It is not common to talk about income taxes, including forms, deductions and deadlines at the beginning of August. These issues are commonly reserved for March and April. But the reality is that more than 10 million taxpayers applied for extensions this year, and they...
Finding Real Life Solutions To Your Tax Problem
Year: 2015
How the IRS tries to catch taxpayers underreporting income
The IRS is aggressive in pursuing taxpayers it believes has underreported its income. The agency estimates that the federal government loses hundreds of billions per year in unpaid taxes due to underreported income, according to CBS News. This explains why IRS agents...
Should you be able to use the Child Tax Credit?
If you are in the midst of a divorce where children are involved, or you are unmarried and facing a child custody action, the tax implications of support and custody may not be forthright in your mind; but they should be. The costs of caring and raising a child are...
The very basics in preparing for an audit
The IRS is known to have legendary powers to collect taxes from U.S. citizens. But how did it receive such a reputation? Is it because tax evasion charges was the very thing that brought down organized crime in the 1940's? Is it because tax problems have plagued...
Is Bobby Bonilla’s deferred compensation deal tax smart?
If you think baseball contracts are outrageous, like Monopoly money being thrown at players, you wouldn’t find many people who disagree with you. With Giancarlo Stanton’s 13-year, $300 million contract with the Florida Marlins inked last winter, it is a wonder how...
Can pro athletes be subject to taxes in different states?
For an NBA fan, the fun of hope and intrigue does not end with the June draft. This week begins the free agency signing period, where star players and role players alike can take their services to different teams. While this will be the last free agency period before...
Low income taxpayers could be spared from IRS collection actions
It is one thing to have to deal with the perils of losing a job or having a prolonged illness and how it can affect one’s financial condition, but it is quite another to deal with the Internal Revenue Service when you are having trouble making ends meet. In a number...
Uber could face billions in outstanding payroll taxes ?
San Francisco based ride sharing company Uber has arguably become a phenomenon. With the ability to locate an Uber driver and have a ride within minutes, the company has threatened to change the taxicab industry forever. However, with any new and successful company...
Are foreign earnings double taxed?
The great thing about small businesses in America is that they commonly don’t need a great deal of capital to start up, and they can react and adapt in much more of a nimble manner compared to large multinational companies. This is especially important when a...
Examples of the power of the IRS
Even for people not familiar with tax law, the term "tax evasion" is not a good thing. Indeed, most people would not know about the penalties that come with being convicted for federal tax evasion or failing to pay employment taxes (for employers). However, the...