At the end of October, it is not very common to talk about tax refunds. Let’s face it, more people are concerned about what their kids are going to wear to go trick-or-treating. This apathy about taxes must frustrate financial advisors around this time of...
Finding Real Life Solutions To Your Tax Problem
Month: October 2016
How you can be held liable for someone else tax bill
In a number of our posts, we have highlighted how people lament the power of the IRS to collect taxes from them. This power is rooted in federal law, and can lead to taxpayers having their wages garnished and property being taken in extreme circumstances. If that is...
Olympic medalists won’t be taxed on cash prizes
Earlier this summer we highlighted the taxes that U.S. Olympic medalists could be subject to because of the U.S. Tax Code. Under federal law, the cash prizes that come with each medal ($25,000 for gold, $15,000 for silver and $10,000 for bronze) would be taxed as they...
Be wary of notices from your tax attorney
There’s a common misconception that taxpayers have about tax professionals (i.e. accountants and tax attorneys) outside of tax season. The assumption is that many tax professionals do not have much to do. Indeed, they may not be insanely busy in September and October...