While roughly a third of Americans don’t know whether to expect tax debt or a tax refund, nearly half of surveyed taxpaying Americans expect a tax refund at the end of the tax year. The IRS claims that as many as 75 percent of taxpayers overpay. Tax refunds can range from a few dollars to thousands of …
The IRS is not an organization you want to be on the wrong side. Even bankruptcy can’t save you from tax debt. And if you decide to wait it out and let your debt expire, the IRS is well within its rights to claim your paychecks and your assets to satisfy the overdue balance on …
The IRS only audited 230,340 tax returns in 2019, accounting for 0.31 percent of all incoming tax returns for that tax year. In contrast, the IRS audited roughly 1.11 percent of all returns as recently as 2010, and audits were even more common. Yet despite historically low auditing rates, the IRS has dramatically expanded its auditing operations …
No one wants to owe taxes to the government. Still, unfortunate circumstances – whether it’s a miscalculation, a missed payment, a forgotten deadline, or financial difficulties – can quickly land you in hot water with the IRS and lead to a black mark on your tax account. Tax debt carries a substantial toll, as it …
Starting a business is no easy feat. In addition to the permits and paperwork involved, business owners have far more tax responsibilities than the average employee. It becomes your job to ensure that employment taxes are adequately withheld from your employees’ wages, even if your only employee is yourself. Furthermore, you need to pitch in …
No one likes an audit. And no one likes the IRS. So, it shouldn’t be a surprise that combining the two usually results in a terrifying combination. But before you freak out about your notice of an upcoming audit, you should know that it’s nowhere near as bad as you might expect. Most IRS audit …