If you own a small business you can’t be expected to be a tax expert as well. However, here is some tax advice that may … Read More
When Loans are Taxed as Income
Most folks know when they take out a loan it’s not treated as income and therefore there is no tax to be paid on it. … Read More
IRS Taxpayer Advocate is There to Help the Taxpayer
Believe it or not the IRS has an independent department known as the Office of the Taxpayer Advocate which is an independent part of the … Read More
Avoid the IRS Taking Your Paycheck!
The IRS has the ability to take up to 75% of your paycheck (it doesn’t matter if you’re salaried or hourly). The IRS will only … Read More
What is an Offer in Compromise?
An Offer in Compromise is when the IRS does a detailed analysis of your financial situation and determines that they are better off accepting your … Read More
IRS Continues to Battle With Swiss Bank Accounts
The IRS battles with Swiss banks have been well publicized, but the IRS is now pursuing IRS tax evaders with more vigor everywhere. Last year, … Read More
Wage Levy Looming?
If you have an IRS debt you need to understand how IRS wage levies work. The IRS can take the majority of your paycheck. They’re … Read More
IRS Audit Chances
According to the IRS, audits are relatively rare, just 1.1% of individual returns filed in 2009 were audited in 2010 and 78% of those will … Read More
Audit Reconsideration
If you have just been audited by the IRS, but you disagree with the results, what can you do? Audit Reconsideration. You have the ability … Read More
Innocent Spouse Relief Rule Changed
IRS Commissioner Doug Shulman announced that the IRS is doing away with the two year requirement for innocent spouse relief. The innocent spouse rule allows … Read More