Federal taxes are due on April 17 this year, but those extra two days won't help small business owners fix a looming tax bill. If you haven't set aside enough to pay your business's income taxes, what can you do?
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.
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.
There are many reasons why leaving a federal tax debt unaddressed for a long period of time can be very problematic for a taxpayer. One is that unpaid federal tax debts gather interest. This interest generally gathers daily. It applies to the underlying debt and the penalties and past interest connected to such debt.
Taxes can put burdens on a person. This is among the things that might lead some to assume that Americans, generally, hate taxes. However, data and research paint a different picture on how Americans view taxes.
What might be worse than having the Internal Revenue Service come after you over a tax debt? Having a party other than the IRS come after you over such a debt, suggests a recent letter issued by four U.S. senators.
Might state income taxes impact how competitive a state’s sports teams are? A recent informal analysis by an economist looked into this issue.
In addition to their federal tax liability, another thing that can have major financial implications for a person is what kind of state and local tax liability they have. States vary considerably in what level of taxes they place on their residents.
Among the things an unpaid tax debt can expose a person to are tax liens. A tax lien can have many impacts on a taxpayer, including credit ramifications. Tax liens can show up on a person’s credit report, potentially significantly harming their credit score.
Sometimes, a person encounters an unpleasant surprise after divorcing their spouse. This could include an unpleasant tax surprise. For one, they might be informed by the Internal Revenue Service that their spouse underpaid taxes on joint returns they had filed. Upon such a discovery, one thing a person might be quite worried about is that they could face a large tax liability as a result of their ex-spouse’s conduct.