Blogs

Planning your finances with respect to your savings and taxes can help you to get more out of your investments, while allowing you to save more in taxes. Most working Americans save for their retirement by making regular contributions to their 401(k) accounts or individual retirement plans. Smart tax planning is about knowing the withdrawal... Continue reading →

IRS collection actions are important to avoid because they can be damaging to a taxpayer’s financial stability. The IRS can, if back taxes remain unpaid, seize an individual’s assets or garnish wages to satisfy the balance due. Collection actions can cause stress and serious financial problems if they’re not handled early on.The quickest method of... Continue reading →

Back taxes are a constant complication until they’re completely resolved. Even if the IRS is not taking collection action, penalties and interest will continue to accrue each month. Resolving your tax debt early is always considered the best resolution.The IRS will send out notices to inform you of any tax debt. The notices contain the... Continue reading →

The IRS phone scam continues in spite of efforts made by the IRS and law enforcement agencies. Before the IRS phone scam, fraudsters had been using the IRS name and logo in phishing attempts; sending fraudulent emails to taxpayers to extract sensitive information.Scammers also began calling people over the phone, presenting themselves as IRS agents... Continue reading →

Tax scammers use the IRS name and logo to make themselves appear legitimate to taxpayers. In a recent tax scam, fraudsters pretend to be the IRS and send unsolicited emails to foreign financial institutions (FFIs) to extract clients’ private information. Scammers are exploiting the new rule that requires FFIs to report their U.S. clients’ financial... Continue reading →

There are various ways in which tax debt can be resolved. If you have the financial ability to pay your entire tax debt in a single payment, you can prevent the penalties and interest that the IRS charges each month.Another method of resolving back taxes is through making installment payments. Paying in installments is popular... Continue reading →

Most taxpayers believe that a tax debt is a true burden if they don’t have the financial capability of paying it in full. Even though IRS tax debt reduction payment plans are difficult to qualify for, taxpayers with a verifiable inability to pay may qualify for some type of settlement.In order to resolve back taxes... Continue reading →

Tax planning involves a lot of paperwork. From receipts and bank records to previously filed tax returns, many important papers need to be collected and then stacked away securely. When it comes time to file a return, having receipts of expenditures and income statements allows you to calculate taxes quickly and accurately.Many times, due to... Continue reading →

Income tax results from a taxpayer’s earnings, while consumption tax is charged on the products and services that an individual purchases. Even though most countries use income tax, this was not always the case. The United States has a history of principally using consumption tax and favoring it over income tax.Some believe that consumption tax... Continue reading →

Knowledge about tax laws and the tax code allows individuals to reduce their liabilities while increasing their savings. Along with this obvious benefit, taxpayers also learn to avoid owing back taxes by keeping up with tax policy changes.Sometimes, individuals miscalculate their taxes because they’re not aware of the expiration of a tax break. Even when... Continue reading →