Major Types of Taxes in the United States Explained There are many taxes in the United States but we will take a look at the major ones which are large sources of the federal revenue. INDIVIDUAL INCOME TAX Personal income tax is one of the Major Taxes heads in the United States. According to different [...]
IRS Offer in Compromise: Settling Tax Debt for Less Than You Owe Most filers eventually get their taxes returned to them every year. But what if you land in the opposite scenario? If you owe the IRS money and the amount is too large and you do not understand the idea of paying back the [...]
COVID-19 Tax Credits Available to Small Businesses The shutdown of the Economy caused by the on-going pandemic brought about a heavy blow to both companies and individuals, so the United States Internal Revenue Service (IRS) launched a series of financial rescue plans. Recently, the United States Internal Revenue Service launched three new tax credits policies [...]
IRS Form 4868: How to File a Tax Extension We will be looking at when and how to get more time to prepare personal and business taxes. WHAT IS IRS FORM 4868? IRS Form 4868 is an IRS extension form that you will have to file with the IRS when you are required to file [...]
Common IRS Audit Triggers and How to Avoid Them There are several reasons why the IRS can pay you a surprise visit out of the blue. To avoid this, we should be careful how we handle our taxes, personal and business income. Here are some reasons why the IRS can start looking into you; INCORRECT [...]
IRS COVID-19 Tax Relief and Operations Update This shows details on how the IRS is helping taxpayers during this pandemic with an overview of their operations: Taxpayers who are applying for a refund are encouraged to submit electronically soon and choose direct deposit to receive a refund within less than 21 days. This is faster [...]
Why the IRS Rejects Tax Extension Applications It is important to make sure your tax extension application is accepted, be it individual or business tax extension. The IRS does not reject many tax extension applications but there are several reasons why they will not accept tax extension applications. Reasons why the IRS will reject a [...]
How to Choose a Qualified Tax Preparer Millions of taxpayers in the United States go to tax preparers to report to the Internal Revenue Department, better known as the IRS. Before going to the places where taxes are being prepared, it is important to do some research. You cannot just meet anyone to prepare your [...]
How to File IRS Form 7004 for a Business Tax Extension Tax payers have been informed and reminded by the IRS that individuals who need to request to file an extension should file using the form 4868 while businesses must submit using Form 7004. Form 7004 is the form tax payers use to file an [...]
Protect Yourself from Tax Fraud During Tax SeasonsIt can be challenging to distinguish between a tax scammer and the Internal Revenue Services (IRS), especially if this is your first encounter with a tax scammer. It is crucial to comprehend the IRS’s communication to identify any red flags. We know for a fact that millions of dollars [...]
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