The possible impact of tax debts on retirement funds

Owing back taxes to the IRS can be stressful. It is understandable to feel overwhelmed not only by owing back taxes but also by the amount of information out there about what to do about it. Paying back taxes It is critical to understand the importance of paying back taxes while at the same time […]

A Guide to Removing an IRS Tax Lien

Failing to pay your taxes can create many problems, some of the problems that it can create include the IRS placing a lien on your property to ensure they are paid back. A tax lien essentially makes it impossible for you to sell or refinance your home until the IRS is paid. If you cannot […]

How the Economy and Inflation Affect Your Taxes

The tax code is complex and ever-changing. It’s challenging to keep up with the latest changes, especially when it comes to filing your taxes. Tax season brings a lot of stress for many Americans, as they scramble to meet the April deadline and figure out if they qualify for any special deductions or credits.But understanding […]

What if I Can’t Pay My Installment Agreement?

If you are unable to fully pay your tax debt, you may be able to establish a payment plan. There are two types of payment plans: Short-term payment plan: The IRS offers additional time (up to 180 days) to pay in full. It’s not a formal payment option, so there’s no application and no fee, but […]

New York sales tax audits are challenging for business

New York sales tax audits are challenging for business because of the complexity of the sales tax laws and stringent audit standards. The New York State Department of Taxation and Finance (DTF) has the authority to audit any business that sells taxable products or services in New York. DTF auditors are trained to look for […]

What You Should Know About Unemployment Taxes

Did you know that you have to pay taxes even if you’re unemployed? In fact, many Americans who took out unemployment during COVID-19 lockdowns may now find themselves with large tax bills. But how do unemployment taxes work? Are there any avenues for unemployment tax help? Read this guide to learn more about everything from unemployment […]

What Percentage of Tax Returns Are Audited Each Year?

When filing your annual tax return, the possibility of being audited is always looming. Audits feel scary, even when you know you haven’t done anything wrong. But what percentage of tax returns are audited each year? The answer to this question varies based on income brackets, but the truth is not a lot of people […]

7 Tips to Reduce Your Chances of Falling Victim to Tax Identity Theft

Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf. According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year. Consumer advocates believe that since […]

Building Resilience into Your Small Business

If you currently own or manage a small business, you’ve probably experienced an extremely high demand or you’re preparing for the worst – to be shuttered by law for a few weeks or longer. In either case, your business needs a whopping dose of resilience right now. Here are four steps to safeguard your business […]