Standard vs. itemized. It may not be entirely clear what the actual difference is between the two deductions, and which you should apply to your tax filing. In short, the best deduction to take is the one that reduces your taxable income the most, eq...

You got an extra day to file your taxes this year, but perhaps you haven’t gathered all of your business expense receipts or accounted for your deductions. Luckily, the IRS offers an extension. If successfully filed, you will have until October 17,...

When a bank levy hits, it triggers a whirlwind of questions, most frantically: how do I end and remove it? Once a bank levy is placed on your account, there isn’t anything you can do to forego payment of your debts, but you do have options for fina...

Always prepare for filing changes one year ahead. That means getting educated on what’s to come and keeping tabs on documents, so you know how your tax refund may be affected. Each year, lawmakers tweak the terms for filing your taxes, but aren’t...

Employ that Google Calendar to its maximum potential – there are several essential tax dates to know, primarily to ensure you make the deadlines, and also to speed up the tax return process, all while preparing for next year. Read below careful...

If you’ve reached the point in back tax liability where your assets are at risk, you will likely deal with a Revenue Officer (RO), the most senior collection agent of the IRS and an individual notoriously difficult to deal with. The IRS appoints an...

You know about the many deductions you can take, but are you taking advantage of the tax credits available? Tax credits often apply to small populations of individuals, but can be more valuable than deductions, often amounting to thousands. These cre...

Offshore tax evasion is a serious offense and the IRS has taken measures to prevent it; Switzerland is generally closed off, and the organization has teamed with the UK and Australia to further discourage hiding money abroad. If you have money overse...

Starting your own business is not only fun, it’s can be an exciting chapter in life. It’s all part of the American Dream, and the best part about it is that after your new business venture finds success, you can also use some of your expenses to ...

Getting into tax debt is no laughing matter, but it’s not limited to average people. When it comes to celebrities in tax trouble, there’s the usual suspects of Wesley Snipes and Nicolas Cage. Financial problem can lead famous actors and m...