Should you owe the IRS substantial back taxes, they will likely begin to levy collection actions against you and your tax account. In rare cases, this goes so far as to result in the collection and seizure of paychecks and existing assets – yes, the IRS even has the authority to claim the home you …
The money you earn is not necessarily one-to-one with the money you pay taxes on. The IRS provides taxpayers with several means to reduce their tax liability through so-called tax deductions on their income tax return or Form 1040. Of these, there are two kinds: Above-the-line tax deductions, also known as adjustments to income and; Below-the-line tax …
Taxes can hit families pretty hard. It can be tough enough as it is to save up for the ongoing expenses of running a household, raising children, and managing the growing costs of childcare, education, medical treatment, and insurance for a multi-head household without the toll of high state and federal taxes. Thankfully, families with …
Let’s face it – most taxpayers don’t want to have to file their taxes. It’s cumbersome and difficult, and depending on your financial situation, number of sources of income, and number of dependents, it can be enormously complicated. But failing to file a tax return might not only lead to hefty penalties but will also …
State payroll taxes differ from state to state and must be paid in addition to federal payroll taxes and any form of voluntary payroll deduction. Failure to withhold employee payroll taxes, failure to deposit your payroll tax payments, and failure to accurately file your respective quarterly tax returns and end-of-the-year tax reports can result in …
Being audited by a tax authority is probably one of the last things a business wants to endure – but tax audits can and do happen, especially in industries where sales and use tax intricacies make mistakes much more likely. As we live in the information age, most tax audits are triggered automatically by digital …