Do you have an existing installment agreement with the IRS? If so, you may find yourself on the receiving end of a CP521 notice on occasion. What does this notice mean? Should you take any action upon receiving a CP521 notice?
Taxpayers who invest in real estate realize that the home mortgage interest deduction is one of the easiest and most commonly claimed real estate tax deductions. According to IRS guidelines, homeowners may deduct the home mortgage interest they pay during the year, as long as the property meets certain guidelines. If you've been wondering how you can claim the mortgage interest deduction, here's a primer on the requirements and qualifications.
Do you owe back taxes to the IRS? Are you seriously delinquent in repaying your balance? If so, you've probably already received quite a few written IRS tax notices from the agency. Dealing with an outstanding tax bill is never easy, but if you ignore or neglect your balance, the IRS can use forcible seizure to possess your assets and use them to clear up your account. By the time you receive a CP504 notice, you may not have much time to straighten your affairs. For this reason, you should take the CP504 notice seriously.
Most surprises, such as surprise parties, surprise gifts, and surprise reunions, are pleasant experiences. A surprise tax bill, though, is usually an unpleasant event. Many taxpayers receive income from sources they mistakenly believe are tax-free, so receiving a larger tax bill at the end of the year can be quite an unwelcome surprise. Here are a few income sources that you may be surprised to learn are taxable.
Having a baby is a fairly expensive endeavor in the U.S. and most of these costs begin during the pregnancy. According to the tax code, some pregnancy-related child expenses are tax deductible but others are not. Learning which maternity expenses you can deduct can help you keep good records throughout your pregnancy.
If you owe back taxes to the IRS, you may be watching your mailbox to see when the agency will contact you about your balance due. Fortunately, the IRS sends several written notices before taking legal action about your balance. If you've never received a written notice from the IRS, then chances are that your first contact with the agency will come in the form of a CP501 notice, which is generally followed by a CP502 notice. What are these notices? Should they concern you? Do you need to take any action after receiving one of these notices?
The Affordable Care Act, or ACA, goes into effect on January 1, 2014. Most people are aware that the ACA requires all U.S. citizens to purchase health insurance, but they may not know the way that the provisions of the ACA may affect their income tax liability. Tax professionals who will be preparing tax returns for 2013 will not have to deal with the implications of the ACA yet, since the law will affect returns in the 2014 tax year and after. However, understanding the Affordable Care Act can help preparers to offer advice and suggestions to their clients.
