Do you have money sitting in an employer-provided 401(k) account? Do you owe back taxes to the Internal Revenue Service? If so, your retirement funds may be up for grabs if the IRS imposes a tax lien on your account. In a few cases, the IRS has the authority to seize your 401(k), so it's important to find out which circumstances fall under this provision if you want to keep your funds safe.
When a loved one dies, taking care of tax matters may be the very last thing on your mind. However, some tax issues may come up in the months after death. If you are the surviving spouse or parent, you'll want to begin planning so that you can arrange your loved one's affairs. Knowing how to handle taxes after a child's or spouse's sudden death can make it easier for you to care for financial matters such as estates and tax returns.
Do you dread tax season each year? If so, getting a jump on your tax preparation now can help you avoid the stress of trying to make the filing deadline. Here are three tips to help you prepare for filing your taxes next year.
Raising a child can cost a lot of money, so parents will want to take advantage of every tax break they can get. Fortunately, the IRS allows parents to claim several tax breaks based on their child care expenses. The key is learning which deductions you are eligible to claim. Here are four tax tips for parents who want to reduce their tax liability!
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f you have a credit card, you may be eligible for a rewards program. Credit card companies often offer rewards programs in an attempt to draw new customers. If you are a member of a rewards program, you may be subject to federal income taxes on certain types of rewards. Here is a review of which credit card rewards are taxable and which are nontaxable.
Finding an affordable nanny or baby sitter can be a real struggle for working parents. If you're fortunate enough to find a good nanny, you're likely to use his or her services on a regular basis. However, if you pay a baby sitter or a nanny often, you may actually be subject to a household employee tax or the "nanny tax".
When you make a late tax payment to the IRS, you might not think that doing so could damage your credit. In some cases, though, remitting a tax payment after the deadline could endanger your credit score. This could be a particular issue if you are subject to an income tax lien or if you have to use a high-interest credit card to pay your balance. Here's a look at how paying your taxes late could affect your credit score.
As the name implies, a health savings account (HSA) is a bank account where individuals can save money toward current and future health care expenses. In a way, an HSA serves as a 401(k) fund for health care costs, because it allows individuals to save money for a specific purpose while earning interest on the funds. While anyone can have an HSA, there are requirements for those who want to use their expenses to gain income tax benefits. Here are a few of the tax benefits of a health savings account.
The IRS has the federal authority to impose a tax levy to collect outstanding tax balances. In these situations, taxpayers' and business owners' property may be up for grabs and sold at auctions to cover the back tax debt. However, the IRS does not have the authority to take everything a person owns. Here's a look at which accounts are subject to an IRS levy.
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re you a business owner who owes back taxes to the IRS? If so, your accounts receivable may be fair game if the IRS decides to impose a tax levy. If you want to protect your receivables and make sure they are paid to your business, you'll have to familiarize yourself with the IRS regulations that govern tax levies on accounts receivable.
