Earned Income Tax Credit

If the IRS Commits an Error, What Then?

There’s a horror story that each tax advisor can tell about mistakes made by the IRS on someone’s tax record. In fact, literally thousands of dollars are involved in most IRS mistakes.

To Avoid More Taxes in Retirement, Relocate to Alaska Or Florida

When retired, you can do anything you wish to do. But penny-pinching where possible is a requirement because you will be thriving on a fixed income. The taxes you pay the IRS are no exception.

How to Make Charitable Donations So As Not to Attract an Audit Flag

People give contributions to charitable institutions simply because of the light feeling that naturally comes with the act of helping someone. Doing so will also entitle them to tax deductions as these contributions are considered non-taxable. If the IRS sees items like this in your tax return, it will always take notice.

What’s an IRS OIC?

An OIC (Offer in Compromise) is a process that enables you to pay your tax debt by paying just a small amount to the IRS, as little as 1% of the tax due. Of course, strict requirements should be met in order to qualify for this.

5 Important Facts About Tax Benefit in India

Buying a home is one of the major decisions of one’s life and almost every body who takes a home loan has to go to a bank or financial institution to get his home financed. The money involved in a home loan is often a very big sum. Government of India has given some tax benefits on home loans in India to decrease the burden of buying a home in India. Here are 5 important facts about these tax benefits.

Benefits of Using an Enrolled Agent to Help With IRS Back Taxes

Using an enrolled agent can be a cost effective approach to resolving problems with IRS back taxes. This type of tax professional is a federally authorized tax practitioner who is empowered by the department of treasury to represent tax payers before all administrative levels of the IRS for audits, collections, and appeals. Below are the benefits to using this type of professional over using a tax attorney or CPA.

How Can a Tax Attorney Help You?

When paying tax is easy, you can use the services of a Certified Public Accountant (CPA). But if your tax matter is complicated and there is a sale of a business (small or big) that has to be reported or if you haven’t been filing your tax returns or the IRS is behind you, then you need to hire the services of a tax attorney. When the matter involved is full of complexities of tax law that you are not familiar with, you need to take the help of a tax attorney.

Tax 101 For Small Business Owners

If you own a small business, there are many tax returns that you need to file. Here is a brief synopsis of what you need to file when, and an explanation of the deductions available to small business owners.

Barack Obama Wants To Expand The Earned Income Tax Credit

In both the Illinois State Senate and the U.S. Senate, Obama has championed efforts to expand the EITC, which is one of the most successful anti-poverty programs to date. As president, Obama will reward work by increasing the number of working parents eligible for EITC benefits, increasing the benefit available to parents who support their [...]

IRS Tax Debt and 401Ks - Don’t Take Out What You Can’t Cover

There are several reasons why you might take money from the 401Ks early: maybe you needed it for a down payment on a house, or maybe you just needed it to help pay the bills because you were going through a rough time. Whatever the reason may be, you probably walked away from the situation long ago, thinking nothing of it. But now you’re getting letters from the IRS saying that owe thousands of dollars in taxes. What could they possibly be talking about?

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