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How to Report Gambling Winnings & Losses to the IRS

After a big win on a lotto ticket or after a great night at the casino, the last thing you’re probably thinking about are those pesky tax obligations that come along with it. While that brand new sports car or fancy yacht may look enticing, it’s important to remember that the IRS wants their fair… Continue reading How to Report Gambling Winnings & Losses to the IRS

Understanding Your Taxes if You’re a Side-Hustling Independent Contractor

Income Tax Rules for Common Side-Hustles In today’s day and age, it’s not uncommon to come across people who have side hustles to make some extra cash, especially since the start of the COVID-19 pandemic. The fact that many people have found themselves unemployed, making less money overall, or just have more free time than… Continue reading Understanding Your Taxes if You’re a Side-Hustling Independent Contractor

How to Avoid IRS Tax Problems with Business Expenses

Do you spend money on your business throughout the year? If you’re a business owner, I’m sure you do. While some of those costs can be deducted from your tax return, not all business expenses qualify. Learn what types of costs you can deduct, as well as what it means to overstate your business expenses… Continue reading How to Avoid IRS Tax Problems with Business Expenses

Can I Go to Jail for Past-Due (Delinquent) Taxes?

Past-due (delinquent) taxes create a stressful situation for taxpayers who fall behind or file late.  Liens, wage garnishment, and fines only increase anxiety for those behind on their taxes.  To make matters worse, there is a question of an even bigger punishment for delinquent taxes: Can you go to jail for falling behind on taxes?

Are the Penalties Worse for Past-Due Payroll Taxes or Past-Due Sales Taxes?

Your business faces several tax bills each month.  Failure to file either payroll or sales tax with the IRS can cost your business more than expected.

Can I Dispute or Stop an IRS Tax Lien?

The IRS has placed a lien on your property or financial assets.  What is your next move? How do you handle this situation?  And, most importantly, can you dispute or stop a tax lien? Finding out there is a tax lien on your property – whether real estate, personal property, or financial assets – is… Continue reading Can I Dispute or Stop an IRS Tax Lien?

How Do I Qualify for Relief on Past-Due Taxes?

Were you late on your taxes and are now facing a sizable debt due to back taxes?  While past-due taxes place a significant financial burden on filers, there are options. Relief is available; you just have to know where to look.  Use available resources to your advantage when trying to pay past-due taxes. Learn how… Continue reading How Do I Qualify for Relief on Past-Due Taxes?

What is Penalty Abatement and How Does it Work?

Are you late filing or paying your taxes? Are you concerned about penalties? Has the IRS contacted you about late taxes? If you answered yes to any of these questions, you are not alone.  Late filing or payment of taxes typically causes severe penalties from the IRS.  However, certain circumstances can cause the IRS to… Continue reading What is Penalty Abatement and How Does it Work?

How Can You Prevent a Tax Lien from Damaging Your Finances?

If you owe the IRS in back taxes, the federal agency can assess a tax lien against you for the amount you owe, plus any penalties and interest that you have accrued.  This can mean the federal government has a legal claim to your property, and it can remain this way until your tax debt… Continue reading How Can You Prevent a Tax Lien from Damaging Your Finances?

What is the Penalty for Not Filing an FBAR Form?

Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Bank Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website.  This notifies the U.S. Treasury Department of the accounts.