Anyone who is facing a large unpaid tax debt may feel overwhelmed by the prospect of having to repay the entire balance in order to avoid a tax lien or an IRS tax levy. Some taxpayers may even consider filing for bankruptcy protection to get immediate relief from their debt. If you're thinking about filing for bankruptcy to get relief from your tax bill, there are a few things you should consider in advance.
If you're in need of tax assistance, you may find that there are several different kinds of
tax professionals for hire. The type of tax expert you need, though, depends greatly on the specific tax situation you're dealing with and how much assistance you require. There are some tax professionals who are ideal in small, uncomplicated situations and there are tax experts who are highly qualified and trained to deal with complex financial concerns. Knowing when to use specific tax experts will help you to choose the best professional for your situation.
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If you're used to filing your taxes in April of each year you may not be thinking about the possible tax law changes you'll face in 2013. But, even though the end of the year is a few months away, it's a good time to find out what you can expect in the new tax regulations. Several tax provisions that have been in effect for the last few years are set to end in the new year, so preparing yourself in advance can help you think about some tax filing changes you might to make.
If tax time is a depressing time of year for you, you may be tempted to put off your tax preparation until the last minute. However, if you begin getting ready for the new tax year now, you'll find that your preparation will be much easier closer to the deadline. Early tax preparation is even more important if you're expecting to pay a large amount of taxes, since you may be able to take steps now that can reduce your tax liability next April.
As you approach retirement age you may be thinking about how you can best prepare for this next stage of your life. One area you may not be concerned about, though, is how your changing life may affect your
income tax liability. People over 50 may be able to claim some unique tax deductions, particularly for medical costs, insurance and retirement distributions. Here are a few tax tips if you’re over 50:
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Do you have unfiled IRS income tax returns from previous years? If so, you can clear them up by filing the returns in question at any time. Here are a few guidelines to help you clear up your unfiled IRS income taxes.
The IRS offers innocent souse relief in very limited tax situations. This arrangement allows spouses who were not involved in the tax fraud or errors perpetrated by their husbands or wives to be absolved of tax liability. However, qualifying for IRS innocent spouse relief can be a complicated process.
If you're a married taxpayer, you can decide to
file your income tax returns with or without your spouse. While the IRS offers both filing statuses it's always important for each individual to decide which option is best for their situation. Once you've learned about the basics of each status, you'll find it simpler to choose the filing status that gives you the biggest tax break. In a few cases, however, it may be best for an individual to file separately from his or her spouse even though doing so might result in a larger tax bill.
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Are you looking to make a few dollars over summer vacation? If so, you may not be thinking about the tax implications of your extra earnings but you may have to deal with a few tax issues particularly if you make more than a certain amount over the summer. Here are a few tax tips for summer jobs that you'll need to be aware of before you get hired.
If you've recently gotten divorced you may be feeling somewhat overwhelmed by the process of starting over as a single person. However, one of the most important parts of your life that you need to protect right now is your financial well-being. Even after your divorce is finalized there are a few tax tips for the divorced that you'll want to follow to make sure your assets are well managed.
