Tax debt - New tax code could have your passport revoked?
Date: 13th Jun, 2017
Owing taxes to Uncle Sam may cost your ability to travel overseas, provided you’ve taken no preventive measures to tackle the crisis. What’s the law? In December 2015, Section 7345 was enforced and placed under the tax code. The Internal Revenue Service (IRS) can revoke your passport for f... Read more
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What to do if you become a victim of tax fraud
Date: 18th Apr, 2017
Whether investing in a business, filing a tax return or using a credit card, financial crimes have become an area of major concern for everyone. It’s because scammers keep a close watch on your finances. So, you must monitor your economic activities minutely and carefully and do the needful in ord... Read more
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Health Savings Account can be a tax shelter: Here's how
Date: 23rd Mar, 2017
Many of you may know about the various benefits of an HSA (Health Savings Account), but very few know that it can be a tax shelter too. An Health Savings Account is a medical savings account that is available to only the taxpayers of the United States of America. The people who are already enrolled... Read more
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7 Expiring tax breaks will choke your paycheck more to death
Date: 21st Mar, 2017
The middle class should not continue to foot the bill for tax breaks for millionaires and billionaires. - Keith Ellison, Congressman, Minnesota Tax breaks are an excellent financial windfall Americans look up to. They save on a taxpayer’s personal liability. These tax breaks add to the taxpayer... Read more
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4 Tax misunderstandings that lead to costly mistakes
Date: 16th Mar, 2017
Misunderstandings can be expensive especially when it comes to taxes. It can create a false picture in the mind of taxpayers and lead to horrible mistakes. Here are the 4 common tax misunderstandings people have in our country. 1. Government doesn’t have legal right to collect income tax Th... Read more
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Do you have to pay tax on the amount saved from debt settlement?
Date: 18th Oct, 2016
You may receive a 1099-C form, from your creditors or debt collectors, that reports Cancellation of Debt Income (CODI) to the Internal Revenue Service (IRS) months after settling your credit card debts. Who informs the IRS that you have settled the debt? Creditors and debt collectors are required ... Read more
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Olympic gold medal - Too costly for US athletes due to victory tax?
Date: 18th Aug, 2016
Nothing comes for free. This adage has proved to be true for Olympic medals. No, I’m not speaking of the hard work, years of practice and proper training. These were already there. What I’m speaking of is the ‘victory tax’ where Olympic medal winners have to pay a hefty amount to the Uncle S... Read more
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Amazing small business tax deductions you should never miss
Date: 10th Aug, 2016
Speaking of taxes, past performance is an excellent indicator of the types of deductions that a business usually enjoys each year. In the recent past, the Internal Revenue Service (IRS) has released information about the Schedule C taxpayers. Some of the most popular tax deductions claimed by sole... Read more
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How can you save money on taxes by going green?
Date: 20th Jun, 2016
Nowadays, going green is in vogue. Do you know that going green would not only save the environment but also it can save your precious dollars? Yes, that’s right! Now, you can get attractive tax breaks for going green - as individuals or as a business owner. As long as you are investing in energy-... Read more
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The ultimate dilemma - When is the right time to hire a tax accountant?
Date: 4th Apr, 2016
The dreaded and most excruciating tax filing season has begun. It’s time to crunch the numbers, put them down and file your income tax returns by April 15, 2016. Earlier, I used to do my taxes due to the following reasons: I wanted to keep my financial details private I liked the feeling that I... Read more
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