What are the qualifications for the Fresh Start Initiative? The qualifications of the Fresh Start Program initiative are as follows, and you must at least meet one: You must have experienced a 25% income reduction if you are self employed. Earning less than $100,000 in income and must be single. Earning less than $200,000 in [...]
How much will the IRS usually settle for? You owe back taxes to the IRS and you want to explore options for debt settlement. You want to eliminate the outstanding tax debt as much as possible. Luckily, there are options for you to consider. “How much will the IRS usually settle for?” For a short [...]
IRS Fresh Start Program Qualifications If you are considering the IRS Fresh Start Program, this is a good starting point. We will help you guide you and give you a clear idea if you will be qualified. As of 2020 the number of applications towards the IRS program increased due to the pandemic. The IRS [...]
What is the Fresh Start Program with the IRS? Most taxpayers after Covid-19 are more likely to face overwhelming tax liabilities due to the economy. A resolution to a taxpayers' debts and regaining financial stability is the IRS Fresh Start Program by the IRS. The Internal Revenue Service (IRS) Fresh Start Program was started back [...]
What is Right for Your Taxes in 2024? Do you have a job, are you self employed, or are you a real estate investor? Whatever career job you currently have, taxes will be complicated no matter what. However, if you are single and have a regular nine to five job, you only need to understand [...]
Millions of Americans have fallen behind on tax payments or have been unable to make their tax responsibilities to the IRS or the taxation authorities in their state at some point. The tax regulations in the United States are incredibly intricate, and many individuals find themselves in circumstances where they owe more than they can [...]
Reduce Your Tax Liability by Reporting Your Gambling Income & LossesIs it too good to be true? Although it is difficult to determine the exact number of Americans who report gambling losses on their tax returns, we do know that many individuals are unaware of this tax deduction. As we are required to report winnings from [...]
How Far Back Can the IRS Audit? Formerly, the word "audit" evoked widespread fear and loathing. With the Internal Revenue Service auditing 5.6 percent of all Americans in 1963, practically everyone knew someone who had been audited. Since then, the number of IRS audits has dropped dramatically, with a 23 percent drop in the last [...]
There's always the risk of an audit, and if you're discovered to have lied about your income, tax audit penalties can be severe. The penalties vary from severe fines to criminal charges, and you may be buried behind a pile of paperwork.Find out what happens if you are audited and can't prove you filed your [...]
If you run your business under a limited liability corporation (LLC), you have additional options when it comes to how the IRS taxes your profits. Your decision will have a direct impact on the tax filing laws that apply to you. There are no special tax laws for LLCs; the IRS enables the LLC to [...]
