Once an offer in compromise is accepted and you are paying the compromised amount off in installments, it is more important than ever that you maintain compliance with your filing requirements, estima...
If your silent partner in your corporation has mismanaged corporate funds, the funds you invest in the corporation may be used to pay unpaid taxes from periods in which you held stock in the corporati...
A Notice of Deficiency, also known as the 90-day letter, from a government agency is the official written claim by such agency determining that you owe income taxes, along with interest and penalties....
Even if you have never received a tax bill, you still owe any taxes due to you. As long as you are working legally in the United States and/or own property in the United States, you have the obligatio...
The IRS allows for monetary gifts to be given without taxation of between $1.00 and $14,000.00 (or the posted rate for that specific tax year) to anyone. This $14,000 maximum gift can be given to anyo...
IRS audits are among the most feared situations for most taxpayers, in part because they are so invasive and carry with them the potential for back taxes to be assessed, as well as the potential for a...
Forgetting to send tax documents with a tax return is a common occurrence. You can rest assured that no adverse action will be taken against you for forgetting to attach a W-2 form or other forms as l...
The unified gift and estate tax credit is the current shelter amount for gifting during ones lifetime and at ones death. When an estate is below the unified gift and estate tax credit limit, there wil...
A capital gains tax is essentially a tax on a profit made from the sale of a capital asset, and is assessed depending on the nature of the asset sold. For example, if you sell a rental house at a subs...
If you believe that someone is violating federal tax laws, the best way to report to the IRS is by filling out a 3949-A form. Fill out and print the form and mail it to the Internal Revenue Service Ce...
The IRS cannot freeze and seize monies in your bank account without proper notice. This is another tactic by the IRS to get your attention. Once your bank receives a notice of seizure of your funds, y...
A tax credit can reduce or eliminate your tax obligation. One such credit is the unified tax credit, so named because federal Gift and Estate Taxes are integrated into one unified tax system. The exte...
When it comes to income and taxes, all income is subject to tax. Income translates to gross income and 'gross income means all income from whatever source derived.' Gross income includes items such as...
Gift tax is the tax applied when one individual gives property to another and receives nothing, or less than the value of the property, in return---whether or not it is intended as a gift. Giving some...
The overall limitation on miscellaneous itemized deductions, captured on Schedule A, based on your adjusted gross income, no longer applies in 2018 because of the 2017 Tax Cuts and Jobs Act. However t...
There are four main types of deductions available on your pesornal income tax return: business deductions, above-the-line deductions, itmemized deductions, and the standard deduction. Business deducti...
How are alimony and child support payments taxed?...
Taxable income is calculated by starting with gross income, subtracting excluded income and exemptions (removed in 2018), and subtracting allowable deductions. In determining what items of income and ...
When does the estate tax kick in?...
There are several kinds of taxes that are deductible, but not all deductions are available for all taxpayers. Most tax deductions are available only on Form 1040. State and local income taxes (or if ...
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