Frugality is often beneficial, but there are certain situations when a good deal ends up costing a lot more than expected in the long run. This can be the case when using a low cost, do-it-yourself tax software program. These programs are not always bad, some tax filers find these systems helpful and may benefit. However, others could set themselves up for additional problems in the future.
Life in the military is not the same as the life of a civilian. Those in the military are often required to move for training and other obligations. The basics of their compensation can be different than those who work within the private sector. Due to these and other considerations, the tax filings of a military serviceman are often more complex than their civilian peers.
The Internal Revenue Service (IRS) is in the midst of a very stressful January. In addition to the passage of a new tax law, the federal agency has also had to deal with a government shutdown.
The Internal Revenue Service (IRS) has experienced a number of budget cuts in recent years. These budget cuts have made it difficult for the agency to maintain the staff needed to provide quality tax administration. This reality has led many tax advocates to voice concerns about the agency’s ability to administer the new tax law.
President Donald Trump signed the recently passed tax reform bill into law earlier today. The bill makes a number of changes to tax law. Two of the main changes include a reduction in the top individual tax rate. This rate is currently set at 39.6 percent and is reduced to 37 percent.
The New Year is less than a month away. There are some important tax steps to take before that first bit of confetti falls. Three of the more general examples include:
The Internal Revenue Service (IRS) has a number of tools to gain payment. A taxpayer that is accused of failing to meet his or her tax obligations could become the victim of one of these tools. Examples include a levy, garnishment, lien, seizure or other collection matter.
As a business owner, you already understand the importance of building wealth. While many are building wealth through traditional means (i.e. Roth IRAs, 401k plans), most are unfamiliar with the concept of self-directed IRAs. Moreover, they don't know how a self-directed IRA can be beneficial in growing one's business.
With December coming next week, the holiday season will be in full swing and businesses of all sizes will be solicited by charitable organizations for donations. The proverbial benefits to making these types of donations are that a needy group will benefit, and the business making the donation will benefit with a tax break.
As a business owner, you may probably cringe at the sight of a plain brown envelope marked with the Internal Revenue Service’s address, also marked with the phrase “official government business.” If you have received this envelope, chances are that you are going to be audited by the IRS.