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January 2017 Archives

New year, new scams against taxpayers

Tomorrow is Groundhog Day, the annual day when a prediction will be made as to when spring will actually come. For those who are unfamiliar with the tradition, if the groundhog sees its shadow, there will be six more weeks of winter. If no shadow is seen, spring is likely to come sooner.

How to safely stop IRS collections

Everyone has to file taxes. We may not like doing it, but it is required by law. This means that, if we do not file on time or do not pay the taxes we owe, there are serious consequences. If you are struggling financially or are overwhelmed with debt, it is understandable that paying taxes seems impossible for your family right now. However, you have options. The worst thing you can possibly do is ignore the IRS.

Ways to earn nontaxable income

Now that tax season has officially opened (as announced by the IRS), many taxpayers are seeking advice on how to reduce their taxable income. This is commonly accomplished by finding as many deductions as legally possible. The math is pretty simple; the more deductions you have, the lower your taxable income goes.

Are you guilty of ignorance or tax fraud?

For most people, dealing with the IRS may not be at the forefront of their plans in January, especially when they have not received their w-2’s or corporate bonuses from the past year. Nevertheless, what you do between now and the federal income tax filing deadline (April 15) could subject you to civil or criminal penalties depending on how it is viewed by tax authorities.

Things that growing small businesses should be concerned with

If you are starting a new business this year, or are aspiring to grow an existing business in 2017, your goals are certainly attainable. However, there are a number of legal issues that could be missed in the midst of your ambition. If the potential problems are ignored, they could end up hampering the business’ growth.

Why your tax pro may contact you at this time of year

During the holiday season, it is so easy for small business owners to forget about their tax professionals and accountants; especially when it comes to year-end spending and charitable donations. After all, the spirit of the season leads people to be generous and kind towards their fellow man. While this is normally a good thing, the tax consequences may not be considered.

Yes, Sometimes The IRS Is Willing To Compromise

Each year, millions of Americans struggle to pay their tax bills. For those who fail to take action and either reach out or respond to the IRS, the agency may eventually resort to filing a tax lien or garnishing wages to recoup some or all of a tax debt. To avoid suffering these types of personal and financial setbacks, tax payers who are not able to pay a tax bill would be wise to explore their options with regard to qualifying for an IRS offer in compromise.

What to expect with the 2017 tax season

We want to begin our first post of 2017 by wishing our readers a Happy New Year. With the new year comes new beginnings, and undoubtedly resolutions. One of the most popular is a promise not to procrastinate. While some may abide by this and get more things done, the federal government is not one to keep people waiting when it comes to tax filing season.

Many millenials don't deal with the IRS

Indeed, millenials see the world differently than Generation X’ers and baby boomers. They handle relationships, employment and technology quite different than how other generations. Because of this, it is not surprising that they handle the issue paying taxes differently too.

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