Tax Liability

Reducing Taxes Through Investing

Introduction: Can investing reduce your taxes? 1. In a word, yes. Investing can reduce your

Shifting Income to Reduce Taxes

Income Shifting is the process by which taxpayers can decrease their tax liability as well as their adjusted gross income as a result of shifting income between family members. In order to benefit...

Tax Deductions

Tax Deductions refer to the allowable deductions as outlined by the IRS that permit taxpayers to assess against their ultimate adjusted gross income (“AGI”) in order to get to their tax liability...

Tax Deductions Facts

Every taxpayer wants to reduce their taxable income as much as possible.

Penalties for Tax Evasion

Tax evasion refers to attempts by individuals, corporations or trusts to avoid paying the total amount of taxes owed through illegal means. This may include underreporting income, misrepresenting deductions, or failing to file returns in a timely manner. The government imposes serious penalties, including prison terms and hefty fines, for tax evasion.

Tax Evasion - Fraud Overview

In the United States, tax evasion means illegally avoiding the assessment or payment of a tax. This should not be confused with tax avoidance, which refers to using current tax laws to legally reduce the amount of tax payable. While tax avoidance is legal, tax evasion is not. The U.S.

Neglecting Your Tax Return: Worst Case Scenario

You may officially file your taxes. Despite early reports that tax season would be delayed this year, open filing for businesses and individuals is up and running, right on time.

Unpaid Tax Debt leads to Federal Tax Lien

It is important for taxpayers to understand that the IRS can put a lien on property and/or assets in cases of continued tax debt non-payment.

Removing Federal Liens Due to Unpaid Tax Debt

Here are some tips to help you deal with a lien caused by unpaid federal taxes.

The Consequences of Ignoring Your Tax Debt

Like most Americans, you realize that you’re expected to pay your taxes. If you haven’t had to deal with a tax debt head on, consider yourself fortunate. Resolving a tax liability can be expensive, time-consuming and stressful. Many people choose to enlist a licensed tax professional, such as an

What Happens When You Owe the IRS?

Introduction: What does the IRS do if you don’t pay owed taxes? If an individual fails to properly pay their taxes, they will have to deal

Tax Court and Tax Charge Cases

An Introduction to Tax Court, Federal District Court, Small Tax Cases, and Large Tax Court Cases.If you choose tax court, you don’t have to pay the initial tax; this is the only court that does so.

What is the IRS?

The Internal Revenue Service (“IRS”) is the tax agency of the United States federal government. The IRS is responsible for collecting taxes and enforcing the laws that govern taxation in the US

Small Businesses and the IRS

There are many different considerations that a small business owner must make in regards to business taxes. Generally speaking, there are 4 types of business taxes:

Dealing with the IRS

Dealing with the IRS can be a daunting and confusing task for anyone without the help of an experienced tax attorney. The IRS deals with millions of citizens on a yearly basis when collecting annual income taxes or quarterly income taxes...

How to Deal with IRS Collection Efforts

The basic ways you can resolve IRS tax debt problems and avoid collection efforts.

Lien, Levy, and Garnishment Appeals

If the Internal Revenue Service has placed any liens or levies on a taxpayer’s property or has garnished the wages of a taxpayer, there is an appeals process that can have those potentially devastating terms revoked...

Owe IRS Back Taxes? Your Steps to a Resolution

Taxpayers who owe IRS back taxes need to pay the debt amount as soon as possible in order to avoid possible collection actions.

Tax Resolution - Not Currently Collectible

Tax Resolution – Not Currently Collectible Last week we took an in depth look at the “Offer in Compromise” as an option if a taxpayer owes taxes.

What Back Tax Solutions are Offered by the IRS?

Here we look at some of the best back tax solutions available to most taxpayers.

Tax Benefits for Seniors: Credit for the Elderly or the Disabled

Many times, seniors make errors when preparing their taxes that can result in complications.

Tax Payer Bill of Rights

The Taxpayer Bill of Rights Act of 2008 (“Taxpayer Bill of Rights”) was codified in 2008 with the purpose of providing taxpayers with a single source of easily accessible information regarding...

Tax Benefits for Homeowners

There are two basic components in any tax: the base and the rate. By multiplying the base times the rate, the amount of tax is determined. For homeowners, the property tax base is the value of all taxable property...

IRS Provides Tax Help through Low Income Taxpayer Clinics

Taxpayers who are unable to hire a tax professional to help resolve their tax problem can acquire free or discounted help at Low Income Taxpayer Clinics (LITCs).

When to Request an IRS Extension

The April 15th deadline to file taxes can be extended for taxpayers who are unable to file their taxes by the due date.

Tax Duties of Tax-Exempt Organizations

If your nonprofit organization fails to report properly to the IRS, it's tax-exempt status can be revoked.

Tax Duty for Employers: Get Employer Identification Number (EIN)

Mostly all businesses with employees are required to have an Employer Identification Number (EIN) for tax filing and reporting purposes, including businesses running as corporations or partnersh

Tax Duties for U.S. Citizens Abroad

US citizens living abroad or those with dual citizenship are required by law to file US taxes, even if they pay taxes in another country.