Life can be challenging when facing both financial difficulties and health issues. Many taxpayers ask themselves, “Can I get disability if I owe back taxes?” For individuals experiencing a debilitating condition while also owing back taxes, the situation can seem overwhelming. However, it’s essential to know that there are options available to help ease the […]
What is a W-9 Form?
Whether you are a small business owner hiring independent contractors or a freelancer seeking work opportunities, the W-9 form plays a crucial role in the world of taxes. The IRS uses this form to gather essential information about independent contractors, consultants, and freelancers who provide services to businesses. In this article, we will delve into […]
Are Canceled Liabilities Taxable?
Dealing with debt can be a stressful and overwhelming experience. Imagine, though, finally having a weight lifted off your shoulders when a creditor cancels or forgives a portion of your outstanding debt. While the relief might be immense, it’s essential to understand that canceled debt can have significant tax implications. Many individuals are unaware that […]
Tax Tips for Resident and Non-Resident Aliens: Part 2
When it comes to filing taxes as a resident or non-resident alien, the first step is determining your alien status for tax purposes. If you satisfy the requirements of either the IRS green card test or the substantial presence test, you will be considered a resident alien for tax purposes. If you cannot meet the […]
Tax Tips for Resident and Non-Resident Aliens: Part 1
Did you know you are required to pay taxes on your income even if you are not an American citizen? The same is true even if you spend some of your time abroad. One important thing to note, however, is the way you are taxed is determined by your alien status. In other words, resident […]
What are Deferred Tax Liabilities?
Last week we broke down deferred tax assets and how they can help reduce tax liability. Today, we’re breaking down its counterpart: deferred tax liabilities. But what exactly is a deferred tax liability, and how does it work? Here’s an overview of deferred tax liabilities, how they arise, and their implications for businesses and individuals. […]