Paying taxes is a legal requirement for individuals and businesses in the United States. These are used to fund various government programs and services. Failing to pay taxes can result in severe penalties, fines and even criminal prosecution. However, there are times...
As an individual or business owner, it is essential to understand the difference between payroll tax liabilities and income tax liabilities. Both types of taxes are crucial for the proper functioning of our tax system, but they serve distinct purposes. They have...
Married couples in Texas will often file a federal tax return under the category of married filing separately. When filing jointly, the standard deduction will be higher than when filing separately, which may lead to reduced tax obligations on the combined income....
The Internal Revenue Service (IRS) sends numerous notices to citizens as reminders of their tax obligations. One noteworthy notice is the CP3219A, the Statutory Notice of Deficiency. This notice is issued when the IRS proposes changes to your tax return, leading to an...
No one wants to receive notice that they are being subjected to a tax audit. However, it does happen and Texas individuals and businesses need to be prepared. This is particularly true with the recent news that the Internal Revenue Service plans to increase the number...
Tax preparers serve as a bridge between taxpayers and government tax authorities. They ensure that tax returns are filed correctly and on time, reducing the risk of audits and penalties. Overall, they contribute to a smoother, more transparent tax process. As they...
If you owe money to the Internal Revenue Service, there are several options to address it. IRS tax debt can accrue for several reasons, and it may happen through no fault of your own. IRS tax debt You may owe money to the IRS if you fail to file a tax return or do not...
If you owe money to the Internal Revenue Service in Texas that you cannot pay in full, you may be able to negotiate a resolution. In this case, an Offer in Compromise (OIC) is an option available to you. Understanding tax debt resolution An Offer in Comprise is an...
You may have accumulated a tax debt if you cannot earn income after an injury. The Internal Revenue Service (IRS) may not know that you cannot afford to pay your tax. Hence, they may give you a notice of the amount of tax you owe the federal agency. Fortunately, there...
The IRS is notorious for its complicated forms, many of them with inscrutable names. One of the most intimidating IRS forms to receive in the mail is labeled "Notice CP504." Also known as a Final Notice or Notice of Intent to Levy (Internal Revenue Service Section...
