A tax negotiation allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:Ability to payIncomeExpensesAsset equityWe generally approve a tax [...]
Rental Tax CreditsRenting out a room in your house can be a great way to earn some extra cash. But what about the tax implications? Understanding rental tax credits can significantly impact your financial responsibilities.Many people don't realize that rental income must be reported to the IRS. The good news is that many tax credits [...]
Since each state has its unique regulations and standards for how citizens must file taxes, where you file affects your path to resolving a state tax problem. The important thing to remember is that most states have tax rules and processes that are essentially comparable to those of the IRS. Of course, this does not [...]
If you have a lien on your property or are in charge of a project, you're definitely under a lot of stress. Financing may become challenging. It's possible that the planned deal may fall through. Alternatively, the project manager may be breathing down your neck. In any case, you're concerned about how to eliminate a [...]
Taxes are already difficult, and if you fall behind on them, things may get out of hand. When taxes are delinquent or overdue — usually from previous years — they are referred to as "back taxes," and if you owe them, you may be wondering about tax relief. Here are common options that may help [...]
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 state [...]
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 [...]
1099 Form Feeling lost in the tax maze? Many people find the IRS Form 1099 especially confusing. Whether you're a freelancer, landlord, or business owner, understanding this form is important. This guide breaks down everything you need to know in plain English. Let's explore IRS form 1099 and shed some light on its purpose, and [...]
What is IRS Form 8300?Formulario 8300Form 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 [...]
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