Did you know that you will most likely continue to pay taxes even during retirement? The tax is calculated based on your yearly income, much like how it was before your retirement. However, understand that different tax rules can apply depending on the type of income...
COVID-19 choked international travel in 2020, so this might have slipped under your radar with everything else happening in the world. But it's true: you might be denied a passport if you owe substantial taxes! If you have a substantial outstanding balance with the...
As a basic rule, every state requires residents who live within its borders to pay taxes irrespective of whether they work locally, telecommute or work completely remotely. However, a few states have what they call the 'convenience of the employer' rule, which...
Offshore banking typically involves an individual opening up a bank account in a foreign country that they do not reside in. Many people tend to believe the reason for holding one of these accounts is to evade taxes or hides assets. However, in truth, there are a...
As a basic rule, every state requires residents who live within its borders to pay taxes irrespective of whether they work locally, telecommute or work completely remotely. However, a few states have what they call the 'convenience of the employer' rule, which...
The IRS has announced (IR-2021-16) it will begin accepting and processing 2020 tax returns on February 12, explaining that a later start date gives the agency more time to program and test its systems following end-of-the year tax law changes that included a second...
IRS Has Yet to Process Millions of Individual and Business Tax Returns from Last Filing Season In a recent foxbusiness.com article about the IRS National Taxpayer Advocate (NTA) annual report, it states that as of November the IRS still had 7.1 million unprocessed...
Every year, Americans have to file a tax return. In some cases, tax returns are relatively straightforward. You just fill in your income and the amount you've paid, then either receive a tax return or, in many cases, pay in any taxes that you owe. Sometimes, however,...
The IRS announced that it intends to ramp up its audits of small businesses by 50% in the coming year. This could impact businesses of all types and sizes, from closely-held family businesses to startups that have historically drawn little IRS attention. To help...
The first step in understanding tax liens is to know what exactly a tax lien is. In general, a lien acts as a guarantee of the payment of a debt. When the IRS makes a legal claim over your property, it is a lien. The IRS can file a tax lien against the assets of an...
