Legal Topics
Tax Law Articles
How can I avoid a tax audit?
Published: Oct 13,2011
Horror stories abound fromtaxpayerswho have been subject to a tax audit of either their personal or business taxes, with tales of hound dog tax auditorswho will stop at nothing to find costly errors in tax filings, digging back years from the present to review ancient documents. While some stories of course are the equivalent of a “big fish” story, no one would ever try to argue that a tax audit is FUN.
What should I do if I can’t pay my state taxes by the deadline?
Published: Aug 22,2011
If April 15 is fast approaching and you haven’t completed your state tax return yet, or cannot afford to pay what you owe in state taxes, it isn’t the end of the world. The consequences for not paying state taxes on time may not be as severe as you may think--however, there are some simple things you can take before the deadline passes that can help keep the issue from escalating.
What adjustments can I make to my income on a Form 1040?
Published: Aug 06,2011
Those filling out Form 1040, or the U.S. Individual Income Tax Return that must be completed yearly and turned into the federal Internal Revenue Service (IRS) can utilize both Adjustments to Income (on lines 23 to 26 on the 1040) and Itemized Deductions on this tax form in order to convert otherwise taxable income into nontaxable items.
What should I do if I owe back taxes to the IRS?
Published: Jul 25,2011
If you currently owe back taxes to the IRS (Internal Revenue Service), take heart--you are not alone. Estimates from 2009 put the number of people who owe the IRS back taxes in the United States well into the millions. The majority of these people are self-employed (which means they file a Form 1099), making them susceptible to getting behind on tax payments because they do not have taxes taken out of their earnings like other workers, and/or because they neglect to send quarterly payments to the IRS. There are, however, methods of resolution for those who owe back taxes.
What should i do if I am behind on my property taxes?
Published: Jul 21,2011
Property tax rates and properties subject to taxation are determined by the state and locality in which a person lives. Property taxes generally apply to a person’s tangible belongings, such as a home or motor vehicle, as well as intangibles such as brand franchise names, stocks and bonds.
What can I do to fight a tax lien placed against my property?
Published: Jul 18,2011
A tax lien gives the applicable level of government (federal, state or local) a legal claim to your property as either security collateral or payment for your tax debts. After the collecting entity sends a debtor a Notice and Demand for Payment telling them how much they owe in taxes, the debtor has a short amount of time (for federal Tax Liens, for example, the length of time is only 10 days) in which to pay the debt in full before a tax lien can be filed.
How can Tax Planning help me save money?
Published: Jul 13,2011
Tax planning, although maybe not the average person’s idea of a good time, is an individual’s right to lower his or her tax bill through legal methods and should be considered before any number of major life changes. Before borrowing for or paying off a loan, putting money in a retirement plan, getting married, retiring, moving, changing your business to a corporation or partnership, spending business expenses as an employee, or negotiating divorce, tax planning should be considered to ensure that an individual does not unnecessarily overpay on his or her taxes.
If I am already facing a tax audit, what should I do?
Published: Jul 09,2011
If you are facing a tax audit by the Internal Revenue Service (IRS), you are not alone. The IRS conducts audits either randomly or because they suspect that an individual or business of making a mistake or fraud on their taxes. It is important to know what steps to take if you ever face an IRS audit.
