An IRS installment agreement is a formal arrangement between a taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to pay off their tax debt in monthly installments. While installment agreements can provide taxpayers with much-needed relief from the burden of tax debt, it’s crucial to understand the consequences of defaulting on the … Read more
Homeownership in Canada offers various financial benefits, including tax credits and deductions that can significantly reduce your tax liability. This guide provides a comprehensive overview of nine homeowner tax credits available to Canadian homeowners. 1. First-Time Home Buyers’ Tax Credit (HBTC) Available to first-time homebuyers who have not owned a home in the past four … Read more
An IRS audit is a review of an individual’s or organization’s financial records to ensure that the reported tax information is accurate and the correct amount of tax has been paid. Audits can be conducted through mail or in-person interviews, and taxpayers have the right to representation and appeal any proposed changes. This guide provides … Read more
The death of a spouse can be a difficult and overwhelming time, and dealing with taxes is often the last thing on a widow or widower’s mind. However, it’s important to understand the tax implications of your spouse’s death, including how it affects your filing status. Can I File a Joint Return After My Spouse … Read more
Receiving income under the table, also known as “off-the-books” or “cash payments,” refers to earning compensation for work that is not officially reported to tax authorities. While this practice may seem appealing due to the absence of taxes, it is crucial to understand the potential consequences and legal implications. Understanding the Implications of Under-the-Table Income … Read more
Tax season is upon us, and that means it’s time to start thinking about how you’re going to file your taxes. If you’re like most people, you’ll probably use tax software to help you get the job done. But with so many different options out there, it can be tough to know which one is … Read more
The Internal Revenue Service (IRS) is responsible for collecting taxes and enforcing tax laws in the United States. The IRS has a variety of methods to catch tax cheats and liars, but it does not check every tax return. In fact, the IRS only audits a small percentage of tax returns each year. How the … Read more
The Internal Revenue Service (IRS) is responsible for collecting taxes and enforcing tax laws in the United States. The IRS has a variety of methods to catch tax cheats, including: Computer data analysis Social media monitoring Whistleblowers Computer Data Analysis The IRS uses computer programs to match the information on your tax return to the … Read more
Section 80D of the Income Tax Act, 1961, offers tax deductions for individuals and Hindu Undivided Families (HUFs) who incur expenses on health insurance premiums and preventive health checkups. This deduction aims to encourage individuals to prioritize their health and well-being while reducing their tax liability. Eligibility Criteria To claim tax deductions under Section 80D, … Read more
Understanding the IRS Collection Statute of Limitations The Internal Revenue Service (IRS) has a limited time frame, known as the Collection Statute of Limitations (CSED), within which it can collect unpaid taxes, penalties, and interest from taxpayers. This time period generally spans 10 years from the date the tax was assessed. However, various circumstances and … Read more