If you have penalties on your tax return, you might be able to get them abated by the IRS with ease, because of IRS penalty abatement. Good news, right? Penalties can add up quickly and be a burden when you don’t think you should be facing them. However, the IRS has to acknowledge that taxpayers […]
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The IRS reviews your tax return to ensure that everything is accurate and you have an opportunity to explain it. That is it! An audit is an intimidating review, but it isn’t. A lot of audits are conducted by mail. Understanding the IRS audit process beforehand can help to reduce the stress of an audit.
What happens if you get audited by the IRS Read More »
An IRS wage garnishment occurs when the IRS withholds a portion of your wages directly to pay your unpaid taxes, and the only way to prevent it is to take some official action to resolve your tax debt. This can be stressful, particularly when you have a part of your earnings removed very quickly without
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Late filing of your tax return may result in penalties, interest, and other penalties that will increase as tax returns are late. For many, the decision to postpone filing is due to a number of reasons, ranging from being overwhelmed by paperwork to getting busy, to not knowing exactly what their filing status will be
Late Tax Filing: Penalties and Consequences Read More »
Corporate income tax is the tax a business pays on the money it makes and the rate and rules may vary according to the type of business and place of operation. As a business owner, it’s important to understand how corporate income tax rates work, and with a bit of step-by-step guidance, it can be
Corporate Income Tax Rates, Rules, and Filing Requirements Read More »
Tax forms are the official paper that individuals and businesses utilize to report income, claim deductions, and to determine exactly how much their taxes will be to the IRS this year. The rules for tax forms can be confusing, given the various types of forms that exist for various types of income, filing status and
Tax Forms: Filing Requirements and Common Mistakes Read More »
Tax forms are the official documents that the IRS require to gather information about your income, deductions and credit to ensure your taxes are calculated properly. There are a variety of IRS tax forms available, making it easy to get lost in the confusion of which ones are applicable to your situation every year. Some
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It is actually free to file taxes for millions of Americans and there are a number of tools and programs that could make the process a lot less stressful and affordable. There are free possibilities at all levels of difficulty, whether you are filing this year’s tax return or are trying to catch up with
One of the things most helpful to any taxpayer before filing their federal income tax is understanding what portion of their income will be subject to each rate. The IRS’ progressive tax system is a type of tax that charges varying rates on different portions of your income, which is why it is important to
IRS Tax Brackets Explained for Beginners (Step-by-Step Guide) Read More »
In most cases, overtime pay will be taxed at the same rates as your regular wages, including federal income tax, Social Security tax and Medicare tax, and knowing how to properly calculate the taxes will prevent a nasty surprise when you get a paycheck or your tax return. There’s a lot of talk about amending
Is Tax-Free Overtime Really Possible? Explained Read More »