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Tag Archive for Filing Taxes

Owe Taxes? These Tips Can Help

A few of us received an intimation letter from the IRS stating that we owe them some money in the form of taxes. Sure enough, nobody likes to receive such emails. However, if you do here are some ways you can handle the situation without losing your sleep.

Do Not Delay

If you receive that envelope from IRS, do not be a skeptic and not open it at all. I have seen quite a few friends who just do not wish to open the envelope. There are chances that your tax filing might have a minor error that you need to fix. Whatever the reasons could be, do not forget to open and read the letter as soon as you receive it. Read more

No Matter How Long It Has Been Since You’ve Filed Your Taxes, You Are Not Alone

Yet there are many people who are contemplating not filing this year because they didn’t file last year. Taxation Solutions is a team of professionals that frequently encounters clients who, for various reasons, have not filed tax returns for one, two, or several years.

Believe me, you are not alone. There are thousands of people who haven’t filed in multiple years. But, let me tell you, you’ll enjoy getting a good night’s sleep once you get back on track with the IRS. Most people don’t realize the energy required to carry the burden of delinquent taxes. We are devoted to helping taxpayers make things right with the IRS. Read more

Be Prepared: Filing Season Begins Jan. 29

Filing season will begin on Monday, Jan. 29, the Internal Revenue Service announced.

The final tax deadline will be Tuesday, April 17. (April 16 is Emancipation Day, a legal holiday in Washington, D.C.). The IRS expects nearly 155 million individual returns to be filed in 2018.

In 2017, the IRS began accepting returns on January 23; it set the date at January 29 this year to make sure that its key processing systems are ready, and to give it time to determine how late December’s Tax Cuts and Jobs Act will impact tax returns. Read more

How Can American Expats Reduce Their IRS Taxes?

Hugo Lesser

Americans living abroad are still required to file U.S. taxes. The U.S. is the only country that requires its expats to file. It is because the U.S. taxes based on citizenship rather than on residence. Read more

Sticker Shock From The Tax You Owe: Read This!

Manasa Nadig

Everywhere these days, commercials are vying to get you to spend your big tax refunds on their products and services—oh yeah, even that liposuction place! But you just finished preparing your taxes and you find out you OWE Uncle Sam big bucks. That is quite the sticker shock if you are short on cash or are unprepared.

Read more

“You Haven’t Paid Taxes In How Long?!”

Barry Fowler

It’s a brand new year and you’ve decided to take a deep breath and finally address your unfiled and unpaid taxes.

Yes, it’s scary, but you know it’s not getting any better and your tax bill is getting bigger every day you ignore it.

Read more

5 Common Myths About The Dreaded Tax Audit

Filing taxes is punishment enough without the vague threat of an IRS audit looming over our heads. For understandable reasons, the IRS insists on keeping the ins and outs of its auditing process on the murky side. How will you catch the bad guys if you give them the rule book first? But because of the sense of mystery around the process, it’s an area of regulation often misunderstood by taxpayers.

Here are a few common myths about the dreaded tax audit:

Myth #1: Only the wealthy get audited.

While it’s true that big businesses and the uber-rich are often targets of IRS tax probes, that doesn’t necessarily mean low- and middle-income workers are free and clear. The Read more

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