Tax Season 2021, What You Should Consider

As you read about the changes that are happening this tax season, you’ll learn: You have extra time to get your taxes filed, and the standard deduction has been increased. Many of the deductions and credits you were previously familiar with have been tweaked in some way and often to your benefit. Issues such as…

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What is an IRS Revenue Officer?

You were surprised to get a letter from the Internal Revenue Service. Even more surprising was that the IRS wanted to send out a revenue officer to talk to you.  It’s not common for people to deal with these officers directly, but they could if the IRS finds that they cannot collect debts from you…

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Get Help With Tax Preparer Mistakes

Even people who don’t have particularly complicated tax returns often rely on professional tax preparers for all sorts of reasons. They want to ensure that they take advantage of all possible deductibles and credits, they can’t keep up with all of the changes to the tax laws, and/or they simply don’t have the time or…

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Padding Your Tax Deductions Could Lead to Audits & Fraud Charges

Importance of Tax Deductions Deductions are a critical part of the United States tax code because they allow people to reduce the amount of tax they have to pay because of other payments they have already made or donations to charitable causes.  People can write off business-related expenses both incurred as part of a job…

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How to stop IRS wage garnishment

If you owe the IRS money, it’s critical that you do whatever you can to make things right. One thing is for sure: The IRS won’t go away until you pay back every last cent that you owe. Depending on the circumstances, the IRS may garnish your wages as a means of collecting the money…

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The Odds Of An IRS Tax Audit

Your Chances of Being Audited Are Low Does the fear of a tax audit sometimes haunt your dreams or keep you up at night? If so, you’re not alone. Nobody really wants to deal with an audit, especially since even a simple mistake can expose you to fines, interest and other penalties. Well, this may…

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What Happens if You Overpay Taxes?

Woman going through bills, looking worried

You were so cautious about paying your taxes on time that you made an error on the return. That simple error meant that you overpaid by a few hundred dollars, which you’d like to get back from the Internal Revenue Service. Did you know that you are able to request a refund if you overpay on your taxes? You may…

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People Do Make Tax Mistakes

crumpled tax form mistake

Do you feel nervous when you do your taxes? Maybe you don’t want to pay someone to do it for you — or you can’t afford it — and yet you are well aware that no one ever taught you how to do your taxes. You just try to fill out the forms as well as you can, constantly worrying…

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Underpaid Taxes – What To Do

penalty notice stamped on paper

If you are like most Americans, you may get a little creative in your efforts to reduce your tax obligations and maximize the percentage of your annual income that stays in your accounts. Unfortunately, if you underpay your taxes because you get a little too aggressive with your attempt to avoid taxes, you may receive a notice of deficiency from…

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Does IRS Disclosure Form Increase Audit Risk? – IRS Form 8275

tax audit stamp on tax return papers

Some people wonder if they submit the IRS form 8275 with their tax return that they will be subjected to an increased risk of audit, but this isn’t necessarily the case. There isn’t anything in the tax code that requires the IRS to audit returns based on the inclusion of this form. The form 8275 is used when there is…

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