Certain IRS rules sound rather simple. Here is one: Alimony is deductible and the deduction does not have to be itemized. It is a so-called above-the-line deduction.
Could the value of bitcoin continue to increase? One teenage bitcoin millionaire predicts we’ve not see the top for the cybercurrency.
Each year, the IRS releases a data book with statistics from the prior calendar year. Culling through the tables yields interesting information.
It was recently National Small Business Week. The IRS thus highlighted some tax topics relevant to small business owners.
Under continual budgetary pressure and shrinking numbers, the IRS has needed to identify new ways to ensure compliance. Campaigns focusing on certain issues are one way they are planning to stretch limited resources.
We know that as budget cuts take their toll, the IRS will be working to squeeze more from each audit. Even as the overall number of audits decreases, wealthy families, successful business owners and those with complicated returns will face increasing scrutiny.
The IRS announced this week that it had started accepting and processing 2016 tax returns. This year you have until April 18, 2017 to file and pay any taxes due to avoid penalties.
While most IRS audits are completed via written correspondence, the agency still utilizes in person audits. When an IRS agent requests to come to your home or business, the situation is serious.
It may become impossible to stay ahead of tax debt as penalties and interest add to the balance. An offer in compromise (OIC) may provide some relief. It is a way to settle with the IRS for less than the full amount you owe.
Listing a guest bedroom on Airbnb or picking up some side income driving for Uber? You need to be thinking about taxes already. Whether or not you receive a 1099 in January, you have the responsibility of reporting income and supporting deductions.