by Pierre Philantrope | May 11, 2022 | Tax Tip
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...
by Pierre Philantrope | May 4, 2022 | Tax Tip
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...
by Pierre Philantrope | Apr 20, 2022 | Tax Tip
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...
by Pierre Philantrope | Apr 13, 2022 | Tax Tip
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...
by Pierre Philantrope | Apr 6, 2022 | Tax Tip
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...
by Pierre Philantrope | Mar 30, 2022 | Tax Tip
Generally, no gain or loss is recognized by either party on a transfer of property from an individual to a spouse, or a former spouse if the transfer is incident to divorce. When nonrecognition treatment applies under this rule, the spouse who receives the property in...
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