Taxes can be a daunting and overwhelming experience for many people. It's not uncommon to see individuals try to tackle the process themselves using online tax preparation software or by asking family members for help. However, doing this is much more complicated than it seems, as even small mistakes on your taxes can result in huge fines. Here are 10 reasons why you should hire an accountant instead of trying to do it yourself! It relieves the trouble of doing it on your own

When most people file their taxes, they pay a portion of their income to the government. When filing a tax return, those who are seeking for a strategy to lawfully reduce or eliminate their tax liability should take advantage of specific tax benefits. Tax Deductions A tax deduction reduces your taxable income, lowering your tax payment. You reduce your taxable income by deducting the amount of the tax deduction from your earnings. Your tax burden will be smaller if you have a

The Internal Revenue Service (IRS) has announced that it will provide tax relief to victims of severe storms, straight-line winds, and tornadoes in Alabama. The IRS will grant extensions for taxpayers who reside or have a business located in the counties designated for federal disaster assistance. Taxpayers are receiving an extension to file their return, without having to pay any penalties or interest on their taxes due. Additionally, if the taxpayer is unable to file becaus

At the end of each year, many people find themselves still fighting to get their taxes done. It's not uncommon for a person to have an unfiled tax return from one or more years. This is not a good thing, as it can lead to penalties and interest that you may not want to pay. The unfortunate truth about unfiled tax returns is that it's a significant offense to fail to file your tax returns. Perhaps while there won't be a statewide manhunt for late returns, you could face signif

The IRS has various penalty abatement programs for those who qualify. The penalties that are eligible for relief include the following: Failure to File Penalty, Late Payment Penalty, Underpayment of Estimated Tax Penalty, and Accuracy-related Penalties (including underreported income or overstated deductions). These penalties can be costly and time consuming if not properly addressed. Find out more about these IRS penalty abatement programs and if you qualify! IRS Penalty Aba

The IRS Fresh Start Program is a program designed to help taxpayers who owe back taxes. One of the less publicized features of this program is Currently Non-Collectible Status (CNC). The status of CNC is given to taxpayers who have been found unable to pay their outstanding tax debts by the government. The IRS collection process is temporarily halted when an account is labeled as CNC, which means no harassing letters, intimidating phone calls, or threatening levies will be se

Many people find themselves in debt because of their taxes. The IRS is not forgiving when it comes to unpaid tax debts, and the penalties for non-payment can be severe. While you may have been trying to avoid paying your taxes by delaying filing your return or failing to file at all, now that you owe the IRS money and are looking for a way out, an installment agreement might be what you need. An installment agreement with the IRS allows taxpayers in combined tax liabilities c

Offer in Compromise is a way for taxpayers to settle their tax debt without going through the whole process of bankruptcy. It is offered as an alternative to filing for bankruptcy and gives you time to get back on your feet financially. An Offer in Compromise means that the IRS will take less than what they are owed from you, but it doesn't mean that they won't collect anything at all. In this blog post, we'll talk about how much does offer in compromise cost and who qualifie

What happens when the IRS comes knocking at your door? Do you ignore them and hope they go away, or does the thought of paying back taxes make you feel sick to your stomach? The IRS has been a huge pain for many people. When the tax deadline comes around, many of us have to scramble to make sure we've paid everything that is due from last year. There are also those who find out they owe money because they didn't report all their income or haven't filed in years. And then ther

The Internal Revenue Service (IRS) is sending millions of letters to families who qualify for monthly Child Tax Credits; payments start July 15. The American Rescue Plan Act, which was passed in March, enabled the expansion and advancement of the Child Tax Credit. The letters are being sent to families who may be eligible for an Economic Impact Payment based on information contained in their 2019 or 2020 federal income tax returns. Families who are qualified for Child Tax Cre

Tax reform is on the way, and it's going to impact your finances in a big way. If you're not sure what that means for you, this article will give you an overview of what changes are coming up. We'll also talk about how these changes could affect you so that you can plan accordingly. 2020 CARES Act Provision Extensions It's quite clear that many provisions that are relevant today are ones that were supposed to be left behind in the last year. Considering the ongoing pandemic,

What is the IRS Fresh Start Program and what does it do? The IRS Fresh Start program is a tax relief program that provides taxpayers with an opportunity to have their taxes adjusted and assessed by the IRS. This can be very beneficial for those who owe back taxes, are in debt, or just want to better assess their current financial situation. The IRS Fresh Start Program has many benefits including: Reducing your income tax liability Eliminating penalties and interest on your de

You’re not alone if you owe #backtaxes. In fact, many people are in the same predicament as you - millions of Americans owe the #IRS and this is a perfect time to rethink your finances before it becomes too late! If falling behind on payments has been going on for months or years without any action taken then things have probably gotten out of hand – but never fear, there are options available so that one small mistake doesn't lead to bigger ones down the line. Here are the