Several Tax Credits Available for Taxpayers Living and Working Abroad
US citizens and resident aliens are taxed on their worldwide income. For taxpayers living and working abroad, the return is due on June 15, 2022, unless 4-month extension is requested. Your tax filing obligations follow you wherever you are. The good news: there are...
Do Not Delay! Contact a Tax Professional!
The Internal Revenue Service will send notices to taxpayers in many situations after filing a tax return or when they did not file. Unfortunately, many taxpayers ignore the notices to their detriment. There are millions of taxpayers who have received math errors...
It Could Be the Right Time to Transfer your Home to your Child
Due to the rising home prices and the crazy real estate market, it is likely difficult for your children to buy a home. It is conceivable that you are ready to downsize and move out of your current home. If that is the case, you could consider the three options below....
Taxpayers Have Options when they Cannot Pay Tax Due
Taxpayers should not ignore their past due tax debts. There are options to pay. Many taxpayers have either entered into an agreement with the Internal Revenue Service to pay their tax debts. In some cases, they have failed to honor the agreement or have completely...
Know What the IRS is Looking for During an Audit
In general, taxpayers, are in a partnership with the Internal Revenue Service. However, unlike the case of traditional partnerships in which two or more taxpayers mutually agree on the terms of the partnership, in this partnership with the IRS, the IRS sets the rules...
Joint Filing Taxpayers Could Get Relief from Joint Tax Liability
Joint Filing Taxpayers Could Get Relief from Joint Tax Liability When spouses file a joint income tax return, both spouses are responsible for the entire tax liability. This is termed as joint and several liability. Joint and several liability applies to the tax...
What Do you Do when you Receive a Letter from the IRS?
Taxpayers should take their tax notices seriously and explore their available options. Million of taxpayers could not pay their taxes or failed to file their tax returns. The number gets higher every year and more so in 2021. Some taxpayers incorrectly filed their...
Tax Saving Strategy that Could Lower your Tax for 2021?
There is still time to legally lower your tax liability. Many individuals and businesses have used them over years to minimize their taxable income and thus lower their tax due. Besides the most commonly used tax deduction or reduction items, many taxpayers do not use...
Did you File your Tax Returns?
Every tax year million of taxpayers leave unclaimed money for the Treasury. Almost $1.5 billion unclaimed tax refunds may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 tax return, according to the Internal Revenue Service. The unclaimed...