The IRS Form 1040 has three categories – the 1040 (the “long form”), the 1040A (the “short form”), and the 1040EZ. The 1040EZ form is the simplest of the three. The IRS simplified it for those individuals, who do not require the full depth of the 1040 form. As its name suggests, filing under this […]
Taxes and anxiety are inextricably linked, whether it is for the fear of being audited, the hassle associated with it, or incurring expenses, which could have been avoided. Confusion often reigns during tax filing season with the profusion of rules and policy updates to the point when people simply view these as traps to make […]
There are countless articles about the millennials’ impulsive mindset, and it being one of the main reasons behind their financial troubles. The reason millennials’ response to an article from the Financial Times called “Why millennials go on holiday instead of saving for a pension” is exacerbated or flippant, is because they feel that they already […]
A sense of fear, dread and panic overcomes taxpayers after receiving a notice from the IRS. This is not surprising, considering the fact that people would love to forget about taxes at least until the next season after filing their annual tax returns in April. Nevertheless, remember that not all IRS notices herald an upcoming […]
Taxes are one of the largest financial burdens on Americans. State, local, real estate and federal taxes on average comprise as much as 27% of people’s total income. Of course, one of the biggest determinants in how much money American families will be shedding off of their disposable income depends on where they live. Location […]
When it comes to finances, many people consider themselves as part of the “have nots,” yearning to become one of the “haves.” What they need to realize is that there is no magical creature that gives handouts to those “haves.” Most of them are people with enough sound judgment and discipline to be able to […]
Although the IRS audit is not a woe that only plagues the likes of Donald Trump, it is, in fact, relatively rare. Nevertheless, despite the less than 2% probability of it actually occurring, being audited is one of the few things common taxpayers are irrationally afraid of. Fortunately, though, there are ways to avoid this […]
When getting married and setting up your own household, taxes are the last thing you would like to think about. However, you cannot avoid paying taxes, so you’d better take into consideration some specific issues concerning taxes after marriage. Take your time to learn the tax consequences of marriage, including both the advantages and penalties […]
Retirement comes faster than you think. The last years before you retire are a perfect opportunity to increase your savings. Anyway, there is nothing complicated about retirement planning. All you need is taking the right financial steps so to have enough money for the rest of your life.
The US tax system is regarded as one of the most progressive ones in the world. US citizens’ or resident aliens’ (Green Card Holders) income is subject to the US income tax, no matter where they work or live. If you are a US citizen or resident alien living abroad during the tax year, the […]
The offshore world is extremely complex and has a constantly shifting ecosystem. The different players existing in the offshore world provide different offerings. According to the Financial Secrecy Index report represented by the Tax Justice Network, 73 different jurisdictions across the globe allowed billions of foreign currency to be kept in offshore accounts.
Everyone tries to save money, but not everyone knows how to do this. Keeping under control how you spend your finances may seem challenging, but it is not impossible. Being aware of how you spend your money guarantees your financial success. This is especially true of students, no matter you are a new or an old […]
The United States of America has a self-reporting income tax system. This means, each year, individuals must tell the US government about their income and expenses. The official document that US taxpayers use to report their annual income tax return is called Internal Revenue Service (IRS) Form 1040, which is also known as the “Long […]
It is a common knowledge that taxes are financial charges or other levies imposed on taxpayers by a state to fund various public expenditures. What is interesting, there are plenty of taxes all around the world that seem strange and crazy. Below you can find a list of the strangest and most amusing taxes in […]
The Internal Revenue Service (IRS) imposes stiff fines and even prison sentences for those who avoid paying income taxes. Tax-related problems can turn into major troubles if you fail to resolve your issues. Be aware, the IRS may regard such tax-filing behavior as criminal or fraudulent.
Taxpayers can often receive a tax refund or a rebate if the tax they owe is less than the total sum of the withholding and estimated taxes paid, plus the refundable credits claimed. You can expect to get your refund at the end of the financial year.
All taxpayers are interested in finding viable solutions that can successfully resolve money-saving problems during tax season. In fact, raising kids could prove to be a rather costly undertaking, and moms and dads, like other taxpayers, want to save money when filing taxes. Happily, there exist several tax breaks and deductions for parenting expenses that […]
Tax season can be stressful. Instead of getting into a panic, do your best to complete and file your tax return on time so to avoid penalties and interests by the Internal Revenue Service (IRS). However, if you have already missed the tax deadline, you should file immediately, without wasting time. Why Do People Miss […]
Running a company is associated with a myriad of responsibilities. If you aim only at customer acquisition and sales, you can commit serious mistakes during tax season, which may eventually lead to tax penalties or an audit. Do your best not to overlook your tax requirements. A Small Business Accounting Report shows over 70% of […]
Tax Day happens just once a year but taxpayers keep watching over taxes all year long. Being acutely aware of your tax-filing obligations is a must. Otherwise, you may end up with consequences that will negatively influence your bottom line.
Identity theft is a major concern to taxpayers. According to a 2015 identity fraud study, in 2014, $16 billion were stolen from 12.7 million US consumers. Happily, there is a decrease in the numbers as compared to the ones from the previous year. This is thanks to consumers’ improved awareness of ID theft and increased protection […]
Assistance in the form of scholarships is of immense help to students. Scholarships are monetary amounts paid to students at educational institutions for the purpose of study. They are mostly tax free as the scholarship amount is not viewed as income. However, in some cases, scholarships can be taxable.
Realizing that you owe huge taxes to the IRS is really very terrible and can put you under great stress, while neglecting the IRS notifications or delaying your tax payments will cause you severe problems. Hereby, you can find the answers to all your questions and get the tips for settling your IRS debts forever. […]
The IRS, US government agency responsible for tax collection and tax law enforcement, calculates the amount owed by taxpayers and sends them a notice. When people get a notice from the Internal Revenue Service, they immediately start thinking of how they can get IRS tax relief. As a rule, taxpayers have several preconceived ideas concerning […]
The Internal Revenue Service (IRS) can garnish, legally seize, or put a lien on the taxpayer’s property so to satisfy federal tax debt or taxes owed. The IRS is challenging to taxpayers, and they usually look for a tax settlement to eliminate the necessity of contacting with an IRS agent. However, these actions can be […]
Owing the Internal Revenue Service (IRS) is frustrating to most taxpayers. The IRS has the power to garnish your wages, seize your assets and place a lien on your property in order to obtain the money that you owe them. However, these actions can be prevented by striking a deal with IRS. There are several […]
IRS is planning full transition to a complete online service with no snail mail service or in-person assistance. Within the next five years its “Future State” plan will gradually take effect completely transforming the way the IRS interacts with taxpayers. Not only taxes will be filed electronically, but all questions, payments – and even IRS […]
Married couples often file joint tax returns as the IRS extends certain tax breaks to joint filers such as largest standard deductions, higher income thresholds for several taxes, opportunity to qualify for multiple tax credits, and many others. However, filing a joint income tax return can easily turn into financial troubles with one stroke of […]