Read More
What Can I Do If the IRS Garnishes My Wages?
If the IRS chooses to play hardball over an outstanding taxes owed or other tax-related problem that you've made no attempt to address, your wages may be garnished. It is very important for you to be aware of your rights and to know your options if the IRS garnishes your wages, as it makes more sense to work out a solution with ... Read More
What If I Did Not File My Taxes?
If you missed the tax filing deadline, you should still file your tax return in order to prevent costly legal and financial punishment from the IRS. While missing a tax filing deadline is not the end of the world, there are a number of negative consequences to be aware of, such as the penalties that you may incur for not paying ... Read More
What Should I Look For in a Tax Settlement Company?
When seeking the help of a tax settlement company, it is important to be absolutely sure of what you want and the type of help you need so that you can narrow down what you are looking for. Understanding what to look for in a tax settlement company makes it much easier to find the proper assistance, and subsequently resolve your ... Read More
Notice of Federal Tax Lien: What This Letter Means & What to Do
If the IRS has sent you a Notice of Federal Tax Lien, the worst thing that you can do is ignore it. A Notice of Federal Tax Lien should be taken very seriously. There are many things that can happen as a result of receiving a Notice of Federal Tax Lien, and if you are not aware of what this letter means for you, how to address ... Read More
Kids’ Summer Activities Could Equal Big Tax Break
For many kids, heading off to camp is the highlight of their summer vacation but for parents it can mean a big out-of-pocket expense. Fortunately, there's good news for some parents who pay for summer camp or daycare to keep kids occupied. These expenses may qualify you to receive a credit that could significantly lower your tax ... Read More
The Case for Keeping the Charitable Tax Deduction Unchanged
Just last week in the media we are hearing that the White House and non-profits are in an intense debate over the future of the charitable tax deduction, which about 40 million taxpayers claim each year, according to reports from the IRS. And so the story goes that Obama wants to limit or reduce the deduction high-income ... Read More
2013 IRS Tax Deduction Rate for Standard Mileage
Each year the IRS takes a look at the deduction allowed for mileage based upon gas prices, driving expenses, maintenance, registration costs and other costs that are associated with driving. For 2013 the IRS has increased the rates by 1 cent per mile from their 2012 levels for business and medical/moving driving miles. The ... Read More
Is Tax Policy Responsible for Spike in US Renunciations?
One thing that is changing over the last few years is that more Americans are giving up their US citizenship. This trend coincides with not only relatively recent legislation that discourages expatriation and foreign bank accounts, but also proposed legislation that makes expatriation more expensive and tax compliance mandatory ... Read More
Tax Revenue from Legalizing Marijuana Could Be Up to $100 Billion
Uruguay is one country that is very close to legalizing marijuana. Political leaders in Uruguay believe the legalization of marijuana will result in less violence, tax savings, and new revenue. The idea of legalizing marijuana though in the United States has been growing in support since the 1970s. Last year Gallup showed half ... Read More
Overview of How Tax Brackets Work
Does the subject of the income tax code make your eyes glaze over? Do the terms tax bracket, marginal tax rate and filing status make your head spin? It doesn’t have to be that way. While the nuances of the federal tax code may be complex, the basics are not. Here’s how the progressive tax system in the United States ... Read More
