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Blog
The Dangers of Defaulting on Your Installment Agreement
You applied for an installment agreement and qualified for it. You begin to make monthly payments. So far so good. But in a month, you do not make a payment or pay less than the minimum monthly payment. Without regarding your reason for non-payment, the IRS terminates your agreement. You are back to square one. Factors Affecting Your Agreement When your agreement is designed, the minimum payment you are required to pay each month is determined. It ...
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Are The Super-Rich Paying Even Lower Taxes?
The United States has a progressive tax system, which means that taxpayers that earn more pay more in taxes. Lower-income groups get certain tax benefits that help them save on taxes, such as the Earned Income Tax Credit. Traditionally, statistics reveal that the super-rich pays less in taxes. New data from the IRS shows the percentage of tax individuals in different income groups pay.
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How to Help Your Grandkids Pay College Expenses
Rising tuition fees at colleges may take many parents by surprise. Even if they have been saving for their children’s college education, they may find that it’s not enough. According to a report, college tuition and fees account for only about 40% of the total expenses incurred by in-state students for a four-year college education. Even if the student takes a part-time job, the cost of college is often too burdensome to pay. Grandparents that have ...
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What Happens During an IRS Audit?
The IRS audits a company or an individual to review their tax and financial information and ensure that they are compliant with tax laws. Most taxpayers fear an audit. Statistically, however, only 1% of individual taxpayers are audited each year. In many cases, the IRS only asks for information through mail to see if it matches their record. Tax Audit Selection Method The method of selecting taxpayers for a tax audit involves: Random selection based ...
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After Tax Season. Refund Problems and Back Taxes
The hardest part of preparing and filing taxes is over. There are some issues, however, that can prolong your tax concerns. These issues are: Not receiving your refund on time Receiving a refund that is different from what you estimated Inaccuracies on your return Owing to a balance to the IRS Refund delays may be attributed to inaccuracies in your tax return. If you filed a paper return, your refund could ...
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Small Business Owners: What you need to know about Business Taxes
All businesses must file a tax return except partnerships. Partnerships are required to file an information return. If you are running a small business, you probably are a sole proprietor or a partner. Here are some of the important business taxes and filing information that you should know about. Employer Identification Number & Business Taxes If you have employees and pay wages to them, you will need an Employer Identification Number (EIN). If you have no employees ...
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