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Tax Facts: 15 Interesting Facts About Taxes You Didn’t Know
Tax law is incredibly complex, which makes for some very interesting, and sometimes very strange, tax trivia. To celebrate the wonderful and sometimes odd world of taxes, our experts here at Tax Defense Partners found 15 interesting facts about taxes we're sure you...
Call IRS: What You Need to Know Before Calling the IRS
No one wants to have to call the IRS. But in some cases, it can be necessary. If you’re experiencing a tax issue, it’s always best to get started on resolving it as soon as possible, which may require making a phone call. However, there’s no need to get overwhelmed at...
Tax News: Democrats Request 10 Years of Presidential Tax Returns in New Bill
In their first bill as the new majority party of the U.S. House, Democrats have introduced legislation that would require presidential and vice presidential nominees to disclose 10 years of tax returns to the public. What Other Issues Does the Bill Cover? The bill,...
Why There Is Nothing To Fear About Taxes
"Taxes" – there, we said it. Admit it – the hair on the back of your neck stood up just a little. The word “taxes” can make a grown man cry and send other individuals screaming into the night. Do taxes have to be that scary? What do you really have to fear, after all?...
Have Bank Levies Been Imposed On You?
Can you be forced to make a payment? Well, if you are behind in your payments, creditors are given a powerful collection option by bank levies. Does that equate to you being powerless, however? It is possible, in some situations, to prevent a levy. This particularly...
What Can Delinquent Property Taxes Do To You?
In many cases, a mortgage lender will establish an escrow account through which property taxes are paid. This means that additional funds are paid by the borrower to the lender for property taxes in addition to interest and the principal – all this equates to a...
Wrapping Up 2018 While Increasing Your Tax Refund
It’s difficult to believe that the last month of 2018 is here. You still have time to take a few strategic, but simple, steps to lower your taxes for this year. Increasing your refund should be your goal for the next few weeks! Here are some helpful ideas you can take...
Small Business Owners Should Avoid These Tax Mistakes
Tax mistakes are not uncommon. Lots of people make them. They can be costly if you don't have someone to help you through the rough spots. Even knowing that you have someone to guide you through the consequences resulting from a tax mistake, you still want to avoid...
How Will Trump’s Tax Reform Plan Affect You In The New Year?
President Trump signed the Tax Cuts and Jobs Act in December of 2017. His explained this tax reform plan would help middle and lower classes by cutting individual income tax rates, eliminating personal exemptions, but doubling the standard deduction. How have these...
Top Tips To Requesting IRS Penalty Abatement
Millions of dollars every year are charged to taxpayers by the IRS. Over time, that adds up to literally billions. Tens of billions. Should you, however, have a history of following the rules, certain penalties can be removed (abated), or waived by the IRS. There is...
Did You Know That Lottery Winnings Are Taxable?
As you probably already know, winning the lottery can mean millions of dollars and the realization of your wildest dreams. But, can lottery winnings also mean added headaches when tax time rolls around? The Lottery and Taxes People tend to get very excited when there...
How Should Tax Planning Be Done?
One of the crucial things you need to remember, whether you are an employer or an employee, is to file your taxes on time. In the U.S., the tax filing deadline is set at April 15 every year. Miss out on that and everything can turn haywire. In order to make sure that...
Useful Self-Employment Tax Reduction Tips
A lot of people find joy in being self-employed. Because you can be your own boss, be able to work at your own pace, and have some extra time for enjoyment without worrying about other things. But of course, if there is one thing you must remember when you are...
What You Need To Know About IRS Audit Representation
Most taxpayers have a tendency to panic when they receive a letter from the Internal Revenue Service (IRS). Upon receiving an IRS notice, they get all panicky and unsettled as they try to recall everything they did with the financial documents from the previous year....
When Do You Qualify For Innocent Spouse Relief?
When a married couple signs a joint tax return, they are signing a legal document that will hold both signatories in joint and several liability. That applies to the information shown on the return. Next, the spouse of each person can be held liable for the entire tax...
