Scams & Alerts

If you are thinking of hiring a nanny or have already done so, you may want to consider the corresponding tax implications. Many taxpayers make mistakes in calculating employees’ withholdings. Nannies fall under the same category as domestic laborers, house helpers, yard workers, etc. Determining Taxes Correctly According to The Fool, “there are reportedly more... Continue reading →

When it comes to dealing with large tax debts, many taxpayers enlist the services of a tax resolution company. Often times, lower tax debt amounts can be resolved without as much scrutiny by the IRS. In either case, a payment plan is often necessary to handle the tax debt to completion. Apart from the payment... Continue reading →

The upcoming tax season is still a couple of months away, but the end of the year is the right time to make your preparations. In these next two months, you can make adjustments to your taxes for this year to increase your savings.  Also, there are important tax changes brought about by the Affordable... Continue reading →

It is a misconception that tax debt doesn’t increase if you don’t pay it. In reality, the longer you take to pay your tax debt, the more you have to pay. The IRS charges additional fees on the total tax debt each month it remains unpaid. The penalty limit starts from 0.5 percent and can... Continue reading →

The IRS can seize funds from small businesses and wage earners without charging them with a crime. It sounds incredulous, but that is the power that’s been afforded to the IRS. The law that allows the IRS seizure power was designed for seasonal criminals, but the IRS is using it against individuals who never had... Continue reading →

Tax debt can be resolved under Chapter 7 and Chapter 11 of the Bankruptcy Code. Filing for bankruptcy is often used to resolve back taxes when an individual does not have the ability to pay any amount of the debt. In order for this to happen, there are certain conditions that must be met These... Continue reading →

Saving for retirement is the first step towards a prosperous future. In order to maximize retirement savings, it’s important to keep tax considerations and withdrawal rules in mind. Using the right saving strategies can help you to pay fewer taxes and get more out of your retirement. Rules for retirement plans often change over time.... Continue reading →

Back tax resolution should be sought out after carefully reviewing your tax case and all of your options. Most individuals use a professional tax service to resolve their tax issues, but choosing the wrong company can prove to be disastrous. Incompetence and inexperience are two main reasons resolutions fall apart. A tax professional or service... Continue reading →

Some tax scams are short-lived and occur only during tax season, but some of tax scams such as identity theft occur throughout the year. The IRS issues yearly warning about tax scams through their IRS Dirty Dozen tax scams to help taxpayers stay aware of the current tax scams. The top tax scams that taxpayers... Continue reading →

Taxpayers who find themselves with a tax debt are sometimes not financially capable of paying what’s owed. After receiving an IRS notice regarding the payment of back taxes, some choose not respond to the notice as a means of avoiding payment. It’s critical to remember that even though the IRS encourages full payment of any... Continue reading →