When a taxpayer receives a notice of deficiency, confusion often arises. By knowing what the notice really is, a taxpayer may avoid making mistakes. Read on to learn all about it. RELATED: Delinquent Taxes | Everything You Need To Know [INFOGRAPHIC] A Step-by-Step Solution To Resolve A Notice of Deficiency 1. Understand What Is a Notice of Delinquency After filing a tax … [Read more...]
Are Tax Preparation Fees Deductible?
Are tax preparation fees deductible? Fortunately, the answer is "yes" according to the Internal Revenue Services (IRS), and this can help taxpayers greatly. RELATED: What Medical Expenses Are Tax Deductible? 10 Items To Deduct In this article: What Are Tax Preparation Fees? A Short Primer and Definition Tax Preparation Fees Deduction: Some Useful Information … [Read more...]
Tax Refund Offset Reversal: Step By Step Guide
Any taxpayer can experience a tax refund offset reversal which may affect their short-term finances drastically. RELATED: Where Is My Federal Tax Refund? What To Do If You Don’t Receive It A Primer on the IRS Tax Refund Offset Reversal Process Step 1: Understand the Concept of a Tax Refund Offset and Its Process Sometimes, a taxpayer checks on a tax refund status and … [Read more...]
Bad Debt Expenses: What Is It And How To Write It Off
Taxpayers with businesses or clients may accrue some bad debt expense. Learning how to identify and write them off can help the finances of everyone involved, so read on to find out more. RELATED: IRS Form 5329 [For Retirement Savings And More] | Internal Revenue Service In this article: What Is Bad Debt Expense? What Qualifies as Bad Debt Expense? How to Find … [Read more...]
Tax Fraud Penalties
Crime does not pay, especially with regards to the IRS. Tax fraud penalties can certainly impact your finances significantly. RELATED: Can You Go To Prison For Not Paying Taxes? In this article: What Constitutes Tax Fraud for the IRS? What Are the Red Flags or Triggers for IRS Tax Fraud Penalties? Why Are The Penalties for IRS Tax Fraud and Other Tax Crimes … [Read more...]
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