The Internal Revenue Service (IRS) has the authority to seize assets to collect unpaid taxes. However, there are certain assets that the IRS cannot seize, as outlined by law. Understanding these exemptions can help protect your property from seizure. Assets Exempt from IRS Seizure The IRS cannot seize the following assets: Tools of the trade … Read more
When receiving a gift of money to help with a mortgage down payment, it’s important to understand the tax implications. Whether or not the gift needs to be reported to the IRS depends on the amount of the gift. Gift Tax Exclusion In 2023, the annual gift tax exclusion is $17,000 per person. This means … Read more
Understanding Inheritance Advancements An inheritance advancement, also known as an “advancement,” is a legal concept that allows individuals to distribute a portion of their inheritance to beneficiaries before their passing. This strategy enables individuals to witness the impact of their gift and potentially provide financial assistance to loved ones during their lifetime. How to Establish … Read more
Purchasing a home is a significant financial milestone, and it’s crucial to understand how outstanding tax liabilities can impact this process. This comprehensive guide will delve into the intricacies of buying a house with IRS debt, exploring the challenges, options, and strategies involved. Understanding Tax Debt and Its Impact on Homeownership 1. Tax Debt vs. … Read more
Navigating the complexities of tax filing can be daunting, especially when dealing with multiple returns. H&R Block, a renowned tax preparation service provider, offers a range of software options to cater to your tax filing needs. This article delves into the specific question: can you e-file more than 5 returns with H&R Block? By analyzing … Read more
Understanding Capital Gains Tax Capital gains tax is a levy imposed on the profit earned from the sale of an asset that has appreciated in value. This tax applies to various assets, including stocks, bonds, real estate, and other capital assets. Calculating Capital Gains Tax on $50,000 The amount of capital gains tax you owe … Read more
Form 27EQ is a quarterly statement used to report Tax Collected at Source (TCS) in India. TCS is a mechanism where the seller of certain goods or services collects tax from the buyer at the time of purchase. The collected tax is then deposited with the government by the seller. This guide provides a comprehensive … Read more
The world of taxes can be daunting, especially for young individuals. As a 17-year-old, you may wonder if you need to file taxes. The answer depends on several factors, including your income, filing status, and whether you meet certain criteria set by the Internal Revenue Service (IRS). This comprehensive guide will delve into the intricacies … Read more
Navigating tax disputes with the Internal Revenue Service (IRS) can be a daunting task. However, taxpayers have the right to challenge IRS decisions and penalties through legal channels. This comprehensive guide will provide a detailed overview of your options for suing the IRS, including the different courts available, the procedures involved, and strategies for maximizing … Read more
Form 16 is a crucial document in the Indian income tax system. It serves as a certificate issued by employers to their employees, summarizing the salary paid and the tax deducted at source (TDS) during a financial year. This document plays a pivotal role in the process of filing income tax returns and provides valuable … Read more