One of President Trump’s campaign promises involved simplification of the tax return process for most filers; he specifically mentioned being able to file on a postcard-sized tax form. While that particular goal still hasn’t really come to fruition, Form 1040, the tax form used by most individual and married households throughout the country, has indeed undergone an overhaul.
Most Massachusetts residents know that the IRS has quite a bit of power when it comes to collecting the taxes it believes an individual owes. If you have been subjected to the agency's collection efforts, you may have a bank levy or wage garnishment filed against you. More than likely, these collection efforts put you in a precarious financial position. You may be able to stop these actions with the proper support.
Many Massachusetts residents find themselves unable to pay their taxes. They file their tax income tax returns with the IRS knowing that at some point, the agency will come looking for payment. They may receive a bill in the mail, not understanding that this constitutes the opening gambit of the collection process.
Not everyone filed their federal income taxes back in April. For example, you may be among the many individuals who requested an extension. For individuals who filed for an extension, an important deadline is coming up in a little under three months. This is the extended tax filing deadline. This year, this deadline is Oct. 15.
Unless a Massachusetts resident worked as an independent contractor, he or she probably received a paycheck that negated the need to worry about taxes but once a year. Now that the opportunity to retire has arisen, it is important to know that obligations to the IRS continue, but in a different way. How tax payments are made and how much is owed depends on whether funds come from a pension, Social Security benefits, a retirement account or a combination of the three.
Perhaps the only thing worse than owing taxes is not being able to pay them. Many Boston residents find themselves in this predicament, and they wonder what the IRS will do to collect. Some people receive phone calls, emails or personal visits from people claiming to be agents, but taxpayers need to be cautious. Scammers take advantage of people every day.
The second-quarter deadline for all estimated tax payments just recently passed. This means we are officially in the second half of fiscal year 2018, so it’s the perfect time for an internal tax analysis and self-audit. This will allow time before the end of the year to adjust to avoid bigger headaches down the road.
In the wake of tax season, taxpayers can receive a variety of notices from the Internal Revenue Service. How you respond when you get such a notice can be very important. One of the most common types of notices is IRS Notice CP2000. Today we will go over some CP2000 basics.
For many small businesses, getting their state and federal tax returns filed before the filing deadline is a feat in itself. But for an unfortunate chosen few, the task with taxes is not over just yet. These businesses, when they are chosen for an audit, may have to experience a new gauntlet that could threaten the future of their enterprise.
If you are poised to move because of a new job, or transfer within the same company, you may be curious about what expenses may be tax deductible in the next tax year. After all, moving expenses have been a long-standing deduction that employees and small business owners have traditionally taken advantage of.