Category Archives for FEDERAL TAXES
Planning for Tax Changes for the 2020 Tax Year
We Americans will have a long menu of tax changes for the 2020 tax year...and it's never too early to start thinking about managing next year's return. And there's a lot of good news.Just a few months
Read MoreCoronavirus Tax Breaks Businesses can Take Advantage of Now
The IRS recently rolled out three new coronavirus tax breaks for businesses aimed at helping them through the coronavirus pandemic. As businesses and individuals across the country have been hit hard
Read MoreIf You Owe, You Can Delay Paying Taxes, But You Still Must File on Time!
Many are asking if they still have to file on time if I owe taxes, in the midst of the COVID-19 outbreak. As a response, the Trump administration just announced $300 billion in tax deferrals as part of
Read MoreWhat If You Can’t Afford to Pay the Taxes You Owe?
Maybe you've just finished preparing your tax return and you find that you owe the IRS a large sum, but you can’t afford to pay it. Are you going to jail? Probably not. The realization that you can’t
Read MoreThe Most Common Tax Problems for 2020
Now that the 2020 tax season is upon us, taxpayers — and their advisors — should proactively consider some of the challenges that they will likely face with common tax problems.While it’s been more
Read MoreChoosing to File for Financial Hardship
When you're dealing with financial hardship, just making ends meet throughout the month is a challenge, and it's likely you wouldn't be able to add another payment into your budget. That said, when you
Read MoreCongress Ends 2019 Passing Last-Minute Tax Changes
In the eleventh-hour of 2019, the House passed a $426 billion tax cut plan that would revive a hodgepodge of benefits known as extenders, kill a controversial tax on church parking, rescind several Obamacare
Read MoreMisperceptions & Mistakes About IRS Offer in Compromise
The IRS Offer in Compromise program is a terrific opportunity for taxpayers to get a fresh start by wiping away their tax debt. However, it is not without its drawbacks. There is a lot of misinformation
Read MorePrepare for Filing 2019 Federal Income Tax Returns
Taxpayers and tax professionals can act right now to avoid any tax-time surprises and ensure smooth processing of their 2019 federal income tax returns, with these handy reminders and suggestions from
Read MoreAvoid the Temptation of Tax Evasion
If you intentionally fail to pay taxes or underreport your taxable income, you could be charged with tax evasion. In order to be convicted of tax evasion, the IRS must show that you deliberately tried
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