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tax articles

Ways to get IRS tax debt relief
2018-03-14

Ways to get IRS tax debt relief

Are you unable to pay your tax? Don’t lose your sleep if you can’t pay your full tax. The IRS has several methods to help you out.The methods differ based on various factors such as amount owed, your current financial status, and any fines incurred as a result of the tax debts. The debt relief p [...]

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Why should you file your income tax returns early this year?
2018-02-01

Why should you file your income tax returns early this year?

The official tax filing season kick-started on January 29, 2018. The last date to file income tax returns is April 17, 2018. Usually, the last date to submit income tax returns is April 15. But since it falls on Sunday and Emancipation Day is on Monday (April 16, 2018), so the IRS has extended the d [...]

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Why is tax refund ideal for avoiding credit card debt blue?
2017-10-03

Why is tax refund ideal for avoiding credit card debt blue?

As per the IRS, in 2016, the average tax refund was about $2,860. In 2017, it is expected that almost 70% of taxpayers will receive a tax refund. Getting a big fat tax refund is satisfying, but what will you do with the money? Should you go for a trip with the money or pay your due credit [...]

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Tax debt - New tax code could have your passport revoked?
2017-06-16

Tax debt - New tax code could have your passport revoked?

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 failing t [...]

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What to do if you become a victim of tax fraud
2017-05-02

What to do if you become a victim of tax fraud

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 [...]

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4 Tax misunderstandings that lead to costly mistakes
2017-03-27

4 Tax misunderstandings that lead to costly mistakes

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 [...]

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7 Expiring tax breaks will choke your paycheck more to death
2017-03-24

7 Expiring tax breaks will choke your paycheck more to death

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 [...]

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Health Savings Account can be a tax shelter: Here's how
2017-03-23

Health Savings Account can be a tax shelter: Here's how

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 [...]

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Do you have to pay tax on the amount saved from debt settlement?
2016-10-18

Do you have to pay tax on the amount saved from debt settlement?

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 [...]

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Last Updated on: 16 Apr 2018