October 27th, 2020 → 8:31 am @ wreedcontentcustoms // No Comments
You were surprised to get a letter from the Internal Revenue Service. Even more surprising was that the IRS wanted to send out a revenue officer to talk to you. It’s not common for people to deal with these officers directly, but they could if the IRS finds that they cannot collect debts from you through the Automated Collection System.…
October 13th, 2020 → 9:37 pm @ wreedcontentcustoms // No Comments
Even people who don’t have particularly complicated tax returns often rely on professional tax preparers for all sorts of reasons. They want to ensure that they take advantage of all possible deductibles and credits, they can’t keep up with all of the changes to the tax laws, and/or they simply don’t have the time or patience to do their own…
October 1st, 2020 → 1:05 pm @ wreedcontentcustoms // No Comments
Deductions are a critical part of the United States tax code because they allow people to reduce the amount of tax they have to pay because of other payments they have already made or donations to charitable causes. People can write off business-related expenses both incurred as part of a job for an employer and expenses they have to cover…
October 1st, 2020 → 1:05 pm @ wreedcontentcustoms // No Comments
Deductions are a critical part of the United States tax code because they allow people to reduce the amount of tax they have to pay because of other payments they have already made or donations to charitable causes. People can write off business-related expenses both incurred as part of a job for an employer and expenses they have to cover…
July 22nd, 2020 → 8:54 pm @ wreedcontentcustoms // No Comments
In the United States, rather than having trained professionals do the taxes, the government just asks citizens to do it on their own — regardless of their level of education or understanding of tax laws. Everyone has to file by a certain date with their own paperwork. That goes for everyone from the finance professor at the local college to…
July 6th, 2020 → 4:44 pm @ wreedcontentcustoms // No Comments
When you owe money to the Internal Revenue Service, the worst thing you could do is ignore the bill. When you don’t make the necessary arrangements to settle your debt, the IRS may sell or seize your property. The IRS could take anything from you, like your: Home Wages Retirement accounts Boats Bank accounts Usually, people receive many notices and…
June 26th, 2020 → 2:55 pm @ wreedcontentcustoms // No Comments
Your work was going very well in the first part of the year, so you planned to take your profits and build up. Suddenly, your sales dropped off, and you were left barely scraping by. As tax time came around, you realized that you were self-employed and would need to come up with several more thousand dollars than you have.…
June 14th, 2020 → 3:49 pm @ wreedcontentcustoms // No Comments
When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment. Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…
