A few months ago, one of my clients (let’s call him Mr. Jones) got one of those IRS “love letters” requesting more information about his return, and the IRS wanted to meet with Mr. Jones in person to discuss the situation.
Mr. Jones (a small business owner) was required to show up at the local IRS […]
Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit. Here’s one of my favorites. It’s been part of our tax code for over 30 years, yet many still don’t take advantage of it.
What am I talking about? The IRA — Individual Retirement Account.
Now, […]
We all love to criticize the IRS, don’t we? It’s easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1.
Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But self-employed people who ignore the IRS do so at their own […]
When it comes to filing your tax return, spending 42 cents could be the biggest mistake you ever make.
Millions of taxpayers make the mistake of putting their income tax return in a regular letter-sized envelope, sticking on a 42 cent stamp, and placing the envelope in the mailbox.
And millions of taxpayers “get away” with this […]
When times are tight, people are often faced with the decision of whether to buy food or make mortgage payments. Foreclosure on any property, whether it is a house or a vacant lot, is bad news, and it can happen anywhere in the great state of Texas. Failure to pay property taxes may result in […]
The deadline to submit tax returns for 2007 is April 17th. If you miss the deadline, you must file a return as soon as possible. If you owe taxes, the IRS will impose fines, interest on money owed and penalties. However, interest and penalties will not be imposed if a refund is due.
The IRS […]
Are you one of those people who likes to prepare your income tax return by yourself every year? Would you be surprised that the IRS is more likely to audit you as a result? Nobody is saying that you’re automatically being dishonest. Not at all — the more likely thing is that you are automatically […]
Come tax time, you may feel tempted to accept a standard tax deduction rather than explore the potential benefit of itemizing your deductions. Unfortunately, many homeowners do not realize they are legally entitled to take numerous deductions that would save them money on taxes.
Too often, taxpayers take the standard deduction rather than itemizing their […]
Sometimes it’s difficult to know what tax deductions we’re allowed to take. A tax deduction or a tax-deductible expense affects a taxpayer’s income tax. It is an expense incurred by a taxpayer, subtracted from a person’s annual gross income when the taxpayer computes his or her income taxes.
As a result, tax deductions lower […]
Wouldn’t it be great to get a few extra tips on how to file your taxes? Filing your own individual tax form can be intimidating, but today there are many ways to make your tax filing faster and easier. With a basic knowledge of things to avoid, tax filing is can be much simpler than […]