TaxAudit Blog

Tag: taxes

Woman opening a letter

An IRS Notice CP45 is a letter the IRS sends to notify you that your request to apply your overpayment to your next year’s estimated taxes cannot be granted.

Read More ›

pay check stub

The biggest chunk that will be deducted from your paycheck is most likely taxes, both federal and state. Federal taxes include income tax and FICA.

Read More ›

Payroll Taxes written on 2 wooden blocks

Fortunately, the short answer to the original question is yes, Illinois state payroll tax debt can quite possibly be reduced.

Read More ›

Payroll Taxes written on notepad with green background

The IRS has the power to impose some very strong penalties for businesses that fall behind in their obligations to make the scheduled payroll tax deposits.

Read More ›

Payroll Taxes

The IRS treats payroll tax debt seriously. Any employer or employee whose job it is to collect and pay the taxes, but willfully fails, can be held responsible.

Read More ›

Woman looking at debt letter

A taxpayer can seek relief from a spouse's tax burden by applying for the Innocent Spouse program or the Injured Spouse program, depending on the circumstances.

Read More ›

Paper Stacks with calculator

State agencies who collect income tax can audit your tax return. One of the most common reasons for a state audit is the audit of your federal tax return.

Read More ›

Tax Resolution Specialist

If you find yourself with tax debt due to unpaid payroll taxes, you may have options to help settle the debt. Let’s review some payroll tax debt relief options.

Read More ›

Back Taxes

When a taxpayer fails to file their return, the IRS will come knocking usually in the form of a notice of tax due for back taxes. Back tax help is available.

Read More ›

Cash, IRS check, and Social Security Card

Taxpayers who are behind on their federal taxes may be surprised to know that their Social Security benefits are ripe for the picking by the IRS.

Read More ›

Back Taxes

Back taxes are defined as taxes that were not paid in the year they were due. Penalties and interest may also get tacked onto back taxes if they remain unpaid.

Read More ›

Worried Woman

If you haven’t received a notice from the IRS, but think you might owe money to the IRS, you can also utilize the IRS' Online Account tool.

Read More ›

Inheritance Tax

Whether you will be taxed on the money received from a trust will depend on the type of trust and the instructions laid out, the assets titled, and more.

Read More ›

calculator

The fastest answer is how far back do you need to file? How deep do you want or need to dig into your records to get your taxes up-to-date with the IRS?

Read More ›

Back Taxes sign with a money background

You are ready to begin the process of preparing your back taxes – but you realize your records are lost. Never fear. There are ways to rebuild your records.

Read More ›

tax return in an envelope

The IRS encourages electronic filing to avoid processing delays. However, you may mail your IRS and state returns in. You can find the address required here.

Read More ›

Payroll Taxes Sign on top of dollar bills

The IRS takes payroll tax delinquency seriously – so seriously that IRS Revenue Officers have closed down businesses for not paying them. Tax help is available.

Read More ›

Vacant Land For Sale

You can "deduct" real estate taxes paid over the course of owning a piece of land in the year the land is sold, if the land was vacant, but there is a catch.

Read More ›

Stimulus Payment

Generally, as long as the incarcerated person is a US citizen (or resident alien), has a valid SSN, and is not claimed as a dependent, they may qualify.

Read More ›

Paying Taxes Online

There are a bevy of options available to taxpayers who want to make a payment to the IRS online. The IRS even has an app for that!

Read More ›

State and Local Taxes

You can deduct certain state and local taxes (SALT) if you choose to itemize deductions on your tax return rather than claiming the standard deduction.

Read More ›

Percentage sign with dollar bill in the background

The interest rate charged by the IRS on back taxes is the federal short-term rate plus 3%. The rate is set every 3 months.

Read More ›

Wage Garnishment written on paper next to calculator

The employer has the job of gathering the information needed from the affected employee to determine the correct wage garnishment amount from the IRS tables.

Read More ›

Garnishment of Wages written on a notepad

Yes, it is possible to make a deal to keep the IRS from garnishing your paycheck. Making payment arrangements with the IRS maybe all that is needed.

Read More ›

Man holding sign saying Stimulus Checks

Generally, yes. If you owe back taxes or have a payment agreement with the IRS, you will still receive a stimulus check if you are eligible to received one.

Read More ›

Back Taxes written on a computer screen

If you owe back taxes, there are options to resolve your back taxes, and TaxAudit can help. Here are a few possible options:

Read More ›

wooden house and gavel

The answer to this depends on your particular financial circumstances, how much you owe the IRS, and why you owe them money in the first place.

Read More ›

Money, United States Treasury Check, 1040 Tax Form

If you paid off a prior year state or local tax obligation to your state, you can include these payments as a state tax deduction, subject to the $10,000 cap.

Read More ›

Gift box wrapped in a five dollar bill with a red ribbon and bow on top

A bonus is considered a supplemental wage payment and is therefore subject to slightly different withholding guidelines under federal rules.  

Read More ›

Money being handed over

While increasing allowances leaves you with more available funds throughout the year, it will have a rippling effect and your tax refund will decrease.

Read More ›

Colorful balls with numbers

Lottery earnings are generally reported on Form W-2G, taxed as ordinary income, and expected to be reported as “other income” on the federal tax return.

Read More ›

house on top of a green hill

My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. How should we report our rental income?

Read More ›

SEARCH

This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.