It often seems like there’s a tax for everything we do. We pay sales taxes every time we pump gas, buy groceries, or fill a prescription. We also pay yearly property taxes on our homes and cars. But nothing compares to the federal tax that is withheld from our paychecks. The more money you make,…
Tax scammers are getting smarter by the day but you can outsmart them. Popular ways by which they carry out their operation include the use of emails, websites, and social media. One of their major goals is to get your personal and financial information. Hence you have to be wary of sharing your personal or…
Generally, the money you receive from income annuities and pensions is not immune to Federal tax withholding. This is the same withholding system you would experience if you received money from stock bonuses, profit-sharing, or any other type of deferred income plan. In other words, the money that you get from that annuity you purchased…
If you’re a small business owner, you undoubtedly heard about the changes to the tax code brought on by the 2018 “Tax Cuts and Jobs Act.” While this bill brought a variety of changes for small business owners, this bill has not made the prospect of completing your businesses taxes any less daunting. Few small…
Tax debt can weigh on you when you’re trying to determine how to handle it. Fortunately, there are several ways to make sure you can pay back the money you owe. One of those options is the IRS Offer in Compromise program, which allows you to pay less than you owe, with the rest of…
For many, tax season is a time of big spending as refunds come rolling in. If you owe money to the IRS, though, there will be no big spending. What if you have a tax liability that you can’t pay? This is surprisingly common, and the IRS is almost always willing to work with people…
There are countless reasons why many Americans wait to the last minute to file their taxes. In fact, statistics show that the number of late filers is growing, which is okay as long as you do not over look anything. The following are five last minute tax tips just for you. #1 Take Your Time…
The federal tax return should be in accordance with the law. The problem is laws are subject to change. The taxpayers need to keep updating themselves and stay posted about changes in the existing laws. Or else, their tax return filing may not be according to pertinent legal clauses. This year’s filing date 2016 is…