Category Archives: General Filing
You owe money to the IRS but aren’t able to pay the whole balance at once. What can you do? Relax. You have options. In most cases, taxpayers can qualify for a relief program to help repay their financial obligations to the IRS. The two most popular programs include: Payment Plans with Installment Agreements – […]
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Believe it or not, the IRS does actually audit a significant number of returns. The common rumor is that the IRS audits fewer returns than you might think. However, the IRS generally audits tax returns six times more than is reported. The IRS reports auditing roughly a million taxpayers every year, (approximately 0.7% of all […]
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Have you ever wondered what happens if a taxpayer becomes deceased during the calendar year? We know that both death and taxes are inevitable, but do taxes outlast the deceased? In most cases, the answer is yes. Tax filing obligations remain even if the taxpayer has passed part way through the tax year. The final […]
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Sure, it may seem easy to do your own taxes, especially with all the easy to use tax programs available. Those taxpayers who have a simple W-2 from their employer and very little else can have a quick and easy tax filing season. However, not all taxpayers are that lucky, and there are some situations […]
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The Affordable Care Act comes into play again at tax time. In the simplest of ways, that may include indicating on your tax form that you had health insurance during 2017. Other tax requirements related to the ACA become more difficult from there. When you file your tax return, you’ll have to remain compliant with […]
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Not every taxpayer is required to file a return. Depending on your income level, you may be entitled to claim more in deductions and credits than you’ve earned for the year. In these situations, you aren’t required to file a tax return since you have no taxable income to report to the IRS. Let’s say […]
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If you are an employee of a business, the employer is responsible for deducting federal and state taxes from your salary. However, independent contractors and self-employed individuals have to take care of this financial obligation on their own. Generally, these individuals will make estimated quarterly tax payments, and skipping them can lead to penalties and […]
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Targeting high-income taxpayers, the alternative minimum tax was enacted to combat only 155 households who were getting away with not paying any tax at all through credits, deductions, and exemptions. By today’s numbers, the AMT covers millions of families and grows each year. In 2008, the AMT grew to 3.9 million (up from 605,000 in […]
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Have you worked at a private startup for over a year, and held employee incentive stock options? If so you likely received a Form 3921 from your employer. Now that it’s tax season, here’s what you need to do. This form documents to the IRS that you have exercised stock options from your employer, and […]
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An innocent spouse seeks to be relieved from the liability of their spouse’s tax issues. Relief from Joint and Several Liability is Section 6015 of the Internal Revenue Code. Married taxpayers who file a joint return are liable for taxes, interests, and penalties according to the return, as well as any other taxes the IRS […]
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