Tax Articles

What Do I Do After Receiving A CP-14 "Balance Due" Notice From The IRS?

The IRS sends out a CP-14 notice because you owe money on unpaid taxes. Whether you agree or disagree with the amount or think the IRS...

What Is Taxable Income? How Is It Calculated?

Taxable income is the portion of your gross income that the IRS determines to be taxable annually that consists of both earned and...

Filing The Final Tax Return For A Deceased Taxpayer

The final tax return for a deceased person is filed by their surviving spouse or legal representative. The surviving spouse or...

Here Are Different Methods To Pay Off Back Taxes

Owing taxes can be stressful especially if you're not able to pay them on time. In most cases, taxpayers would face penalties and...

How Do I Respond To A Wage Garnishment Judgment?

Wage garnishment is a legal procedure in which a person's earnings are required by court order to be withheld by an employer for the...

Attention Tax Extension Filers! Don't Forget To Consider Tax Benefits When Filing Your Returns!

About 19 million requests for filing extensions until October 17 were submitted to the IRS this year. During this time, the IRS reminds...

IRS Is Refunding $1.2 Billion In Late-Filing Penalties To 1.6 Million Taxpayers. Do You Qualify?

Qualifying taxpayers are about to see a $750 increase in their bank accounts very soon. On August 24, the IRS agency issued a notice,...

My Offer In Compromise Was Rejected, What Are My Next Steps?

If you're feeling frustrated after receiving an Offer In Compromise rejection letter, try not to worry. An Offer In Compromise isn't the...

Is Your State Set To Tax Federal Student Loan Forgiveness?

There are potentially 13 states that could treat President Joe Biden's student loan forgiveness plan as taxable income for borrowers....

Penalty Abatement: The Do's & Don'ts

Penalties and interest begin to accrue when tax payment deadlines are missed with no tax returns being filed. The most common penalties...

Colombian Singer-Songwriter Shakira May Potentially Face 8-Years Of Jail Time Over Alleged Tax Fraud

Shakira Isabel Mebarak Ripoll, also known as "Shakira" as her stage name, may have made a tax mistake but Spanish officials have not yet...

The Inflation Reduction Act Of 2022 Will Not Be Closing The Carried Interest Tax Loophole

Democratic tax reformers have long sought to close the carried interest tax loophole, but Arizona Senator Kyrsten Sinema, who has gotten...

Expanded Child Tax Credit: Is Your State Considering To Send Child Tax Credit Checks?

Since families with high incomes pay a smaller percentage of their income in taxes than those with low incomes, the Child Tax Credit...

Your Business Owes Back Taxes: What's Your Next Step?

When your business owes the IRS money, a flow of consequences follows you around until the tax debt is paid. The IRS will withhold any...

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