Individuals who receive income from the sale of stocks, bonds, or other securities typically receive a Form 1099-B from their broker. This form reports the proceeds from these transactions and is essential for accurate tax reporting. Choosing the right tax software can simplify the process of entering and managing Form 1099-B data. This guide will … Read more
Taxpayers who have yet to receive their 2021 tax refund may be wondering about the reasons for the delay. This guide will explore potential causes and provide guidance on how to check the status of your refund and resolve any issues. Common Reasons for Refund Delays Errors on the tax return: Mistakes or omissions on … Read more
Failing to pay your taxes can have severe consequences, including penalties, interest, liens, levies, and even wage garnishment. The severity of these consequences depends on the amount of taxes owed. This article will specifically focus on the consequences and options available to taxpayers who owe between $10,000 and $49,999 to the Internal Revenue Service (IRS). … Read more
Navigating an IRS investigation can be a daunting experience, but understanding the signs and taking proactive steps can significantly improve your chances of a favorable outcome. This comprehensive guide will delve into the telltale indicators that the IRS may be investigating you, empowering you with the knowledge to protect your rights and interests. Signs of … Read more
The question of who bears the greatest tax burden in the United States has been a subject of ongoing debate. This comprehensive analysis delves into the latest data from the Internal Revenue Service (IRS) and the National Taxpayers Union (NTU) to provide a detailed understanding of the distribution of income tax payments across various income … Read more
Reaching retirement age is a significant milestone that often brings about changes in financial responsibilities and tax obligations. One common question that arises is whether individuals are exempt from paying income tax after reaching a certain age, particularly after turning 80. This article will delve into the intricacies of tax laws and provide a comprehensive … Read more
Tax season is a time of year when many people look forward to receiving a refund from the government. However, for some, the possibility of having their tax refund garnished can be a source of concern. In this article, we will explore the circumstances under which your tax refund can be garnished, who has the … Read more
When establishing a business, selecting the appropriate legal structure is crucial for determining tax liabilities and business operations. Sole proprietorship, a common choice for small businesses, raises questions about potential double taxation. This article delves into the concept of double taxation, explores the tax implications for sole proprietors, and provides insights into self-employment taxes and … Read more
Can a person legally refuse to pay their federal income tax? No, a person cannot legally refuse to pay their federal income tax. The Internal Revenue Code (IRC) requires all U.S. citizens and resident aliens to file an income tax return and pay any taxes that are due. What are the consequences of refusing to … Read more
The Internal Revenue Service (IRS) has several ways to track gifts you make to your grandchildren or other family members: 1. Filing Form 709: The primary method the IRS uses to discover gifts is through Form 709. This form is required for gifts exceeding $15,000. 2. Audits: During an audit, the IRS may uncover gifts … Read more