If you have ever heard of the “death tax,” you’ve heard of the estate tax. Yet, despite the media coverage it has seen over the years, the federal estate tax is one most Americans will never have to worry about. However, if you have to worry about it, it’s important to understand gift and estate …
The federal government requires you to report all income, calculate your total tax liability, and subtract the standard deduction (or any qualifying itemized deductions). However, most states also require you to pay additional state income taxes, which can be complicated. If you live in one state but work in another, you’ll need to fill out …
Seeking tax relief is no easy task, given the degree to which tax law can seem deliberately obtuse. Every step of the process, from tax preparation to filing the paperwork to filing an appeal, can be mired in red tape and feel overwhelming. Having an experienced professional at your side to cut through it all – …
When preparing a federal tax return, you can choose between a standard deduction or several itemized deductions. In either case, a tax deduction is designed to reduce a taxpayer’s tax liability. This is primarily to reimburse losses, incentivize investment, and reduce the tax liability for low-income households. Your standard deduction depends on your filing status, while …
When it comes to state tax garnishment rules, they are effectively non-negotiable. If you have an eligible income, you have a tax liability, and if you are self-employed, you will have to report and file your taxes diligently and single-handedly. But certain circumstances – from an ineligible deduction on a return to a penalty for …
Failure to file taxes can lead you to hot water with the IRS, but what happens if you don’t file taxes for 5 years? If you’ve ever failed to file your taxes, you’re sure to have received a notice from the IRS detailing the penalty you have to pay as a result of your late …