Planning a trip abroad? Well, before you start packing, make sure you don’t owe more than $50,000 in unpaid federal taxes. You see, if you have what the IRS calls “seriously delinquent tax debt,” Uncle Sam can and will revoke your passport. Ouch! Want to learn how to avoid problems and have a bon voyage? Read my new article titled Tax Tips: Unpaid Taxes? Goodbye … [Read more...]
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Settle your tax debt for less than you owe!
Do you owe Uncle Sam taxes for 2016, prior years, or a combination of both? Well, under some conditions the IRS may let you settle your debts for less than you owe. Nice! This is made possible thanks to the IRS’s “offer in compromise” program. Want to learn more about how to get Uncle Sam to show you some mercy? Easy! Read my new article titled Tax Tips: Yes, You Can … [Read more...]
How tax-preparer penalties can increase your taxes
As a savvy taxpayer, you know that Uncle Sam has his eyes on you. What you may not know is that Uncle Sam is also watching your tax preparer. And closely. That’s right. The tax law makes tax preparers part of the IRS tax compliance workforce and expects them to do their job correctly and help enforce the tax laws. If they don’t, they face a wide range of costly penalties … [Read more...]
You have a friend at the IRS (really!)
Do you have an IRS problem that can’t seem to be resolved through normal channels? Then you should know about the free Taxpayer Advocate Service (TAS). If they take your case, this independent office within the IRS, will work to solve your issue. TAS can even order the IRS to act in your favor! So … before throwing up your hands and sobbing softly, read my new article … [Read more...]
Put safe harbor expensing to work now!
What are your new year’s resolutions for 2017? To lose weight? To exercise more? Here’s another resolution you should make and act on now. Put your safe harbor de minimus expensing in place! Why is it worth doing so immediately? Because Uncle Sam’s safe harbor eliminates the burden of … Tracking small-dollar cost assets in your books of account Depreciating … [Read more...]