Recently, you received a notice from the IRS about an audit. You thought you followed the latest tax laws, but apparently, you missed something. Where did you slip up? Kiplinger shares various situations that may trigger an IRS audit. See what sent up a red flag to...
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Avoid Discussing These Topics Online if You’re Involved in an IRS Investigation
In today’s digital world, it can be challenging to navigate legal situations, such as IRS investigations. Specifically, managing social accounts in the midst of an investigation can be a complicated process to navigate. In general, if you are involved in a...
Understanding How Tax Brackets Work
Have you ever heard someone say that getting a raise would bump them into a higher tax bracket? This statement reflects a somewhat misguided conception about how tack brackets and their corresponding tax rates work. In the U.S., the tax system is progressive, meaning...
Could Your Passport Be Revoked for Delinquent Tax Debts
Do you have a big trip planned overseas? If so, you might want to make sure you don’t have any outstanding tax debt with the IRS. One of the ways the IRS enforces consequences on individuals with outstanding tax debts is by revoking passports. In 2018, the IRS...
How to Report Your Unemployment Income
The COVID-19 pandemic caused many Americans to lose their jobs and enroll in unemployment. If you received unemployment benefits due to a job loss, it’s essential to be aware of how this income impacts your taxes. Since unemployment benefits are still considered...
How to Answer a California Debt Collection Summons
Dealing with debt can be overwhelming. However, when debt collectors start to get involved, it can escalate an already stressful situation. If you are given a summons by a debt collector, you must respond to the lawsuit. If you choose to ignore the summons, the court...
Should I Include My Dependent’s Income on My Taxes?
Determining the best strategy for filing your taxes can be complicated. Deciding whether to take the standard deduction or itemize and whether to claim your dependent’s income on your own tax return are just two of many options taxpayers must weigh when filing...
Is It Possible to Get a W2 from a Closed Business?
The W-2 tax form shows your salary information and the amount of federal, state, and other taxes an employer withholds from your paycheck. You need this document when filing your state and federal taxes. To ensure you have this form on top, the IRS requires that...
Does the IRS Declare Forgiven Debt Taxable?
When a person cannot manage or make payments on their debt, they might seek assistance through debt settlement. According to the New York Federal Reserve, consumer debt reached $14.56 trillion in the last couple months of 2020. Debt settlement is an option for those...
3 Tips to Manage and Get Out of IRS Debt
Owing money for taxes that you don’t know how you will pay off can be unsettling. With 11.23 million Americans owing money to the IRS, you are not alone. While it may feel like a hopeless battle to get out of debt you owe the IRS, it is not an impossible feat....