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Do You Owe Back Taxes? We Expertly Reduce The Worry Out

Don’t Worry

If you owe back taxes to the IRS, some amount of panic is understandable. After all, the Internal Revenue Service has the power of the federal government in its corner, something no other debt collector can claim. They are considered the most brutal collection agency on the planet.

It is easy to freeze up and just do nothing when you owe back taxes to the IRS, but hiding from, or doing nothing about your tax debt will not make it go away. In fact, ignoring the taxes you owe will only make the situation worse, since interest and penalties can really add up. You also risk having your paycheck garnished (the IRS does need a court order to do this) or your bank account levied. The IRS can also file a Notice of Federal Tax Lien making it all but impossible to obtain financing for a car or home.

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Business Owners: Learn if a Defined Benefits Plan is Right for You

Business Owners: Learn if a Defined Benefits Plan is Right for You

Business owners who want to take advantage of the new 20 percent qualified business income (QBI) deduction under the 2017 tax law may want to consider having not only defined contribution retirement plans, such as 401(k) plans, but also defined benefit plans similar to old-fashioned pensions.

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2017 & 2018 Taxes: Make Sure to Report Your Bitcoin Transactions: $20,000 Threshold

2017 & 2018 Taxes: Make Sure to Report Your Bitcoin Transactions: $20,000 Threshold

Bitcoin and Taxes: Coinbase is Complying with the IRS’s Reporting Requirements.

Remember to Report Your Bitcoin Transactions.

Tax consequences from the sale and trade of bitcoins vary around the world, U.S. taxpayers must treat bitcoins and other “convertible” virtual currency as capital assets and not as currency. Internal Revenue Service (IRS) guidance released in 2014 made clear that capital gains rules apply to any gains or losses following a taxable event.

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The Tax Reform & Tax Rate Changes You Should Know

The Tax Reform & Tax Rate Changes You Should Know

On December 20, the House approved H.R. 1, the “Tax Cuts and Jobs Act,” the sweeping tax reform measure, by a vote of 224 to 201. The Senate had passed the measure, as revised to address some procedural complications, the night before, and the bill was signed into law by President Trump on December 22, 2017.

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