Tag: tax questions

The old saying that “nothing is certain in life except death and taxes” has never been truer, or more frightening. In the current environment, fear of the IRS is creeping in, and nothing will get your heart racing quite as fast as opening the mailbox and finding a letter from them. When the IRS contacts you, you might think that there is nothing else to do. You may worry that you will have to liquidate your assets to afford what the IRS says you owe. The good news is that…

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No one like to receive letters from the IRS. The enforcement efforts ramp up at the IRS, the number of letters and communications landing in mailboxes is continuing to increase and one of them could land in your mailbox if the IRS says that you have a tax liability. If you do receive a letter from them, it is important to move fast, especially if you cannot afford to pay what they says you owe. You may be tempted to ignore the situation or do nothing, but every day you…

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Proper tax planning is a year-round proposition, not last minute at the tax return season. You cannot afford to wait until taxes are due to start planning them and assessing your tax liability. Knowing which factors can raise your taxes is one of the best ways to keep your hard earned money in your pocket. These five factors can unexpectedly raise your tax liability at the end of the year. Note: If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt.…

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More and more people have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. Since people are working remotely due to COVID-19, this accelerated this trend. Working as a freelancer or gig worker can also open up a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability to…

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Tax filing season is probably the worst time of year if you are a procrastinator. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference. Most Americans voluntarily file and pay their taxes. Most people explain it by saying they want to…

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Taxes are one of those subjects that people hate to talk or think about, especially if they anticipate owing money in back taxes every year. That’s probably the reason why many taxpayers wait until the very last moment to prepare for tax season. It’s also why around 14 million Americans find themselves receiving threatening letters from the Internal Revenue Service (IRS) and the reason why they are in some sort of collection proceedings. With a new administration taking office in January 2021, more tax law changes are almost certain. COVID…

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