Taxes can be a serious burden and many Americans seek out taxes owed forgiveness to help manage their obligations. Before seeking out a taxes owed relief program or sinking cash into the first attorney that makes an offer, review this guide on what everyone needs to know about getting started with taxes owed forgiveness. Does ... Read More
Why Do We Pay Taxes? Types of Taxes & Where They Go
Why do people have to pay taxes? What does the government do with that money? If you've ever asked questions like this, you are not alone. When many people receive their paychecks, they wonder why their take-home pay is less than they earned. Similarly, if you work for yourself as a freelancer or a sole proprietor, you may also ... Read More
IRS Tax Audit – Guidelines, Procedure, Flags and More
IRS Audits can be grueling. You must provide accurate receipts, statements, invoices, books, and records. Your best bet may be to seek professional help, but here is a guide for those who want to handle an IRS Audit on there own. With most audits, get a professional’s help because the outcome typically far outweighs the ... Read More
IRS Tax Levies, Seizures, & Liens Fall With Audits At 10+ Year Low in 2017
The IRS yesterday released the 2017 IRS Databook. It provides an overview of the IRS's activities over the past fiscal year. In other words, it includes activities from October 1st, 2016 to September 30th, 2017. IRS enforcement actions, which include tax levies, liens, and seizures fell in comparison to the previous year. IRS ... Read More
Why Getting a Big Refund Is Not Ideal
For millions of people, it’s often one of the most exciting days of the year. Christmas is unbelievable! But, this isn’t about Christmas, although, it is possible that you’ll end up using the results of this day to help pay off some of your remaining Christmas liability. In any case, the day I’m referring to is tax refund day. ... Read More
How Tax Withholdings Works & How to Adjust Optimally
Recently, the IRS issued a statement urging taxpayers to double check their withholding status. That simply refers to the amount of income tax your employer withholds from your paycheck. Wondering what and why you need to double check? Here's what you need to know. What Happens If You Don't Withhold Enough? If your withholding ... Read More
New Phishing Scam Taking Dead Aim at Tax Pros
It’s no secret that scammers continuously prey on innocent victims in an effort to steal their tax records. In many cases, they even commit identity theft by accessing their personal information. Scammers prey on anyone they can but often focus on the elderly, who can be more vulnerable to these types of attacks. Furthermore, ... Read More
What’s the Deal With the IRS’s New Tax Liability Collectors?
This spring, the IRS started working with some private liability collection companies. The program is in its early stages, but there are already reports of problems. If you owe money and you've received a call, here's what you need to know. Scams Versus Legitimate Liability Collectors Currently, there are scam artists who call ... Read More
Will Trump’s New Healthcare Bill Impact Your Taxes?
Since President Trump and his administration took office in January there has been much hubbub about the Affordable Care Act, otherwise known as Obamacare. Of course, this was a hot topic throughout the campaign and it has remained on the forefront of the new administration’s agenda since they took control of the White House. ... Read More
Top Tax Changes to Expect Under Donald Trump
Since Donald Trump is now our President, it is time to start thinking about how a Trump presidency is going to affect you; specifically your taxes and your bottom line. Taxes and tax policy were a huge part of the election and Trump has made it clear he has big changes in mind for our country’s tax policy. He’s also made plenty ... Read More
Which Presidential Tax Plan Will Affect You the Most?
Are ready for this election to finally be over? Whether you vote for Donald Trump, Hillary Clinton, a third-party candidate or even a write-in, most Americans will just be glad they don’t have to hear about it every time they turn on the TV, look at the Internet or pick up a magazine. Almost all elections, especially ... Read More
6 Warning Signs That Your Tax Preparer is a Fraud
It's tax season and for millions of Americans, that means tracking down a professional to help them with their return. If it's your first time doing your taxes or you're planning on using someone different than you have in past years, you need to make sure you choose a trustworthy individual to handle the job. Tax scams occur ... Read More