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currently not collectible

Are You Currently Not Collectible?

June 16, 2016

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...

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rental income and taxes

Rental Income and Taxes

June 03, 2016

If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...

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What is FBAR and Do I Have to File One?

May 27, 2016  |   Last modified on July 9, 2021

You might be required to file the Report of Foreign Bank and Financial Accounts (FBAR) if you have funds in a foreign financial institution. Any U.S. person (explained below) having a bank account, brokerage account, mutual fund, trust, or any other kind of foreign financial account is required to file an FBAR, if the funds exceed a certain threshold. The FBAR can be filed electronically with the Department of Treasury every year. Do You Need to ...

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quarterly tax payments

Manage Your Quarterly Tax Payments Using These Methods

May 24, 2016

For many, tax season is not the only time to make tax payments. Those making estimated tax payments, such as freelancers and the self-employed, may be required to pay taxes each quarter of the year. The first quarter for 2016 fell on April 18, and the following quarters fall on June 15, September 15, and January 17, 2017. Not making tax payments on time can lead to penalties and interest. To manage your quarterly tax ...

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tax responsibilities for a business

Must Know Tax Responsibilities for Starting a Business

May 13, 2016

Every business is required to fulfill certain tax duties. When starting a business, it is important to have a clear understanding of the taxes you need to pay. It helps to accurately estimate your expenses and determine the tax responsibilities for a business. Here are essential tax responsibilities that businesses need to consider. Filing an Income Tax Return Every type of business, except partnerships, must file a federal income tax return every year. Partnerships file an information ...

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Household Employees

Household Employees and Employment Taxes

May 06, 2016  |   Last modified on May 14, 2021

Household workers can either be employees or self-employed. If they are considered employees, their employers must pay employment taxes. Examples of household employees include cooks, housekeepers, nannies, private nurses, and chauffeurs. If you have workers providing their services at your home, you need to determine if they are technically your employees and what taxes you are responsible for paying. Is Your Worker an Employee? For tax purposes, a household worker is an employee if you control what ...

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