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Blog
9 Tax Breaks Parents Should Know About
Parents, with a little tax and financial planning, can save more on future expenses, such as college. Tax breaks available to dependents are a great way to realize savings. For medium- and low-income families, these saved dollars can mean providing better care to their children during their adolescent years. “Having kids will enrich your life but not your bank account. Parents need to save every penny. But the good news is that Uncle Sam can help." ...
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What is a Formal Resolution With The IRS?
When taxpayers owe the IRS more money than they can afford to pay, a formal resolution may be needed to prevent collection actions. What’s The Difference Between an Informal and Formal Resolution? There are two types of resolutions: informal and formal. In an informal agreement, the taxpayer works to send payments to the IRS to satisfy a debt. In a formal agreement, the taxpayer and the IRS enter into a written agreement where both agree that the ...
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Business Tax Basics
Self-employed people who are either starting a business or have an established business, are required to pay taxes differently than individuals. The type of business determines which taxes must be paid, as well as how and when they are submitted. Most small business owners are set up as a sole proprietorship, a partnership, or a limited liability company (LLC). Larger companies often are structured as a corporation. Apart from certain exceptions, most are required to pay ...
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When Not to Deal With The IRS Yourself
Simple resolutions, such as full payment of tax debt or filing an amended return, to correct an error are simple procedures that do not require assistance from an expert. It is a different and difficult road, however, when resolving complex tax issues such as tax debt reduction, penalty abatement, and debt forgiveness. Such issues not only required knowledge but experience and expertise, as well. Here are occasions when it is best to let a professional handle ...
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5 States With Killer Property Taxes
Taxpayers often focus on federal taxes, but in some states, property taxes can be just as burdensome. According to reports, property taxes were the primary source of funding in states in the past months. States collected a total of$500 billion in property taxes between Q1 2014 and Q1 2015, making the contribution 39.5%. Where you choose to live can have a big impact on your tax bill. If you consider the property taxes you pay over ...
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Death and Taxes
After a person dies, their heirs are required to fulfill certain tax duties. This includes filing the deceased’s last tax return, managing their income, and paying any taxes due. The IRS usually approaches the children or family members of the deceased for resolution of any tax issues, including back taxes. It is important for the family/friends to resolve all the tax duties of the departed person as early as possible. Filing the Deceased’s Final Tax Return The ...
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