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What should be the filing status of a Newly Married?

The way you file your tax returns actually determines many things such as the deductions you get, the amount of tax you owe, and whether you qualify for credits or not. If you're thinking about taxes now that you're newly married, filing jointly or separately is an important decision. Filing Taxes Married Jointly If you [...]

By |2016-06-25T01:14:47+00:00June 25th, 2016|Blog|0 Comments

What is a Factoring Agreement?

What is payroll tax debt? Business owners with employees have the responsibility of withholding, collecting and paying tax to the IRS. Those employees, in turn, trust their employer to withhold tax from their paycheck, and send those funds to the IRS. What is a Factoring agreement?  If your business has a factoring agreement with a [...]

By |2016-06-22T01:45:40+00:00June 22nd, 2016|Blog|0 Comments

Payroll Mistakes Companies Make

  The Internal Revenue Service is focused on closing the tax gap. One way it hopes to do so is by collecting under-withheld employment taxes. Many mistakes that are made are related to company payroll taxes. Following is the list of some common payroll mistakes that companies make: Method of classifying employees as Independent Contractors [...]

By |2016-06-22T01:39:59+00:00June 22nd, 2016|Blog|0 Comments

Few important things a business owner must know about Payroll Taxes

If a business owner has many payroll taxes due, he can face many problems such as; severe penalties by IRS, it might trigger audit on the business, or lead to a federal criminal investigation. The importance of payroll taxes cannot be ignored.  Following is the list of some important things to know about small business [...]

By |2020-09-24T06:41:14+00:00June 22nd, 2016|Blog|0 Comments

What is IRS Debt Forgiveness Program?

What is tax forgiveness? IRS introduced the Debt Forgiveness program which is also known as Fresh Start Program. The reason behind starting this program was that IRS realized that taxpayers will never pay their debt off of there is no hope.  IRS use to increase the penalties and interests at a high speed, due to [...]

By |2016-06-11T22:02:36+00:00June 11th, 2016|Uncategorized|0 Comments

What to Do When You Can’t Pay Your Tax Bill In Full

If you fail to pay the tax on time you face penalties. These penalties keep on increasing and add to your debt. It is better that instead of running away from taxes you file your tax return. In order to reduce the hit to your wallet from penalties, be sure to file your return even [...]

By |2016-06-11T02:06:11+00:00June 11th, 2016|Blog|0 Comments

3 Ways to Follow, If You Don’t Have Money to Pay The Federal Income Taxes

If you don’t have money to pay to the federal income taxes that you owe, you have three options: Option #1 Get an installment agreement, in which you will pay the full tax liability, but over an agreed-upon period of time. In this way your financial burden will minimize, and you will be allowed to [...]

By |2016-06-11T02:05:17+00:00June 11th, 2016|Uncategorized|0 Comments

6 exceptions to paying tax on forgiven debt

It is the rule that if you get tax exemption, you have to show it as income in your tax returns.  There are few exceptions to forgiven debt tax: Debts canceled when you were insolvent This is the most sweeping exception, because debt is generally only canceled when debtors are "insolvent." Student loans forgiven after [...]

By |2016-06-11T01:58:26+00:00June 11th, 2016|Blog|0 Comments