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The Internal Revenue Service is focused on closing the tax gap. One way it hopes to do so is by collecting under-withheld employment taxes. Many mistakes that are made are related to company payroll taxes. Following is the list of some common payroll mistakes that companies make: Method of classifying employees as Independent Contractors [...]
If a business owner has many payroll taxes due, he can face many problems such as; severe penalties by IRS, it might trigger audit on the business, or lead to a federal criminal investigation. The importance of payroll taxes cannot be ignored. Following is the list of some important things to know about small business [...]
What is tax forgiveness? IRS introduced the Debt Forgiveness program which is also known as Fresh Start Program. The reason behind starting this program was that IRS realized that taxpayers will never pay their debt off of there is no hope. IRS use to increase the penalties and interests at a high speed, due to [...]
If you fail to pay the tax on time you face penalties. These penalties keep on increasing and add to your debt. It is better that instead of running away from taxes you file your tax return. In order to reduce the hit to your wallet from penalties, be sure to file your return even [...]
If you don’t have money to pay to the federal income taxes that you owe, you have three options: Option #1 Get an installment agreement, in which you will pay the full tax liability, but over an agreed-upon period of time. In this way your financial burden will minimize, and you will be allowed to [...]
It is the rule that if you get tax exemption, you have to show it as income in your tax returns. There are few exceptions to forgiven debt tax: Debts canceled when you were insolvent This is the most sweeping exception, because debt is generally only canceled when debtors are "insolvent." Student loans forgiven after [...]
American Economy is not growing since the Obama tenure. The stagnant policies have negatively impacted the job availability in the market. Millions of Americans have given up trying to find work and acquire skills to improve their well-being. America’s economic strength has been smothered by years of Obama’s broken promises, and stifling mandates and taxes, [...]
There are many types of deductions that the income tax payer deduct from his income before filing tax returns. What gets you audited by the IRS? The most common tax deductions that are questioned by the IRS are: Home office deduction The Office deduction is only allowed if you use the space for office. If you [...]
While audits are rare, most Americans would probably like to avoid being audited. Here are few ways in how to avoid a tax audit: Make sure you filed the right figures It is important that you carefully file your returns. If you are not aware of methods of proper data entry than its better [...]
Professionals at My Tax help MD are there to guide you different ways through which you can prevent tax audit. We understand that Tax Audit seems a nightmare to the taxpayer. Here are some preventive techniques for how to avoid getting audited: Carry out realistic deductions It is important that as a business owner [...]
