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...
What is the difference between tax evasion and avoidance?
You have probably heard advertisements claiming that you pay too much money in taxes and advertising services to help you from doing that. While it may seem perfectly reasonable that your own lack of extensive understanding of tax law may lead to an occasional...
Taking steps to ward off an IRS audit
Becoming the target of an IRS audit is something many taxpayers want to avoid, and yet a lot of people do not think it will happen to them. In fact, the IRS only conducted an audit of 0.5% of all tax returns in the year 2017. Still, that is no guarantee that anyone is...
How do I qualify as an independent contractor?
Qualifying as an independent contractor has important tax implications that workers who fall into this category should be familiar with. If they fall into this category, workers who are classified as independent contractors should be familiar with how they qualify for...
