Dealing with IRS debt can be stressful and overwhelming, but several options are available to resolve the debt and get back on track with your finances. Texas taxpayers can use one of the following ways of fulfilling any obligations they have with the IRS. Payment...
If federal tax authorities believe that you made an error on a recent return, that return may be selected for an audit. An audit is a more thorough review of the information used to calculate income, determine the size of a capital loss or to claim deductions in a...
Failing to pay business taxes in full and on time in Texas can harm your finances, damage your company's credit, and even jeopardize your personal and business assets. Undoubtedly, it is a bad sign that paints you as a risky borrower when applying for a small business...
If you owe money to the IRS, they are going to want that money back with interest and penalties. However, there may be a way to reduce your tax bill in Texas, even if you can't pay it in full. Understanding IRS penalties and interests The IRS charges penalties if you:...
With no state taxes in Texas, it is one less thing to worry about when filing taxes. But, you might wonder if you need to file taxes or are exempt from taxes this year. Some people mistakenly do not file taxes. So here are some of the reasons that people do not file...
Employers in Texas are responsible for calculating their own share of taxes, deducting the correct amount of taxes from their employees' wages, depositing the payments and filing returns with the federal, state and local government entities. When some of the taxes go...
In a typical year, Texas residents must file their personal income tax returns by April 15. The consequences for failing to comply with the deadline depend on whether you are owed a refund or owe the government money. However, there may be benefits to filing your tax...
Our client was a well-known streamer on the Twitch platform. The IRS issued a Notice of Deficiency against her for 2017 claiming she owed $16,524 in unpaid taxes, plus an accuracy penalty of $4,443, for underreported income. The IRS believed that our client had failed...
The term "back taxes" refers to tax payments that were due to the government but went unpaid. If their tax payments are not kept current, taxpayers in Texas could be liable for back taxes at the local, state or federal level. The consequences of letting back taxes...
