In general, the workforce is divided into categories, including salaried employees and independent contractors. Both groups of workers have similar deductions available to them, with a few key differences. Employees who work at home or are self-employed encompass a...
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Frequent Tax Issues for Non-Filers
Many people underestimate the importance of filing taxes before Tax Day or later with a valid extension from the IRS. In fact, most taxpayers are unaware of the risks and penalties that are associated with a failure to uphold the tax return deadline, such as being...
How Are Tax Payments on Cryptocurrency Enforced?
Cryptocurrency has created unique challenges for the Department of Justice (DOJ) and other regulatory bodies that seek to monitor its use. The primary concern is that if they go unregulated, cryptocurrencies could potentially impact public safety and national...
When Should You Start Preparing for Tax Season?
According to the IRS, 80 million Americans use tax professionals to submit their tax returns. If you’re someone that uses an accountant or other tax professional for help completing your taxes, it’s important to leave yourself enough time to organize your...
4 Purchases You Didn’t Know Are Tax-Deductible
Filing your taxes can be a headache. However, taking the time to submit purchases that are tax-deductible could save you a big chunk of money. Many people don’t file certain tax-deductible purchases because they are unaware of their eligibility. Educating...
What Are Your Rights During an IRS Field Audit?
If you owe money to the IRS, you may be subject to an IRS field audit. Of all the audits performed by the IRS, field audits are usually the most involved. During this process, it’s likely that an IRS agent or revenue officer will come to your home or business....
How to Effectively Manage Your Tax Bills
No one likes filing their taxes, and if you have a complex situation, the filing process can pose even more of a headache. However, if you choose to put off your taxes and get behind on paying them, things can quickly become more complicated. Working with a skilled...
How to Get Ready for an IRS & State Audit
No one welcomes IRS audits; however, if the IRS notifies you of a pending investigation, it’s important to stay calm. In some cases, your audit may be triggered by a discrepancy in your tax return, and in others, you may have been randomly selected. While for...
What Are the Differences Between a Lien and a Levy?
When a taxpayer fails to pay their taxes, the IRS may choose to file a tax lien or levy against them. For someone unfamiliar with the tax system, receiving a tax lien or levy from the IRS can be confusing to resolve. Outlined below is some helpful information about...
Which of These Notices from the IRS Must You Act on Now?
Chances are if you owe money to the IRS or are dealing with some kind of tax issue, you’ve been bombarded with letters and notices. Some may be mild reminders to pay your taxes, and others may use threatening and scary language to demand you pay up by a certain date....