There are various times when making incorrect assumptions can wreak considerable havoc on a person’s life. One of these times is tax filing time. Making incorrect assumptions when it comes to one’s taxes could result in a person making critical mistakes in their tax filings. Such mistakes could put a taxpayer under significant IRS scrutiny, and subject them to the many impactful things that can go along with such scrutiny.
For a small business owner, there are many mistakes that could have serious ramifications for their business. Tax mistakes certainly fall into this category. Allegations of having made such mistakes could expose a business to intense Internal Revenue Service scrutiny, audits, a big tax bill or tax penalties.
Divorces can impact all manner of areas of a person’s life. This includes an individual’s tax situation. For one, a divorce impacts a person’s tax filing status. And this is just the tip of the iceberg of the tax implications of divorces. Examples of things a divorce and what happened in the divorce can affect for a person tax-wise include:
Tax season is upon us. Among the things this means is that taxpayers are seeing a lot of tax documents. Sometimes, changes are made to such documents. Recently, some changes were made to a tax form that regards something many people here in the U.S. claim deductions in relation to: mortgage loan interest payments. We discussed deduction issues related to mortgages in a previous post.
Many people view interactions with the Internal Revenue Service negatively and as something to dread. There are various reasons for this. One is that such interactions sometimes happen in very stressful and high-stakes situations, such as situations in which a taxpayer is accused of having done something wrong on their taxes or told they owe more in the way of taxes than they thought they did. Another is that there is a certain degree of intimidation a person can feel when dealing with a major federal agency that can take enforcement actions that could have major impacts on a person’s life.
Those who like to try their luck at slot machines, as well as the gaming industry as a whole, received something of an early gift during the holiday season courtesy of the Internal Revenue Service.
The main way people pay their taxes over the course of the year is through having a portion of their wages withheld. However, this is not the only method for during-the-year tax payments. Another major type are estimated taxes.
Interactions with the Internal Revenue Service can be much more high-stakes than your typical interaction. What a person does and how they act when it comes to such interactions can have considerable implications on them and their wallet.
When a taxpayer disagrees with a decision the Internal Revenue Service made in a tax matter involving them, one avenue they might have available is to pursue an appeal. IRS appeals can be very complex matters. One reason for this is the plethora of rules and practices the IRS has regarding the handling of such cases. Among these are practices regarding who within the IRS has the authority to make certain decisions, like settlement decisions, in matters related to appeals.
Paying off a tax debt through an installment agreement with the Internal Revenue Service involves a variety of things. One is paying a user fee to the IRS.