IRS Levy

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If you don’t pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own, or have an interest in.

One of the first things the Taxman will target is your bank account(s). This is achieved by sending a Notice of Levy to your bank. They do not need to specify the account number. They simply inform your financial institution that it has been ordered to remit all funds for which the taxpayer has an unrestricted right to withdraw funds (signature authority), as of the date of the notice, directly to the IRS in 21 days up to the amount owed, as indicated on the notice. By law, Continue reading IRS Levy

5 Tips You Should Know about Employee Business Expenses

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There may be occasions where you might have to come out of your own pocket to foot the bill for business related items.

Here are 5 tax tips that you should know about this deduction.

1. Ordinary and Necessary

Generally, you can only deduct ‘unreimbursed’ expenses. To qualify for a deduction, expenses must be both ordinary and necessary for your line of work.

An ordinary expense, says the IRS, is Continue reading 5 Tips You Should Know about Employee Business Expenses

IRS Delays

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If patience isn’t one of your virtues, then chances are – you may lose your cool this tax season.

Today, I’m addressing the declining service of the IRS.

Taxpayer service is poor and getting worse. You know its bad when the head of the National Taxpayer Advocate (an independent office within the Internal Revenue Service), Nina Olson jokingly offers the following advice: “bring your Continue reading IRS Delays

Employee vs. Independent Contractor: The Common Tax Mistake That Can Cost Your Business

 

Tax Tips: Employee vs. Independent Contractor

In recent years, the IRS has taken a closer look at the relationship between small businesses and the individuals providing services for them. The agency is scrutinizing whether the individuals proving labor should be classified as employees or independent contractors.

The focal point here is that the IRS wants to establish whether the employer failed to withhold and/or remit withholdings for income taxes, Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. In general, you don’t have to withhold or pay taxes on payments to independent contractors. Continue reading Employee vs. Independent Contractor: The Common Tax Mistake That Can Cost Your Business

How I Turned My Friend’s Tax Trouble Into a $25k Savings

My actor buddy, Roderick, is the most upbeat guy I know, and is also one of the most resilient. Relying on a profession where, according to estimates, more than 95% of Screen Actors Guild’s members make less than $1,000 per month, one has to have incredible faith. Despite the odds, he has unyielding passion and maintains the expectation of success.

The Garnishment

I can remember one of the rare times seeing his spirits down, and for good reason. His normal jovial mood turned to despair when the IRS Continue reading How I Turned My Friend’s Tax Trouble Into a $25k Savings

Want To Track Your IRS Tax Refund On Your Smartphone?

 

You can check the status of your federal income tax refund using IRS2Go.
You can check the status of your federal income tax refund using IRS2Go.

There is a free IRS2Go app available, developed by the IRS, designed to track your 2014 IRS tax refund. This app is available in both English and Spanish, and is great for those who don’t have an hour (or more) of time to spend on hold, while waiting to speak to a live representative on the phone.

The main features include being able to track your IRS tax refund, order tax transcripts, and for those who qualify for the IRS program, you can locate a free tax preparer . Continue reading Want To Track Your IRS Tax Refund On Your Smartphone?

Warning: Phone Scam Targeting IRS Taxpayers

 

Phone Scam Targeting IRS Taxpayers
IRS’ latest scam-warnings to pay attention to for 2015:

As we are entering the beginning stretch of 2015 tax season, ‘Scam’ season is concurrently revving up to kick into gear.

Each year, tax season becomes an opportunity for unscrupulous characters to prey on millions of unsuspecting, hard working individuals. Thieves are getting more creative, and are using more sophisticated methods to capture their share what has become a billion dollar industry.

Continue reading Warning: Phone Scam Targeting IRS Taxpayers

IRS Issues? Explore Your Options

Hope everyone had a Happy New Year! Now that all of the holiday sales are over & all of the bowl games have been played, it officially feels like we are in 2015.

Another indicator that 2015 is in full swing is the fact that we only have a week to go before tax season officially opens.

While the majority of Americans receives a tax refund each spring, a percentage of individual taxpayers and small business owners end up owing the IRS back-taxes. For these delinquent taxpayers Continue reading IRS Issues? Explore Your Options