If you’re giving non-cash contributions to charity, you need to let the Internal Revenue Service (IRS) know about it by filling out Form 8283. RELATED: IRS Tax Forms Directory | Comprehensive Tax Forms Guide In this article: What Is IRS Form 8283? When Do You Use Form 8283? Who Files for IRS Form 8283? Determining Fair Market Value (FMV) IRS 8283 Form … [Read more...]
How To Get A Tax Deduction Due To Bad Business Debt
The IRS allows taxpayers to minimize their income tax via bad debt deduction. Here's how it works. RELATED: 9 Common Small Business Tax Deductions 4 Steps to Receiving Bad Debt Deduction Bad Debt Definition: Uncollectible account from clients, customers, employers, or other debtors Step 1: Know What the IRS Considers as Bad Debt There are instances when customers or … [Read more...]
12 Reasons To Speak To A Tax Relief Specialist About Your Back Taxes ASAP
If you have back taxes to take care of, working with a tax relief specialist is the smartest way to go. Here's why. RELATED: Understanding The IRS Collections Process To Quickly Resolve Taxes In this article: Local Tax The Difference Between State Income Tax VS Federal Income Tax 32 Things Your Tax Accountant Won’t Tell You 3 Red Flags That Your Tax … [Read more...]
9 Types Of IRS Letters And Notices And What They Mean
Making sense out of an IRS letter is pretty simple as long as you know how to interpret them properly and understand the reason why the IRS sent one. In this article: IRS Notice of Deficiency: CP3219A Notice Reminder Notice: CP501 Second Request Notice: CP503 Notice of Intent to Levy: LT11 Final Notice of Intent to Levy: LT1058 Notice of Changes: CP22A … [Read more...]
Trump’s Tax Cuts | What You Need To Know And How It Affects You
Trump's Tax Cuts, like most tax reforms, are complex and confusing. For more details on the new tax code, continue with the article. Trump's Tax Cuts Explained What Is the New Trump Tax Plan? President Trump signed The Tax Cuts and Jobs Act of 2017 on December 22, 2017. This tax reform brought down both corporate and individual tax rates at the start of the calendar … [Read more...]
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