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 …
Your filing status, income, choice of deduction, and any eligible exemptions, tax credits, and applicable refunds usually determine your tax liability. But with so many variables, there’s always the possibility that mistakes are made and additional taxes are owed. That, amongst other reasons, necessitated the calculated collection state expiration date (CSED). Whether it was a …
Let’s say you owe the IRS a significant tax debt but no longer earn an income or barely enough to afford room and board while possessing no significant assets. Can the IRS force you to pay? Or can they take the shirt off your back? Can they take every penny you earn and leave you …
Taxes are close to the last thing on anyone’s mind come to New Year, but the truth is that setting goals for your new tax year are crucially important, especially if you run a business of your own or are self-employed. Taking the time to consider what mistakes you’ve made over the past year, refine your …