Taking A Cooperative Approach To Your Legal Issues
Every year, people are supposed to pay their income taxes and property taxes. Most people do this without an issue, but there are those who miss payments or fail to make them entirely. This can lead to confrontations with the IRS. It can help to consider why people...
Tax evasion and tax avoidance are terms often used interchangeably. However, they have different meanings. In a nutshell, one is illegal while the other is not. It helps to understand the difference between them to stay on the right side of the law as an individual or...
Like millions of other Americans, you probably have a side gig that is your own small business. It’s also likely that the business is making a profit. It can be easy to forget about taxes. However, ignoring your tax responsibility may land you in trouble. How do you...
During business formation, some business owners consider other factors, including target market, employees, growth strategies and so on, but pay less attention to taxes. However, taxes are crucial in small business. Thus, it will help to consult a tax professional...
That Benjamin Franklin quote, “In this world nothing is certain but death and taxes,” is likely running through your head if you’re filing a 2022 income tax return for someone who passed away last year. The named executor of the estate is required by law to file this...
Running your own company can be very rewarding both personally and professionally. One important responsibility that you cannot escape is your tax obligations. Tax returns must be filed each year and must be completed accurately. Ideally, you want to avoid a tax...
Receiving an audit notice can be stressful for many individuals and business owners. The Internal Revenue Service (IRS) can select you for different reasons, including random selection or errors in your returns or that of taxpayers you are associated with, such as...
If you pay taxes in the U.S. but also had one or more financial accounts with at least $10,000 in assets outside the U.S. at any point during the year, you’re typically required to file a Foreign Bank Account Report (FBAR) with FinCEN. U.S. citizens have to pay tax...
What should you do if you discover a mistake in your tax return after it is filed? There are a couple of options available to make corrections depending on when the error is discovered. Most taxpayers know that a tax return can be amended. The lesser-known and better...
The National Taxpayer Advocate released her 2022 annual report this week, which describes the many challenges facing the IRS. High on the list, to no surprise, is the very poor quality of customer service provided to taxpayers. The report states “The main focus of...
