The standard deduction is a specific amount that you can deduct from your taxable income before calculating your taxes. The amount of the standard deduction varies depending on your filing status and is adjusted annually for inflation. Itemizing deductions means that you can deduct certain expenses from your taxable income, such as mortgage interest, state … Read more
Understanding IRS Special Agents The Internal Revenue Service (IRS) employs Special Agents as part of its Criminal Investigation (CI) division. These agents are tasked with investigating suspected criminal violations of tax laws. Circumstances for a Home Visit IRS Special Agents may visit a taxpayer’s home in specific situations, including: Overdue tax bills Unfiled tax returns … Read more
Tax avoidance refers to legal strategies employed to reduce tax liability without violating tax laws. It differs from tax evasion, which involves illegal means to avoid paying taxes. This guide will delve into the concept of tax avoidance, exploring its various forms and providing real-world examples. Forms of Tax Avoidance Tax avoidance techniques can be … Read more
Depositing money into a savings account is a common practice for individuals to manage their finances. However, it is important to be aware of the potential tax implications associated with these deposits. This guide will delve into the topic of whether or not you have to pay taxes on money you deposit into a savings … Read more
Tax season is a time of year when many people eagerly anticipate receiving their tax refunds. However, for some, the wait for a refund can be longer than expected. This article will explore the reasons why some people are still waiting for their tax returns and provide guidance on how to track the status of … Read more
Cashing checks is a common practice for many individuals, but it is important to be aware of the potential implications for tax purposes. This article will explore whether the IRS can see checks you cash and discuss the consequences of failing to report your income. IRS Monitoring of Check Cashing Generally, the IRS does not … Read more
The Internal Revenue Service (IRS) has the authority to impose a levy on an individual’s property or income to collect unpaid taxes. However, there are certain circumstances under which a levy can be reversed or released. Grounds for Levy Reversal According to the IRS, a levy may be released if the taxpayer: Pays the amount … Read more
In the United States, the Internal Revenue Service (IRS) collects taxes on most forms of income. However, there are certain types of income that are exempt from federal income tax. This means that you can earn this income without having to pay taxes on it. Here are 11 ways to make tax-free money legally: Gifts … Read more
Filing taxes on time is crucial to avoid penalties and interest charges from the Internal Revenue Service (IRS). However, if you find yourself in a situation where you owe nothing on your taxes but failed to file them by the deadline, it’s essential to understand the consequences and take appropriate action. No Penalty for Late … Read more
Limited Liability Companies (LLCs) offer a unique blend of flexibility and liability protection, making them a popular choice for business owners. However, navigating the complexities of LLC taxation can be a daunting task. This guide will delve into the intricacies of LLC taxation, empowering you to make informed decisions about the optimal tax structure for … Read more