You file your taxes hoping you did them right and you don't get that dreaded IRS audit letter. The word "audit' strikes fear in most every tax payer in Austin, Texas, but audits aren't that common. Even if you get an audit, most taxpayers don't know you can appeal...
Could the IRS go after retirement savings?
Millions of taxpayers find themselves owing money to the Internal Revenue Service, and not all of them owe excessive amounts. Many struggle to pay a tax debt that is less than $5,000. Thankfully, the IRS adheres to laws passed years ago by Congress regarding payment...
Life events that can impact how you do your taxes
People in Texas might need to rethink how they do their taxes whenever they go through certain life-changing events. Some of these changes can offer tax benefits while others might cause tax increases. Here is a brief look at how certain life changes might affect your...
Are there big tax changes coming for 2021 filers?
Texas taxpayers might not face changes in state requirements, but the Internal Revenue Service has changes planned for 2021. Taxpayers need to be aware of those changes to remain in compliance. Otherwise, audits and even criminal charges could follow the submission of...
Are tax evasion and tax avoidance the same thing?
Few people wish to run into trouble with the Internal Revenue Service. Not paying taxes represents one way to run afoul of the tax collection agency. One day, a Texas resident might discover a letter from the IRS requesting payment. Panic may set in when the taxpayer...
What can you do if you can’t afford to pay your business taxes?
Every business in Texas has to pay income taxes. If you haven't been paying your taxes throughout the year, you might not be able to pay the full amount when you file at the end of it. Fortunately, the IRS offers a few alternatives. Alternatives available when paying...
Information you will need to adjust your installment plan
When you set up your installment plan with the IRS, you did so believing you could make the payments. A change in circumstances may make it difficult to meet your obligations, but you can request a change; you should do this as soon as you realize you are in danger of...
What does the IRS do with suspected tax evasion?
Few government agencies have the potential to be more intimidating than the Internal Revenue Service. After all, even if you diligently prepare your tax return and pay your fair share, you may receive an audit. Even worse, IRS agents may accuse you of committing tax...
Are you required to pay taxes while living abroad?
Whether you plan on moving overseas in the near future or you are currently living in a foreign country, it is important to make sure that you are prepared to handle various financial matters, including tax obligations. Aside from dealing with taxes in the country you...
What do you know about estimated tax payments?
While you enjoy working as an independent contractor in Texas, you must understand your tax obligations. For instance, do you know how to make estimated tax payments throughout the year? Gain clarity on the matter with insights from Small Business Trends. Stay on the...
