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What Are Deferred Income Taxes?
Deferred income tax is a liability owed by a company or individual which must be paid at a later time. A prime example of this is 401(k) retirement where an individual may contribute part of their earnings pre-tax directly to their retirement with the understanding they will be...
What are Rollback Taxes?
A rollback tax is collected when properties change from agricultural to commercial or residential use. They are based on the difference between the tax paid and the tax that would have been paid if an agricultural use exemption had not been granted. In the United States, the...
How Far Back Can the IRS Go for Unfiled Taxes?
Very few people look forward to filing their income tax returns, but putting off this dreaded chore can lead to severe consequences that range from losing a refund to spending time behind bars. This article will cover what could happen if you don’t submit a tax return, explain...
How Do I Get an Extension on Filing My Taxes?
Individuals usually have to file their federal income tax returns by April 15, but that date was moved forward to May 17 in 2021 to give Americans more time to prepare their financial information while coping with restrictions imposed to curb the pandemic. Although this would...
What Happens If You File Your Taxes Twice?
Are you wondering what happens if you file your taxes twice? The answer is quite simple, when the IRS receives two tax returns with the same SSN, they reject the second return and send it back to the taxpayer with a notification letter bearing the error code 0515. Tax returns...
How Do I Apply For Paycheck Protection Program Loan
How Do I Apply For A Paycheck Protection Loan The Paycheck Protection Program or PPP is a loan that is designed to provide an incentive for small businesses and others to keep their employees on the payroll. Some borrowers are even eligible for PPP loan forgiveness, depending...
How Long Should You Keep Tax Records of a Deceased Person
Did you know that you need to keep up with tax documents and financial records of deceased individuals? If you are the executive of the will for someone, it is your job to have those records for at least 3 years. Many professionals will recommend that you keep them longer than...
Under Which Circumstance Might You Receive A Tax Refund From The IRS?
You have had taxes withheld from your paycheck all year. Now it is time to file your tax return. It is always nice to receive a refund check. There are two ways to receive a check from the IRS after filing your tax return. The best way is to reduce your tax liability through...
How Is A Homeowner’s Total Tax Bill Derived?
The advantages of homeownership cannot be underestimated. However, as with all things, there are always liabilities. For homeowners, one of those is being assessed for personal property taxes. Buying a home is always an investment and the hope is that the property will increase...
How Long To Keep Tax Records
Should the IRS decide to audit your tax return, you will need your copy of the return to confirm that you filed and it was done correctly. If you have filed correctly and have your copy you should have nothing to worry about. In most cases of an audit, the IRS may only go back...