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Repaying state taxes with an installment agreement

In our last post, we examined three different options people have when it comes to resolving state tax debt. In this post, we will look a little more closely at one of the options available: repayment with an installment agreement.

An installment agreement allows you to repay taxes over time with smaller chunks of payments. This solution can provide considerable relief to people who are trying to repay taxes but cannot afford to do so all at once. Below, we will look more closely at these agreements.

Owe state tax debt? Know your options

If you owe state taxes, it is important that you take the situation seriously and act fast. Resolving the issue sooner, rather than later, can help you avoid certain penalties and put the matter behind you.

However, you may be scared or hesitant to do anything because you don't know what your options are. If this sounds like your situation, you should know that you have a few options to resolve tax liabilities and mitigate the penalties.

Are there tax benefits to taking a pay cut?

For better or worse, money is at the center of many employment decisions. Overall, the message many people get when it comes to compensation for work is the more, the better.

However, we also know there is such a thing as too much money. In recent years, executives, politicians and other high-profile figures have gotten serious flak for making too much money, according to the public. Now, some people are taking the opposite approach to corporate salaries. Instead of demanding huge paychecks, people like Mark Zuckerberg and the co-founders of Google are volunteering to take a considerable pay cut. 

Do you need to amend your tax return?

For a lot of Americans, the tax return deadline came and went without incident. For many, their returns were much like they always are: straightforward and relatively easy to file. But for some individuals, the process may not have been so simple.

The arrival of late tax documents or the realization that a deduction was not filed properly are just two things that could send the average taxpayer into a panic because of the threat of an audit. For people in this situation, the next few months may be the time to consider filing an amended tax return.

But when is it necessary to file an amended return? Sometimes, not as often as you may think. 

How lottery winnings are taxed by Georgia and the IRS

We've all passed the billboards or heard stories on the local news channels about the growing Powerball jackpot. Though it's only in the millions now, just a few short months ago that number had climbed to $1.5 billion, making it a rather enticing payday for a majority of people.

Many see winning the jackpot as their way of finally stabilize their finances while others see it as an excuse to retire early. But is winning an enormous Powerball jackpot really all sunshine and rainbows, as the old adage suggests? If you consider how much your winnings will be taxed, the answer might be no. 

Will I be selected for an audit?

So, your tax returns have been filed; maybe you have sent in your documents and tax payments, maybe you are just sitting back and waiting for your returns to come in. In either case, you are probably ready to put the stress of tax preparation behind you for the time being.

Unfortunately, this won't be possible if you get audited. If this happens, you can be incredibly frustrated and upset. You will likely also have some serious questions, like why your return was selected for audit in the first place.

Self employed? You still need to pay taxes

Being your own boss can be enormously fulfilling, but it can be enormously stressful as well. Being self-employed gives you the freedom to run a business as you see fit, but it also puts all the obligations and responsibilities of a traditional employer on your own shoulders.

One such responsibility includes paying employment taxes. Just because you might be your own boss and may be the only employee at your company does not mean you are exempt from paying taxes. If you are starting your own business or have started your own business in the past few months, you need to know about income and self-employment taxes now in order to avoid complications and run-ins with the IRS when you file your return next year.

What to do if you disagree with a tax auditor's findings

With the tax deadline behind us, many people are breathing easier knowing that their returns have been filed on time and are now in the hands of the IRS and the state. But for some, their business with the IRS has only just begun. For some, a tax audit may be around the corner - which is something most people fear but hope they never have to deal with.

A lot of people dread getting notice of an impending audit mostly because of the many myths surrounding the process. For starters, most people believe they occur frequently while others are convinced that they happen immediately following a filing. Among the most persistent myths is that there is nothing a person can do once an auditor has completed his or her investigation. This isn't true, though - you have rights. 

What should I do if I don't have my taxes ready yet?

The deadline for filing your tax returns is just days away. If you have yet to complete or submit your own return, you may need to seriously consider filing an extension.

An extension can provide some breathing room for people who have not had the time or ability to complete their taxes by the April 18 deadline. However, there is one crucial detail you need to understand if you are considering filing an extension: You still need to pay your taxes, and they are still due on April 18.

Millennials and the challenges the face with paying taxes

In our last post, we discussed the fact that many people are afraid of the IRS. This fear can motivate people to make some unwise decisions, from ignoring their responsibilities to pay their taxes to avoiding any and all interaction or correspondence with the IRS. In that post, which can be read in full here, we also referred to a recent study that revealed a huge majority of millennials have some fear when it comes to paying their taxes.

In this post, we want to explore some of the reasons why people in that demographic (people between the ages of 18 and 34) are so afraid and what can be done to help allay some of those feelings.

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.