For many people, income tax payments are essentially automatic. Their employers withhold a portion of their wages from every check and make estimated payments to the state and federal governments. These taxpayers generally only need to file an annual income tax return...
Tax Law
What happens if people don’t file their tax returns by April 15?
People have to pay income taxes when they work or have other sources of income, such as rental properties or investments. Those with regular income typically have to file income tax returns every year with the Internal Revenue Service (IRS). An income tax return helps...
Does IRS innocent spouse relief protect taxpayers in Georgia?
It is standard practice for spouses to file their taxes together. While some couples do file their annual income tax returns separately, joint filings often help people maximize their use of deductions and credits. Frequently, one spouse handles financial and tax...
Why self-employed professionals are at risk of tax controversies
A tax controversy occurs when an individual taxpayer and an authority assessing taxes disagree about someone's responsibilities. For example, if the Internal Revenue Service (IRS) accuses someone of tax evasion by misrepresenting their income, that tax controversy...
What’s the difference between tax avoidance and tax evasion?
Nobody wants to pay more taxes than they have to pay – which is why both individual filers and businesses often employ various strategies to minimize their tax liabilities. There’s nothing really wrong with minimizing your taxes as long as you understand the key...
What happens if your spouse lies on your tax return?
It is very common for married couples to only have one spouse work on the tax return. Maybe you've always been bad with numbers or have a hard time focusing on complicated paperwork. Perhaps you are a stay-at-home spouse and only earn $200 a year, so it just makes...
How much will you pay in interest and penalties on tax debts?
Finding out that the Internal Revenue Service (IRS) believes you underpaid your taxes is certainly a frightening experience. After all, you can count on the government to get their money no matter what. In severe cases, those accused of failing to meet their tax...
Is it illegal not to file your taxes?
You know that it’s illegal not to pay the taxes that you owe. Everyone is bound to pay their taxes, whether they are employees or business owners. Anyone with an income is going to need to pay some amount of tax on it at the end of the year. You also know that it’s...
You may not have to pay your whole tax bill
If you're facing a massive outstanding tax bill, it's understandable that you're worried. It doesn't feel financially viable for you to pay off all of the money that the IRS says that you owe. Now, there could be other parts to this equation. Maybe you believe you...
NFT sales can lead to substantial income tax obligations
At first, e-commerce largely involved businesses selling and shipping physical items either to individual consumers or other companies. However, the shift to fully-digital transactions has begun. Some people and businesses traffic in digital currencies, like...
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