Tag Archives: IRS

So you owe the IRS? Most taxpayers have been there, done that. But what happens if you owe taxes and don’t have any money to cover what you owe? First, you need to not panic. There are options, but before you get to them, you have to ensure you file your return. If you don’t […]

Unable to Pay? Here Are Your Options!

Do you owe taxes but are having a hard time paying the IRS? Are you unable to pay anything at all? If so, you have two options: request a temporary delay in collections, or apply for an Offer in Compromise. However, these options are only available if: There is reason to believe the amount you […]

Reasons the IRS Delays Tax Refunds

If you submit a tax return and are expecting a refund, you may experience a delay, or even an alteration of your refund, if certain conditions are present. The circumstances that may delay a refund are: You owe individual or business taxes for previous years, which can offset any refund amount You owe child support […]

Business Trips

When business takes you on a new adventure to a great destination, you’ll probably want to spend a little time relaxing and exploring the location. If you organize your schedule right, you may be able to combine your business with a little bit of pleasure. If you want to do this, you have to make […]

Business Deductions

Knowing what you’re doing at tax time, especially as a businessperson, can have a big impact on your end of the year finances. Tax regulations allow deductions of certain business expenses, which can help lower the amount of taxes your business will be responsible for. Costs deducted from your gross income results in your net […]

Late Filing and Payment Penalties

For most taxpayers, April 15th is the due date for filing your tax return. You won’t incur a penalty if you file your return later than the due date if you’re only owed a refund. However, if you owe money, and you don’t file (or pay) on time, you will incur late charges and interest […]

How Long Should You Retain Your Records?

Once you’ve filed your taxes, you should maintain all of your records and supporting documents in a safe place in case you need to refer to them or if you get audited. But how long should you keep your records for? The IRS has a few tips that can help you figure out how long […]

Choosing the Right Filing Status

The benefits available to you at tax time, as well as tax rates and deduction amounts are dependent upon the filing status you choose. Your filing status is determined by your marital situation on the final day of the year, and whether or not you have any dependents.

Depending on Claiming Dependents?

To get a little extra cash back this tax season, consider the benefits you may be eligible for by claiming children or adult relatives as dependents. For each dependent you claim that qualifies, you get a personal exemption, and depending on the age and relationship of the dependent, you may be eligible for additional tax […]