Taxpayer Abused by Husband Gets Relief.
In Gans v. Commissioner, the taxpayer prevailed over the IRS by establishing that she was abused by her husband, among others, and consequently qualified for relief from joint tax liability. Marriage carries many tax consequences that could be minimized through...
Are you Planning to Pay Less Tax Next Year?
Planning the type and sources of your income could save a lot money in taxes. The source of your income determines your tax rates and tax liability. Taxpayers benefit from the lowest rates available when they have diverse sources of income, like real estate, stocks,...
Some Taxpayers Might Need to Opt-Out of the Advance Child Tax Credit.
The Advance Child Tax Credit would cause some taxpayers to owe taxes when they file their tax return for tax year 2021, unless taxpayers who are employees adjust their tax withholding and self-employed taxpayers pay quarterly estimated tax or pay more in...
Do You Plan To Reduce Your Tax Liability In Case of Divorce?
Taxpayers' tax liabilities could be drastically changed after a divorce. However, when a couple is contemplating a divorce, a discussion with their lawyers and tax advisors related to tax implications of their divorce could greatly help in controlling the tax...
Did You Use the Correct Tax Filing Status?
Taxpayers should use the correct tax filing status to avoid audit issue. Taxpayers must openly discuss their specific situation with their tax preparers and provide adequate documentation to prove their tax filing status. Many taxpayers have been audited by the...
Resole Your Tax Debts Before It’s Too Costly!
Taxpayers should take their tax due notices seriously and explore their available options. In 2020, it is estimated that 25 million taxpayers could not pay their taxes or failed to file their returns. The pandemic has made the matter worst and the number is expected...
Be Proactive in Filing Your Tax Return!
It costs taxpayers more money to resolve tax problems. Many taxpayers are currently receiving notices of tax due or notices of intent to levy or to seize their properties from the Internal Revenue Service. This unfortunate outcome could, most of the time, be avoided...
Understanding the Advance Child Tax Credit.
A taxpayer may claim a child tax credit for a qualifying child under the age of 17 who is a dependent on his or her tax return. Taxpayers may also claim a partial child tax credit for dependents who are over the age of 16 and dependents who do not have the required...
How to Take Advantage of Tax Credits Available for Taxpayers Living Overseas.
US citizens and resident aliens are taxed on their worldwide income. Your tax filing obligations follow you wherever you are. The good news: there are several tax rules to avoid double taxation and to lower tax liabilities. Taxpayers should keep track of their...