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Category: Tax Laws

All You Need to Know About The Tax Evasion Statute

tax evasion statute

But what exactly is tax evasion? As defined within the 26 United States Code section 7201 by the Internal Revenue Code, failure to report taxes accurately, failure to report taxes and failure to pay taxes are all forms of tax evasion. In order to establish a case of tax evasion against you the government is… Read more »

Tips to Avoid an Underpayment of Estimated Tax Bill

Underpayment of Estimated Tax

What Are Estimated Taxes and Who Must Pay Them? According to the Internal Revenue Service (IRS), estimated tax is “a method of paying tax on income that is not subject to withholding tax. This type of tax can include income from self-employment, business earnings, interest, rent, dividends, and other sources.” The IRS states that estimated… Read more »

How Divorce Affects Your Taxes

How Divorce Affects Your Taxes

What You Need To Know About How Divorce Impacts Your Taxes Tax time is never the most fun, but some years it’s even worse than others. If you’ve recently gotten a divorce or separate from your spouse there are a whole host of issues that you’re going to have to face which you may not… Read more »

The Foreign Asset Reporting Requirements That You Need To Know

money

U.S. citizens and resident aliens are taxed not just on all of the money they keep in domestically, but also on their worldwide income. Anyone with a financial interest in (or signature of power over) a financial account which exists outside of the United States must file a TD F 90-22.1 form. For those unfamiliar… Read more »

Can The IRS Garnish Your Wages?

When Can The IRS Garnish Your Wages

The Internal Revenue Service (IRS), like most creditors, has the power to garnish your wages if you owe a tax debt. However, unlike most other creditors, the IRS can actually start garnishing your wages without first getting a judgment from the courts. And the amount the IRS can take is usually more than what regular… Read more »

When Does My Tax Debt Affect My Passport?

Can I Lose My Passport If I Owe the IRS? A passport and a drivers’ license have a lot in common. Both allow people to travel, and both can be suspended for non-travel reasons. Most states suspend drivers’ licenses for unpaid child support. Eleven states take adverse action based on bad checks. The Ohio DMV… Read more »

How Independent Contractors Pay Their Taxes

What Does Being An Independent Contractor Mean For Your Taxes

An independent contractor is simply a non-employee who provides services to a business. This includes agents, brokers, and consultants. Independent contractors often work for multiple companies at once or hold different positions within a single business. If this includes you, then you may be wondering what being an independent contractor means for your taxes? Keep… Read more »

What Does Trading Cryptocurrency Daily Mean for my Taxes?

Trading Bitcoin

Cryptocurrency and Taxes From a technical perspective cryptocurrency is very easy to trade. Sign up to an exchange, deposit some fiat currency, and with just a couple of clicks one can become the new owner of some Bitcoin, Ethereum, or another coin that has taken the world of digital investments by storm. But while cryptocurrency… Read more »

No More Miscellaneous Itemized Deductions

The Tax Cuts and Jobs Act (TCJA)

The New Tax Cuts and Jobs Act (TCJA) and Itemized Deductions The list of miscellaneous itemized deductions is an odd mixture of various deductions that didn’t fit anywhere else in the tax code. It includes items such as losses from Ponzi-type investment schemes, tax preparation fees, and certain safety deposit box fees. There does not… Read more »