Your financial life may face difficulties if you owe taxes to the IRS. Complicating this situation further, for some people who owe tax debt, is the new amendment in the FAST Act (Fixing America’s Surface Transportation Act). This new law gives the federal government the power to revoke your passport if you’re “seriously delinquent” ($50,000 or more in debt) on your taxes.
Fortunately, you do have some options to get out of tax debt, there is hope no matter how bleak the situation may seem.
This blog post will give you 10 proven ways to settle tax debt.
So, you're a professional salesperson, and you closed a boatload of business last year. Hate to brag, but you slayed it. Congrats!
Now it's time to calculate and pay your taxes. NOT congrats on that because it's likely to be brutal. Yes paying a lot of taxes is a sign of success but it's also important that you stay aware of the tax strategies you can employ to keep the brutality at least somewhat under control.
Here are five tax tips for sales pros that can save you money on your taxes.
By Tim Frye
The home mortgage interest is one of the biggest tax breaks available to the modern day homeowner and taxpayer. The deduction is available to those who itemize deductions on the Schedule A, and can be deducted along with other home related expenses such as real estate property taxes. Many times a taxpayer's mortgage interest will assist them to be able to surpass the standard deduction and itemize on their tax return. This article will discuss the details of the mortgage interest deduction and how a taxpayer can calculate it and claim it.
By Tim Frye
When you are looking for a new tax preparer or advisor, the process can be tedious and nerve-wracking. After all, you are entrusting someone essentially with your life, because we all know how serious the IRS can be when it comes to collecting debts and spotting mistakes and penalizing accordingly. So when you are looking for an accountant the process should be meticulous, going through a list in order to safeguard yourself against falling into shady hands. This article will seek to define the best methods in finding a great tax preparer.