In 2005, IRS Was Bold, Aggressive and Relentless

Recent data released by the IRS shows that the tax-collecting agency was particularly aggressive in 2005. Collections, document-matching and audits are all up over last year

Richard Hatch May Not Survive IRS-Will You?

Arguably reality television’s biggest star, Richard Hatch, has been indicted for tax evasion. His strategy with the IRS wasn’t as nearly as good as his strategy on Survivor.

More Aggressive IRS Fights the Shrinking Tax Gap

In 2001, the IRS was shortchanged $300 billion by taxpayers, a study shows. But since that year, the IRS has become a much more aggressive agency in pursuing taxes and taxpayer debts

Home Office Deductions: Maximize Tax Benefits

Protect your home office deductions from audit? Everyone has a home office of some kind. IF you have a work at home business, it is necessary to have an office, and even more necessary to gain all the benefits offered to you by IRS for that office. Here are simple steps you can take to maximize the tax benefits of a home based business.

The Legalities and Issues with an IRS Levy

An IRS levy is an order from the Internal Revenue Security directing TVA to withhold a specified amount of an employee's pay to satisfy a tax debt. If the IRS determines that we owe back tax then it may issue an IRS levy requiring the deductions from the pay till the back taxes are paid. They may ask the person to sign an agreement of consent authorizing the amount to be deducted. The IRS levy can allow an amount to be exempt from withholding based on the employee's tax filing station and the number of exemptions claimed.

The IRS Levy and Legal Powers of Garnishment Defined

The Financial Management Service (FMS) is a bureau of the Department of the Treasury, to provide a centralized debt collection service to most federal agencies. The FMS has begun utilizing two Congressionally mandated federal debt collection programs. One is devised to collect delinquent non-tax debt by neutralizing federal payments and the other is to collect delinquent tax debt from those individuals who receive federal payments.

How To Reduce The Chance Of An Audit By Over 50 Percent

Looking for a way to significantly decrease the chance of an audit?

Help Me Prepare My Taxes

Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living.

Marriage and Taxes

Getting married is the greatest day for 50 percent of couples. The other 50 percent get divorced. Perhaps the marriage tax penalty has something to do with it.

Automatic Extension Requests For Businesses

The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they’ve simplified business tax return extensions.

Income from Work as a Notary Public is Exempt from the Self-Employment Tax

The work of notaries public is in high demand. Every real estate closing or refinancing requires a notary to attest to many signatures. Although income from work as a notary public is subject to income tax, it is exempt from the self-employment tax.

Who's Afraid Of The Big Bad IRS?

Why are you so scared of Uncle Sam?

New for 2006, the Roth 401k

Beginning in 2006, a 401k plan may include a Roth 401k. A Roth 401k plan is similar to a Roth IRA. The money contributed to a Roth 401k plan is not tax deductible, but the money grows tax free and can be received tax free at retirement. Unlike the Roth IRA, the Roth 401k is not subject to income limits. In addition, a taxpayer may contribute a much larger amount to a Roth 401k than to a Roth IRA. In 2006, a taxpayer may contribute up to $15,000 ($20,000 if age 50 or older) a Roth 401k plan

Ten Tips On Becoming a Tax Preparer and Earning Big While Working P/T

Enrolling and completing tax school will put you in the line up for what I call the “Half-Year Tax Professionals” They do taxes 5 or 6 months out of the year and spend the other half of the year traveling.