Selling a home can be a huge financial decision with numerous factors to consider. One of the most important factors might be the tax implications. While most might be eager to make a huge profit from selling their home, it is critical to understand the tax rules and regulations that apply to this transaction in […]
Many Erroneous CP14s Have Been Issued – Here’s What You Need to Know
IRS Notice CP14 is sent to taxpayers to inform them of an outstanding balance on their federal tax account. It serves as a bill for unpaid taxes. It includes details such as the amount owed, accrued interest, and any penalties incurred. While receiving this notice might not be a shock for many, some taxpayers impacted […]
Ask Phil: How Do I Get a Tax Lien Removed?
Welcome to our Ask Phil series, where each week our lead Tax Attorney, Philip Hwang will be answering your questions about various tax topics such as IRS enforcement, liens and levies, tax scams, and more. With Phil’s extensive background as a tax attorney, you won’t want to miss this valuable information! Today, Phil discusses liens, including […]
Understanding Tax Withholding
Tax withholding is a concept that many individuals encounter throughout their lives, whether as employees, freelancers, or business owners. Withholding too little tax from your paychecks can result in a tax bill during tax time, while withholding too much tax can result in smaller paychecks than necessary. That being said, understanding tax withholding is crucial […]
What You Need to Know About Tax Refund Loans
It’s no secret that tax refunds are the best part about filing taxes each year. However, the wait times for receiving a tax refund can be unexpectedly long. This is especially true if the IRS has a backlog of unprocessed returns. Enter tax refund loans. You may have heard or read this term while filing […]
Saving for College: 529 Plan Tax Benefits
Saving for higher education tuition can be overwhelming. However, it can be a little easier with the help of a college savings account. By saving earlier and more efficiently, you can increase your savings for education, whether it is for your children, a family member, or even yourself. One of the most popular types of […]
NIL Income and Taxes
Before 2021, college athletes had a few ways to earn money. These were typically from scholarships, grants, part-time jobs, or possibly even help from their parents. Since then, the National Collegiate Athletic Association (NCAA) has allowed these athletes, including high school level athletes, to engage in NIL, or Name, Image, and Likeness, activities. This has […]
Tax Implications of Buying a House
Purchasing a home is an exciting milestone in life as it represents a significant investment. However, beyond the joy of becoming a homeowner, it’s crucial to understand the tax implications that come with this major financial commitment. In this blog post, we’ll explore the various tax considerations related to buying a home, providing you with […]
Chapter 13 Bankruptcy and Taxes
We are told that filing for bankruptcy should be the very last resort when dealing with extreme financial hardship. This is because it has long-term effects. For example, it will leave a negative impact on your credit score for up to 10 years. It will result in decreased access to credit, loss of assets, and sometimes […]
Chapter 11 Bankruptcy and Taxes
Navigating the intricate world of bankruptcy can be difficult, particularly when it comes to comprehending the tax implications. Chapter 11 bankruptcy is a powerful instrument for reorganizing individuals and enterprises and regaining financial stability. However, it is critical to understand how this process impacts taxes and plan properly. In this blog article, we’ll look at […]