Financial News, Tips & More!
A Brief History of Income Tax
Income taxes are part of life for us in the United States. We pay taxes in order to build infrastructure, fund defense and the government, and to help progress research and technology. Our taxes (while perhaps not gleefully given) serve an important purpose as it pertains to...
You Can Be Thankful for Taxes
With Thanksgiving right around the corner, a lot of people like to take stock of their lives and express gratitude for them. There are a lot of things to be thankful for, which cover a huge range of subjects. One of the under appreciated things which may take people off guard...
April 15th- A day of Infamy and Taxes
For many of us, April 15th is a day to buckle down and finish up our tax forms (should we have not finished them yet). Many Americans consider Tax Day to be a stressful and confusing day of the year, and approach it with a degree of trepidation. After all, filling out tax forms...
Future of Taxes under Obama
Breaking from all past tradition, this election year the American people have chosen to elect the presidential candidate, in this case the incumbent President Obama. Now that we know President Obama will remain in the white house, questions are beginning to arise about how our...
Using a Credit Card to Pay Your Taxes: A Good or Bad Idea?
As tax season looms, it is important that you know how you are going to pay your taxes on time. You want to make sure that you can avoid the late fees or trouble with the law that come with not getting your taxes filed and submitted on time, but it is also important that you...
Power of Attorney and Directly Contacting Taxpayers
Tax Payer Rights to Counsel The Treasury Inspector General for Tax Administration (TIGTA) issued a report on September 12, 2012 requiring IRS employees to stop an interview if the taxpayer requests to talk to a representative. The IRS employee may not bypass a representative...
Can the IRS Levy More Than 15 % of Social Security?
How much can the IRS take from you? A common misconception is the IRS is limited to levying 15 % of the social security received. Under IRC Sec (6331(h), the IRS is permitted to levy 15 % to pay delinquent tax debts under the Federal Payment Levy Program. The IRS, however has...
How to tackle tax debt issues for a debt free and peaceful life
Tax related issues and debts have become very common these days. There are millions of people finding it hard to tackle their unfiled tax returns, audit penalties or back taxes. The lack of proper help seems to have amplified the problems of the people of this country. Well, if...
Offer in Compromise and Prepayment of Tax
What is TIPRA The passage of TIPRA of 2005 greatly increased the stakes for taxpayers submitting OICs by requiring…absent hardship…a prepayment that was not refundable. I stopped filing OICs as I regarded the risk of rejection – historically more likely than not – outweighed...
Tax Court and Motions for Summary Judgment
IRS Motions for Summary Judgement Secrets exposed – 97 per cent of all Tax Court cases are settled in Appeals. Taxpayers across the country, however, are starting to see the IRS initiate or file Motions for Summary Judgment instead of sending the cases to Appeals for...