Blogs

Taxpayers with large tax debts often seek help from tax resolution companies or tax professionals in order to achieve a resolution. Before choosing to hire outside help, taxpayers must first conduct research about the area of expertise and authenticity of the tax service. Even though the majority of tax services are legitimate, taxpayers must be... Continue reading →

When you file taxes past the annual deadline, you’re charged penalties and interest by the IRS. If, for example, you file three months after the deadline, you’re charged both penalties and interest for three months. The penalty for late filing is more costly than the penalty for failing-to-pay. The IRS calculates the failure-to-file penalty based... Continue reading →

Even though the IRS has been able to curb illegal tax evasion, the government continues to lose tax dollars. There have been multiple cases that have made headlines in the past few months about large companies using tax inversions. It’s common knowledge that companies use tax strategies to minimize their liability, and inversions allow them... Continue reading →

Tax scams appear in full force during tax season. Filing fraudulent tax returns using stolen identities to receive large refunds is one of the most common tax scams. Because this tax crime is conducted remotely, it is difficult to track down the scammer. This tax season, make sure that you stay protected from identity thieves... Continue reading →

Taxpayers should prepare their tax returns as early as possible to avoid making mistakes. Filing returns in a hurry at the eleventh hour can lead to simple errors such as forgetting to sign the return and miscalculations. If you have the opportunity, it is advisable to prepare and file your returns earlier in the year... Continue reading →

Filing errors made by taxpayers can often lead to unfavorable IRS corrections. Claiming deductions and credits that a taxpayer does not qualify for can lead to a tax debt. If there is an understatement of income that the IRS believes might be intentional, then they may conduct an audit. The most common errors taxpayers make... Continue reading →

Often, taxpayers wait to resolve their tax debt, especially when the IRS has not initiated aggressive collection actions. Even if the IRS is not yet threatening collection efforts, taxpayers are at a disadvantage if they allow their tax debt to remain unpaid. The IRS adds penalties and interest to the debt, which can substantially increase... Continue reading →

In the recent past, many fraudulent tax resolution services were exposed. These services used unethical business practices such as hidden fees, distorted advertisements, and exaggerated upfront fees to take advantage of unsuspecting clients. In many cases, fraudulent companies were exposed after the Federal Trade Commission (FTC), the Better Business Bureau (BBB), and other consumer protection... Continue reading →

Successful financial and tax planning will allow you to lower your tax liability and to gain the most from your investments. How you use your income is of primary significance. The more you spend and invest, the lower your adjusted gross income (AGI) becomes. The AGI is your income from all sources after adjustments. The... Continue reading →

Individuals that owe back taxes can gain time from the IRS to pay back their liability if they fulfill certain criteria. The first requirement is that the taxpayer’s present financial situation must not allow him or her to pay any amount in tax debt. The taxpayer’s income from all sources must only be sufficient to... Continue reading →