How To Avoid Defaulting On Your FBAR Requirements
The IRS requires you to report your foreign financial account(s) yearly to the Department of Treasury once it has exceeded certain thresholds. Included in the list of accounts to be reported are brokerage, mutual fund, and bank accounts. This can be filed...
Can You Reduce IRS Interest For Your Tax Bills?
When you owe the Internal Revenue Service (IRS), you usually owe more than just taxes. On top of your tax bill, there may be additional IRS charges, interest, and penalties. It is imperative that you get into a payment agreement with the IRS. If the balance grows, IRS...
Top Tips To Appealing IRS Wage Garnishments
Owing the IRS back taxes is an entirely different thing. It is nothing like owing your friends or a bank money. Creditors usually get help from a court whenever they have to garnish your income, for what you owe them. In the case of the IRS, they can levy your wages...
Do You Know How To Request A Tax Return Transcript From The Previous Year?
A tax return is an important document that you file with the IRS every year. You should keep a copy of this form, just in case you will need it for any financial-related matter in the future. Apart from helping you prepare better fro your future tax returns, you can...
How To Tackle An IRS Notice CP 2000
When would a taxpayer receive an IRS notice CP 2000? This type of letter would be received in the following instance: Data reported to the IRS (i.e., 1098's, 1099s, or W-2s) by third parties such as investment brokers, banks, employers, etc. doesn't match up with the...
How Tax Resolution Professionals Can Help You Reduce Tax Debt
The IRS says you owe them money. How do you know if it's true? Even if it is, what will you do? Whether it is to reduce tax debt or simply get to the bottom of a tax related problem, your best bet is to contact a professional. What can a professional tax defense...
Is It Really IRS Who Is Knocking On Your Door?
In a world where scams run rampant, it was only a matter of time before someone came up with an IRS scam. For those not immediately suspicious in nature, or those individuals who are easily persuaded, phone calls and visits from a scam artist claiming to be from the...
How To Avoid Tax Liens
First of all, you should be aware that there is a difference between a tax levy and tax liens. Tax levy – this is when your assets or property are seized by the IRS in order to cover an outstanding tax bill. If you had a tax debt and set up a payment plan with the...
When Do You Need To Get Tax Debt Help?
Have you ever experienced problems with your taxes or the IRS? Have those problems resulted in you having to pay additional money in the form of extra taxes, penalties, fees, etc.? If it looks like you might be additionally taxed or penalized, it's time to get tax...
Can Wages Be Garnished If You Owe Money To The IRS?
Of course, the ideal situation when it comes to taxes is that when everything is said and done, the IRS owes you a pretty little refund. On the other side of the coin, and not the desirable outcome for any taxpayer, is the possibility that you could over the IRS...
Who Are Your Dependents?
Naturally, the best-case scenario when filing taxes is that, rather than owing the IRS, the IRS owes you. There are countless tax documents the go into the filing of some people's taxes, and they can take hours to sort and go over. But in addition to profit and loss...
Getting To Know The IRS Audit Penalties
If you are contacted by the IRS, it’s not likely that you will escape without some kind of money being owed. They try to be very sure of their chances of being legally correct before they chase someone for money. And if they figure out that you owe extra taxes, you...
Are You Ready For The Next Tax Season?
With another tax season seemingly always on the horizon, what’s the best tax advice that one can receive? The answer: when it comes to filing income tax returns, the earlier start you can get, the better. Anxiety and stress is only increased by putting off tax return...
What Is An Offer In Compromise?
Can tax debt be reduced by an Offer In Compromise? For that matter, what is an Offer In Compromise? This is a program that lets a taxpayer settle, for only a portion of their owed tax liability, their tax debt. Just a couple of years ago, an all-time high was reached...
Tax Relief Tips For Education Costs
Who out there couldn't use some good tax relief tips? Truth be told, there are any number of ways to save on taxes. But many of the tax breaks and tax cuts might remain unknown without a professional tax preparer from whom to seek assistance. Here, we will discuss one...