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Blog
Are You Taking Out Too Much or Too Little in Taxes From Your Paycheck?
Income earned from wages is taxable if it exceeds a certain amount. If the income earned is from wages, your employer will withhold taxes from your paycheck and transfer it to the IRS. The amount your employer withholds depends upon how much you earn and the information you provided on IRS Form W-4. How Inaccurate Withholding Affects You If you have a single source of income, i.e. from your job, then your tax liability might not have ...
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What Does The IRS Consider a Financial Hardship?
The IRS considers a financial situation a “hardship” when a taxpayer is unable to meet their allowable living expenses. Taxpayers experiencing financial hardship may be able to obtain a reduction in tax debt or stop IRS collection actions against them. What Are Allowable Living Expenses? Allowable living expenses are those expenses necessary to provide for a taxpayer and/or their family’s health and welfare. The IRS has established national standards for five (5) necessary expenses that are derived ...
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Business Tax Myths to Watch Out For
The IRS keeps a close watch on business tax returns. In 2015, the tax agency examined early 62,000 business returns, a slight increase from 2014. Typically, those with income and larger businesses have greater chances of being examined. Unintentional errors or simple oversights can be dangerous for businesses. A single error can call into scrutiny not only your tax information for 2015 but possibly from previous years. To help businesses file accurately, The National Association of ...
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Choosing The Right Tax Resolution Company
Hidden among legitimate tax resolution companies are frauds that seem to operate only to scam their clients. Some well-known names such as J.K. Harris and Tax Masters turned out to be scams. In order to enlist an honest, reputable tax resolution company, you will want to do the following: Check the company’s background – The company should have been in service for years, preferably five or more, with a high success rate. Ask about the ...
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3 Tax Breaks For Families with Children
Parents can save a significant amount in taxes by using tax breaks geared towards families. The Child Tax Credit, Earned Income Tax Credit, Adoption Credit, Child and Dependent Care Credit, and Education Tax Credits are all essential tax credits worth exploring. At this time, however, we are going to take a deeper dive into the top three (3) tax breaks for families with children. Earned Income Tax Credit
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What to Do When You Have a Bank Levy
In a bank levy, the IRS requests that a bank transfer funds from a delinquent taxpayer’s bank account to settle back taxes. A bank levy can cause financial strain on the taxpayer, as the entire amount of the account – up to the full amount owed – can be taken. If you're facing a bank levy, follow these steps. 1. Contact the IRS To get a levy released, you may either contact the IRS yourself or have ...
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