Most successful professionals and small business owners want to minimize their tax obligations. The appropriate use of write-offs and exemptions can significantly reduce someone's state and federal income tax obligations. However, the creative accounting that people...
Sometimes, you find out because you get a letter in the mail. The Internal Revenue Service (IRS) is often very forthright about its intention to investigate a taxpayer. They may send you a letter advising you of the investigation and possibly even asking for your...
If you are contacted by the Internal Revenue Service and will be going through a tax audit, it’s important for you to know what to expect and to be aware of your rights. While the likelihood of being audited by the IRS is low, knowing that you are being audited means...
Complying with tax law means paying an appropriate amount of income tax based on what you earn. The Internal Revenue Service (IRS) taxes everything from your wages to capital gains on investments. You may make payments from each paycheck or send in estimated quarterly...
Seeing a letter from the Internal Revenue Service (IRS) in your mailbox might make your heart skip a beat. Even though you always pay your taxes on time and believe you have paid them in full, a letter from the IRS is often the sign that there has been an issue. If...
If you owe money to the Internal Revenue Service (IRS) because you underpaid your taxes, you will have to pay them back, likely with interest. Failing to pay what you owe in full could quickly lead to an audit or even criminal charges. Not everyone has the resources...
Tax fraud includes when a business or individual willfully and intentionally submits false information on a tax return. They do this to avoid tax obligations. Some common kinds of tax fraud include making false deductions, using a false Social Security Number (SSN) or...
Perhaps you made a mistake on your taxes last year, triggering an in-depth review. Maybe you were simply randomly selected and what information the Internal Revenue Service (IRS) found made them suspect fraud or other tax-related misconduct. Once you receive notice...
Receiving notice that the Internal Revenue Service (IRS) intends to audit your finances could make you feel frightened and panicked. Even if you have always done your best to meet all of your tax obligations, it is common to worry that you may have made a mistake. ...
If you’re getting divorced, you may not be thinking about your taxes. It’s a good idea to do so, though, because there could be tax implications depending on the way you move forward and how you divide your assets. If you own a company or substantial assets, it’s even...