by Pierre Philantrope | May 8, 2024 | Tax Tip
Million of taxpayers could not pay their taxes or failed to file their tax returns. The number increases every year. Some taxpayers incorrectly filed their return. The Internal Revenue Service, in many cases, would send them a letter. Unfortunately, many taxpayers...
by Pierre Philantrope | May 1, 2024 | Tax Tip
An Offer in Compromise is a program offered by the IRS that allows taxpayers to settle their tax debts for less than what they owe. This program is designed to help taxpayers who are unable to pay their tax debts in full and are experiencing financial hardship. The...
by Pierre Philantrope | Mar 27, 2024 | Tax Tip
Many taxpayers are currently receiving correspondence from the Internal Revenue Service. Notices that were on hold because of Covid-19 and lack of funding to enforce compliance are resumed. Some taxpayers are now realizing that the Service did not overlook the past...
by Pierre Philantrope | Mar 6, 2024 | Tax Tip
The principal residence gain exclusion is very valuable when an appreciated home is sold. Taxpayers should keep evidence of home repairs and improvements that increase their basis in the property to determine their gain on the sale. IRS Publication 523 has a long list...
by Pierre Philantrope | Feb 7, 2024 | Tax Tip
Taxpayers tax filing status is extremely important. They are 1) Single, 2) Married Filing Jointly, 3) Married Filing Separately, 4) Head of Household, and 5) Qualifying surviving spouse. Your filing status determines your filing requirements, your tax rates,...
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