What are state taxes? A state income tax is a direct tax imposed by a state on income produced within or outside of the jurisdiction. It may mean all of your money generated wherever in your state of residence. State income tax, like federal tax, is self-assessed, which means taxpayers must complete a necessary [...]

 You may be required to submit more than one state income tax return if you work in one state and live in another. This is frequent for remote employees, but it also applies to employees who travel across state lines to get to work. Other factors, such asrelocating throughout the year, may influence the [...]

 A levy is the legal sale of property to pay off a loan. If a person fails to pay his or her taxes, the International Revenue Service may collect the person's tax return or property. Other assets, such as a bank account, rental income, or a retirement account,might also be levied by tax authorities.Levies [...]

The 1099 form is one of a set of papers known as "information returns" by the Internal Revenue Service (IRS). There are several different 1099 forms that record various sorts of payments you may get during the year that are not paid to you by a firm. What is an IRS 1099 Form? The IRS [...]

What is IRS Form 8300? Form 8300 must be completed if a person engages in trade or runs a business and transacts more than $10,000 in cash in a single transaction. The Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) use the Form 8300, Report of Cash Payments Over $10,000 in a Trade [...]

What is a Lien? A lien is a legal term that refers to a claim of legal right against assets that are used as collateral. A LIEN can be created by a lender or a court decision. A lien is utilized to provide a fundamental assurance on a major obligation. If the primary obligation is [...]

Filing a tax return is an annual practice for most taxpayers, but not everyone is required to do so. In general, if your income is below a specific threshold, you may not be required to file a tax return with the IRS. Here's how much you have to earn to be able to submit taxes.The [...]

 What is IRS Form 668-Z? When a lien is satisfied or otherwise discharged, the taxpayer receives Form 668Z, Certificate of Release of Federal Tax Lien. The IRS will utilize Form 668-Z to notify you of a partial discharge of a lien that has been filed. This is a demanding task that necessitates the submission [...]

 Even the most conscientious small company owner can fall behind on their tax obligations. Every year, many are unable to pay the Internal Revenue Service on time due to unanticipated delays, fees, and other financial challenges. Regardless of how you accumulated the tax obligation, it is critical that you take action right now. While [...]

 Garnishment, also known as wage garnishment, is the process through which money  is lawfully removed from your salary and delivered to another party. It is a legal process in which a third party is instructed to deduct payments directly from a borrower's income or bank account.  Typically, the third party is the borrower's employer, [...]