Tag Archive for Barry Fowler

Does Together Forever Include Tax Filing, Too?

No one ever said, “I feel closer to my spouse because we file taxes together.” Just the opposite – talking about money seems to ignite far more arguments than it puts out.

It’s a bit radical food for thought, but here are a few reasons why you might want to say “Sweetheart, let’s file separately this year.”

Liability

Much as you love your partner in crime, you don’t want to be handcuffed to their mistakes or oversights. Filing separately ensures that you aren’t shackled to your spouse’s tax evasion issues, and thus have to owe on their behalf. (If you’re already in this pickle, don’t hesitate to meet on TaxConnections – we help innocent spouses!) Read More

Written by | Posted in Income Tax • Tax Deductions • Tax Fraud/Evasion/Crimes • Tax Planning

Tax Bloggers Gaining Authority At TaxConnections

Our members blogs are read by visitors from 210 countries and territories around the world.  We are amazed as we watch our members gain better visibility for their tax expertise and more authority in the marketplace. TaxConnections Bloggers have a unique style that resonates with our readers. We love the way our Tax Bloggers make the stories relatable to our readers. When you are marketing for new clients the secret is to make it less technical and more relatable. This week I want to give you all examples of our Tax Bloggers who had some of the most read blog posts over the past year:  Michael DeBlis, John Dundon, Barry Fowler, Jeffrey Kahn, Manasa Nadig, Peter Scalise, John Stancil, Hugo van Zyl and so many more.

If you are interested in enjoying a wider distribution of your tax blogs and reputation to our hundreds of thousands of readers, please join us today!

Join TaxConnections Today!

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Written by | Posted in TaxConnections

What To Do When You Get An IRS Audit Letter

A thick white envelope with a logo that looks like a yeti is scratching the top of a scale while a leaf floats through the scene arrives in your mailbox and frankly, you’re scared. That logo only means one thing: a letter from the IRS. And once you open the letter, you’re even more freaked out, because it’s an audit letter from the IRS that frankly, you don’t quite understand. Yikes So what do you do?

Here’s a quick checklist of how to survive your IRS audit letter:

First: Don’t Panic

Take a deep breath. Getting hysterical and angry is a rational response to upsetting news, but an audit doesn’t mean you’ve done anything wrong. It simply means the IRS wants to Read More

Written by | Posted in Audit • IRS

Who Is Liable To Pay Back Taxes When Filing Jointly?

“I didn’t do it! She did!” you say, as you sit in my office explaining the current, messy state of your financial affairs. Let’s say your wife failed to report her income from running a daycare facility out of your home, and since she handles your taxes, you had no idea. Now you’re separated, on the road to divorce, the IRS is calling you more often than your mother, and you need to know your options.

When married taxpayers file jointly, the letter of the law states that both taxpayers are “jointly and severally liable” for the tax, and “any additions to tax, interest, or penalties that arise as a result of the joint return even if they later divorce.”(IRS) That “severally” means that each spouse is entirely responsible for the whole sum of taxes, interest and penalties. So, even if one spouse earned all the income, the other spouse is just as Read More

Written by | Posted in Individual • IRS • Tax Deductions

3 Reasons Why It’s Better To File Taxes Late Than Never

Even if you’ve wooed Cher like Nicholas Cage in Moonstruck, crooned a big hit like Stardust’s Willie Nelson, or been an American skiing sweetheart like Lindsey Vonn, you’re no match for the IRS. Whether A-list or Z-list, evading taxes is a crime. Though it’s nice to know that sometimes celebrities really are just like us. Even if you’ve let your taxes slip through the cracks for the past few years, there’s still time to file back taxes – and here are three reasons why you should.

You Probably Won’t Get Away With It

If the stories of our celebrity friends weren’t enough, there’s this sobering piece of tax denying news from NBC: “No tax protester [who ended up in court] has ever avoided their tax liability. Prison maybe, but they still end up owing the tax,” emphasizes Jay Adkisson, Read More

Written by | Posted in Income Tax • IRS

The “Shoulds” and “Should Nots” of Deductions

Self-employment has its perks: managing your own time. Only being responsible to your clients and yourself (no middle management – Wahoo!). Being able to sing at the top of your lungs while you work. But one of the downfalls comes around the middle of April every year: taxes.

Working for yourself means you are responsible for your taxes. There’s no employer deducting from your wages as you go. Thus, it’s up to you to keep track of your earnings, and very importantly, understand what you can and cannot write off as a deduction.

Knowing what you can and cannot write off gets tricky, fast. Here are a few basics to get you started: Read More

Written by | Posted in Tax Deductions • Tax Tips

Haven’t Filed Taxes In A While? Find Out What You Can Do Now

Many times, it starts by accident. You file one return, only to be surprised that you owe more money than you can pay, and you duck your head in the sand like an ostrich for a few years, hoping the problem will go away. Unfortunately, it doesn’t. The problem grows bigger, snowballing into owing thousands of dollars.

It doesn’t help matters that the IRS is becoming increasingly aggressive in its collection efforts. They’ve even increased the number of audits conducted – and small wonder why. The government needs all the money it can get, and its primary source of income is you!

If you haven’t filed taxes in a few years or more, here’s what you can do.

• First, you have to file any and all missing tax returns. The IRS won’t resolve a liability Read More

Written by | Posted in IRS • Tax Tips

What If You Can’t Pay The Taxes You Owe?

What is the fastest way to get into deep trouble with the IRS?

You may think you know the answer, but you don’t.

It’s not: Not paying your taxes. The real answer is sticking your head in the sand and attempting to hide from the IRS. Maybe if you don’t pay taxes, the IRS will just go away – right? Wrong! That line of thinking is how a little debt turns into a mountain of financial problems. We can help, but as they say, an ounce of prevention is worth a pound of cure.

What happens if you can’t pay your taxes? (It’s not as bad as you think!)

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Written by | Posted in IRS • Tax Tips
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