The national tax overhaul of last year implemented significant tax cuts for private citizens and corporate entities alike. Not to be outdone, Missouri governor Eric Greitens has announced a plan to slash tax rates statewide. If the governor’s proposal is successful, Missouri taxes could be reduced by an estimated $800 million.
Delinquent taxes could affect your ability to travel
Tax debts can affect more than just your finances—they can also affect your ability to travel. If you have outstanding tax payments, you may find that they can have a significant effect on your passport. The IRS has released a new notice that details how your tax debts may impede your future travels.
How to pay taxes on cryptocurrencies like bitcoin
Over the past year, cryptocurrencies like Bitcon and Ethereum have soared in popularity. Once an underground trend known only to a select few investors, cryptocurrency is now better known than ever. But as more people choose to invest in Bitcoin and other cryptocurrencies, they are encountering an issue that they probably hadn’t thought about: How to pay taxes on it.
Tax avoidance vs. tax evasion
Everyone has to pay taxes, and everyone usually tries to pay as few taxes as possible. There are a few legal ways to use the tax code to one’s advantage. This is generally considered tax avoidance, and it is not necessarily a bad thing. There are also a few illegal ways to exploit the tax system—and this crosses the line into tax evasion.
Owe the IRS? Here are a few things you should know
Owe back taxes to the IRS? You may feel as if the sword of Damocles is constantly hanging over your head. If you have a delinquent tax return, you are eventually going to have to face it down and pay the required amount. The Internal Revenue Service can be an intimidating entity, but you are not powerless against it. When the time comes to deal with your delinquent taxes, there are a few helpful things that you should know.
