If you file taxes in the United States, something that you should be aware of is the risk of facing an audit. Audits by the Internal Revenue Service are largely random, which can make it hard to know if you’ll be at risk or not. You may be surprised to know that the...
Tax Law
What are your tax obligations as an American with foreign assets?
There are various reasons why United States citizens place their funds in offshore bank accounts. One may be to qualify for secondary citizenship by investment. Another may be because the target country serves as a tax shelter. Americans often purchase homes abroad....
Tax debt: How to pay back what you owe
Taxes are something everyone in Georgia and the U.S has to deal with at one point in his or her life. Although many individuals won't have an issue paying their taxes, other people may not have such a positive outcome. Plenty of reasons exist as to why someone could...
How much should you be saving for taxes?
If you're an independent contractor, then you have one thing to remember: You have to save money for your taxes. It's easy to spend all the money you have coming in, but you should be saving enough money to pay your taxes quarterly or yearly, depending on how much you...
IRS underpayment: penalties you may face
One of the rules that the IRS has in regards to taxes is that everyone in Georgia and around the nation must pay their federal income tax throughout the year. Some workers may already have these taxes withheld from their paycheck while others who are self-employed may...
Tax audits vary greatly in seriousness
Opening the mailbox and seeing something from the Internal Revenue Service can make your heart stop. Many letters that the IRS sends are fairly troublesome news. These include things like adjustments to your taxes that lead to you owing money and audit notices. For...
IRS penalties: What you should know about penalty relief
Oftentimes, in Georgia, battles with the IRS tend to be perceived as expensive and, overall, time wasters. This is why, when it comes to IRS penalties, it can be somewhat daunting to even ask for some relief. The good news is that there are many ways to go about...
The Georgia personal income tax laws you need to know
Some states, such as Georgia, have their own policies when it comes to personal income tax. This means that Georgia residents, as well as non-resident individuals who have property or business in the state from which they gain income, must file personal income taxes...
How does a federal tax lien work?
Paying tax debts sometimes proves challenging. A Georgia taxpayer might owe a significant amount of money and does not pay the IRS when the agency attempts to collect. Sometimes, the IRS may respond with a federal tax lien. Anyone dealing facing threats of a lien for...
Worried about taxes? An installment or settlement could help
This year, you worked hard to provide for your family. As an independent contractor, you were proud that you were able to earn the kind of income you wanted in your own time and on your own schedule. When tax time came around, you were shocked by what you found you...
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