The April 18th tax deadline passed, and you did not file your tax return. Now what? First, don’t panic. Not everyone needs to file a tax return. Typically, if you earn less than the standard deduction associated with your filing status, you do not need to file a return. On the other hand, if you did not file a tax return even though you were required to, you might have an issue. Here’s what happens if you don’t file your taxes.
Owing taxes is more expensive than ever before. Filing an accurate return on time is the best way to avoid penalties, interest, and IRS collections. CEO David King and Lead Tax Attorney Philip Hwang list three things to watch out for after the tax deadline.
The United States is currently one of the only countries in the world that taxes based on citizenship, and not residency. However, there are some exclusions and foreign tax credits that can reduce your tax liability. Needless to say, reporting foreign income can be tricky. Here’s an overview of how to report foreign income at tax time.
If you have an unpaid tax bill, you know the stress that comes with owing the IRS. The IRS is a powerful agency with the ability to collect what is owed to them using severe methods, like garnishing your wages or levying your bank accounts. With a 10-year statute of limitations, the agency has plenty of time to forcefully collect tax debts. Here are some of the top risks of owing the IRS.
They say that death and taxes are the only two certainties in life. However, taxes are only collectible for so long. Did you know there is a statute of limitations for IRS collections? Here’s an overview of how the IRS statute of limitations works.
The IRS recently announced that there has been an increase in tax-related scams where taxpayers personal financial information could be at risk of being exposed or stolen. CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on what tax scams to be on the lookout for and how to avoid them in the future
Sometimes after the death of a loved one, we are left to deal with grief, funeral planning, and an estate. In some cases, we inherit assets from a deceased loved one. Unfortunately, not much in this life comes for free, and even the things we inherit can cost us. In this article, we will take a closer look at estate and inheritance taxes, including who is affected by them and how they work.
These days it is very common for individuals to have regular income, as well as supplemental income. While regular income earned through an employer typically has taxes withheld, some supplemental income does not. If you earn supplemental income, it’s important to learn how it is taxed and when. Here is a brief overview of supplemental income tax.
Being your own boss can feel freeing and powerful, but with great power comes great responsibility, especially when it comes to taxes. Taking care of all business aspects on your own means you should be prepared to handle all the financial work that comes with the new adventure. Here’s a brief tax guide for the self-employed.
Now that IRS enforcement is picking back up, some taxpayers are seeing that the IRS has placed their overdue tax account with a private collection agency (PCA). CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on what collection agencies you can trust, how PCAs will notify you of your tax balance and what you can do to resolve your tax burden.
For the most part, our tax situation remains consistent year after year. However, every now and then there are certain life transitions that can dramatically change how you file your taxes, even if just for that year. Here, we will continue to review some of the most common life transitions that can affect your taxes.
If you spent time unemployed last year, you might be wondering how that’ll affect your tax return this year, especially if it was your first time ever being without work. When it comes to unemployment and taxes, you might have some questions. Here’s a breakdown of how unemployment affects your taxes.
Tax season is officially here. As you prepare to file your tax return, it might be helpful to research ways to decrease your tax liability. A popular way to do this is to claim tax credits and tax deductions. Credits and deductions often seem like the same thing, but they are different. Here’s a comparison of the two.
Filing taxes after a divorce can be complicated, especially when sorting out the tax liability that the parties are legally responsible for. CEO David King and Lead Tax Attorney Philip Hwang discuss how married couples should file their taxes, as well as how they can end up with a tax balance after a divorce – and what they can do about it.
Claiming a dependent on your tax return can help save a lot of money each year. Some taxpayers may be unsure about who qualifies as a dependent, especially since a living situation can change year to year. Here’s all you need to know about dependents and your taxes.
If you recently got married, you might have spent a lot of time planning a ceremony, reception, or honeymoon. As a newlywed, have you considered how your new life change will affect your taxes this year? Here are some things you should keep in mind when filing your taxes.
The 2023 tax filing season will be different than the past few years and getting prepared early can help make the process much easier. Some of the changes expected in 2023 could affect tax bills, which in turn could affect tax refunds. Here are some tax tips for 2023.
Generally speaking, most income sources are taxable. However, there are some income types that are exempt from taxes. CEO David King and Lead Tax Attorney Philip Hwang discuss different kinds of income that may or may not get taxed and provide insight on how you can find out if your income is taxable or not.
While the Fed continues to increase interest rates, other entities are adjusting their own rates accordingly, the IRS included. In fact, the first quarter of 2023 has already seen a rise in IRS interest rates that took effect January 1, 2023. Here’s what it means for taxpayers.
Owing the IRS doesn’t just stop with your tax balance. If your tax obligations are not met, you could face penalties that can make your debt even more unmanageable. Here are some of the most common IRS penalties and how to avoid (or reduce) them.
Filing taxes when you are self-employed can be very complex. One of the ways you can better prepare yourself for the filing season is to ensure you have all the correct and relevant tax forms.
American households have been feeling the full effects of inflation all year with Fed rates at their highest since early 2008. Here’s the latest update on Fed rate hikes.
Many taxpayers are often shocked to learn that their Social Security benefits can be taxed. Here’s a brief overview of how Social Security income is taxed, both at the federal and state level.
