If you're in the unfortunate position of owing past due income taxes to the Internal Revenue Service, you may be feeling concerned about what the agency can do to try to collect these funds from you. You may even be unsure about how to go about resolving this matter appropriately. Learning what you should do about past due income taxes is important, because the longer this situation goes on, the worse the possible consequences can be. Here's what you can do to resolve a past due income tax bill.
The John McAfee drama continues to unfold in Central America as the eccentric multi-millionaire is recovering following two minor heart attacks. The founder of the pioneering antivirus software company, which bears his name, is currently being held in a police-run hospital in Guatemala after his request for political asylum was denied. McAfee is to be returned to Belize where he is wanted for questioning in relation to the death of his neighbor, Gregory Viant Faull[1].
Are you in the process of selling your home? Did you know that your home sale could have an impact on your income tax liability this year? Depending on the amount of gain you receive on your home sale, you could end up owing Uncle Sam a hefty tax bill. You might also have to pay the IRS if you use a short sale to dump a bad mortgage loan. Here are a few considerations to help you see how selling your home impacts your income taxes.
Most American taxpayers qualify for tax deductions and credits on their income tax returns. However, many of the most common tax deductions tend to disproportionately favor the wealthiest individuals. One of the main reasons for this is that deductions are only valid up to the income tax bracket that applies to the taxpayer. Since the wealthy tend to fall into a higher tax bracket, they often qualify to deduct a higher percentage of their income than those who earn lower income amounts. Here are a few IRS tax deductions that benefit the rich more than the middle class.
One of the main things that retired individuals look forward to is not having to worry about earning an income. However, without the proper planning, some retirees may find themselves in a precarious financial situation. This is because some retirement payments are considered taxable by the IRS, which can lead to unexpected financial troubles. Some of the common tax concerns for retired individuals include questions about the income tax liability of benefits and investment income.
Members of the United States military are often lauded for their courageous service. However, these service members often face specific tax situations that require a bit more knowledge than a traditional tax return. The IRS has made a few considerations for military tax issues and it's in the best interest of these individuals to learn about these considerations so they can avoid excessive taxes. Here are a few tax tips for members of the military.
Small businesses face unique challenges at income tax time. Business owners are more likely to be audited than individual taxpayers and the complex forms and deductions may seem a bit overwhelming. The good news for these entrepreneurs is that the Internal Revenue Service has designed several credits exclusively for small businesses. Since these companies have to foot the bill for many of their own operating costs, taking advantage of these credits can make the difference between an affordable tax bill and a staggeringly high balance due. Here are just a few of the IRS tax credits for small businesses.
prospect of an IRS tax audit? If so, you may understandably be worried about the possibility of paying additional taxes as a result of the audit investigation. No one likes dealing with an IRS audit. However, there are ways you can avoid additional stress during the procedure. Here are few suggestions as to how to reduce problems during an IRS tax audit.
Towards the end of the year, some charitable organizations typically place ads for vehicle donation as a tax deduction. While it's true that the IRS allows taxpayers to take a tax deduction when they donate a vehicle, there are several things that must be kept in mind in order to get the maximum deduction for your contribution. Here are a few tax tips for donating a vehicle to charity.
Many taxpayers who owe large amounts of back taxes to the IRS set up IRS installment plans in an attempt to clear up their accounts. These installment plans can be a convenient way to pay off back taxes without putting an unnecessary strain on an individual's budget. While an IRS payment plan may seem like a good idea in theory, there are a few situations where signing up for this type of plan may not be the best solution. Here are some of the advantages and disadvantages of IRS installment plans.
