In today’s digital age, social media is a treasure trove of information, but not all of it is reliable—especially when it comes to taxes. As tax season approaches, many individuals turn to platforms like TikTok, Facebook, and Twitter X for advice on filing, deductions, and strategies to reduce their tax burden. While there are some… Read More
As Election Day approaches, voters often focus on candidates, policies, and pivotal issues. However, one critical topic that often gets overshadowed is taxes. Understanding the tax implications of your vote can be just as essential as the issues that dominate the headlines. The Role of Taxes in Elections Taxes influence everything from funding public services…… Read More
In light of the devastation caused by Hurricane Milton, the IRS has announced an important tax extension for affected individuals and businesses. Taxpayers in the designated disaster areas who had an extension until October 15, 2024 to file their Individual Tax Returns now have until May 1, 2025, to file their return and make payments.…… Read More
Navigating the complex world of tax deductions can be daunting, especially for self-employed individuals and small business owners. One notable provision that can help ease the burden of proving expenses is the Cohan Rule. Named after the 1930s court case Cohan v. Commissioner, this rule allows taxpayers to estimate their business expenses when exact records…… Read More
The IRS is not one to mess around with when it comes time for repayment. They are the least forgiving creditor when it comes to collecting what they think is owed to them. The IRS will seize assets including bank accounts and property such as wages or real estate. Contact a Tax Relief Firm The…… Read More
When you owe back taxes and can’t afford to make any payments, then it may be time for a special tax status known as Currently Not Collectable. This means that your debt is still considered valid even though there’s no chance at recovery right now. When you’re approved for Currently Not Collectable status, the IRS…… Read More
Paying taxes is a fact of life, but when the amount is excessive, you may not have the funds to pay in full. Making a mistake on your taxes can be costly as well, and if you plug in the wrong numbers, the IRS will surely come calling. Whether you owe money to the IRS…… Read More
The tax-filing deadline will be here before you know it and pretty soon, you’ll be gathering up your receipts and plugging in numbers. I know you’re hoping for good news, and praying for a big refund in the process. If all goes well you won’t owe anything and you might even be getting back a…… Read More
You open up the mailbox, expecting the usual mix of bills and catalogs, but what you find is a collection letter from the IRS. It can feel like you are living in a nightmare that you can’t wake up from when you receive a collection letter from the IRS. Even worse, that letter includes a… Read More
Working with the IRS has never been easy, and tax settlement agreements are always complicated affairs. If you are currently working to pay off your tax debt, you may wonder what the recently passed ‘Inflation Reduction Act of 2022’ has in store for you. There has been a lot of back and forth about the… Read More