Do you know what the deadline is for your next tax bill? Unlike typical employees, business owners and self-employed individuals need to pay quarterly taxes throughout the year. To further complicate matters, not all types of businesses share the same filing deadlines for tax returns. When Are Estimated Tax Payments Due in 2020? Anyone who …
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What Is an IRS Audit? The IRS may examine the financial info and accounts of a person or organization to check for inaccuracies or discrepancies. This process is called an audit. How Are Taxpayers Chosen for an IRS Tax Audit? Random selection via a computer system is used to flag returns that deviate from the …
One of the most uncomfortable and serious consequences of having a conflict with the IRS is wage garnishment. You may be wondering if the IRS can come after your wages if you owe back taxes. Unfortunately, the answer is yes; the IRS can and will collect money from every paycheck until your debt is satisfied …
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Nothing about dealing with the IRS is easy when you run a business, but figuring out your obligations for payroll taxes can be especially difficult. The situation can get even more complicated when we’re talking about unpaid payroll taxes. The IRS takes payroll taxes very seriously. In fact, 70 percent of the annual revenue collected …
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If you’ve been notified of an impending tax lien by the IRS, the last thing you want to do is ignore the problem. What does a tax lien mean for your future? What happens next will depend largely on your ability to act quickly. What Is a Tax Lien? A tax lien refers to the …
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An IRS audit can be an anxiety-producing event. One factor that makes the idea of being audited by the IRS so intimidating is uncertainty, as the average taxpayer isn’t very experienced in dealing with the IRS. What’s more, it can feel like the IRS holds all the cards when it comes to what you must …
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It’s never a good day for an Internal Revenue Service (IRS) audit, and it’s normal to feel nervous if a letter arrives from the IRS. However, there are two important things to know if you have audits on your mind. The first is that you do have options to help you avoid fines and penalties …
Nobody wakes up in the morning hoping that a notification letter from the Internal Revenue Service (IRS) is waiting in the mailbox. However, the reality is that IRS data shows that close to one million Americans are subjected to tax examinations each year. The good news is that understanding how the audit process works can …
There are very few sure things in life. Taxes cannot be avoided. Despite the definitive, many people still find themselves owing the government thousands of dollars. They might go for years without paying a single, tax dollar. Penalties and late charges add up into astronomical figures. It’s only natural to ask why people fall behind …
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Every year, Americans must submit an income tax return along with any taxes that they may owe. However, there may come a time when you can’t afford to pay a balance owed for any variety of reasons. For instance, a sudden job loss or an unexpected medical bill could make it impossible to pay the …
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