Did your spouse accumulate some hefty debt before your marriage occurred? Once two people marry, working through situations like these can become tricky and time-consuming. After all, you should not be responsible for a tax debt that you had no part in, right? That seems logical, but the IRS will not always side with that …
If My Spouse Has Tax Debt What Does That Mean For Me? Read More »
According to data covered by Market Watch, US citizens suffered a total gambling loss of $107 million in the 2018 financial year. At the same time, bettor James Adducci garnered a staggering stake of $1.2 million thanks to wagering on Tiger Wood’s success at the Masters. Guess what these two events have in common? Disclosure …
$33.3 trillion — that’s how much the entire U.S. housing market was worth in 2018. That also represents a whopping $1.9 trillion increase from its total value the year before. With all that money invested in houses alone, owners should at least have an estate plan prepared. Unfortunately, this isn’t the case — up to …
Kickstart Your Tax Planning: When to Update Your Estate Plan Read More »
Are you looking to travel outside of the country? If you owe more than $51,000 in back taxes, the federal government has the right to keep you in the United States. The IRS has issued rules for those who travel outside of the country to pay up or lose the ability to get a passport. …
How Your Delinquent Tax Debt May Affect Your Ability to Travel Read More »
Tax laws are one of the biggest mysteries business owners have to deal with. It’s hard to keep up with the annual changes. Unknown details fill the tax code itself and even tax lawyers have to research the facts. If someone undertook the effort to fully comprehend it, it would take a year of straight …
Taxes daunt professionals even when they’ve done them for years. Tax codes change every year, and it’s hard to keep up with new laws. Government officials approve or deny business tax deductions based on the current political market. This makes it harder to track for individuals who don’t work in the tax field. How do …
The day of reckoning is drawing near. Tax season is upon us. It’s a time that strikes fear in the hearts of many. Nevertheless, it doesn’t have to be a traumatic experience is you have all your affairs in order. A great place to start would be to be aware of all the possible deductions …
22 Uknown Business Tax Deductions You Can Write Off Read More »
The time people spend in complying with federal tax laws translates to about 8.9 billion hours. This explains why they would rather pay tax preparation fees and spend their time in more productive activities. In the same breathe; tax preparation software cost approximately $30 billion annually. Having a professional compile your tax returns is a …
Tax Preparation Fees: How Much Does It Cost to Get Your Taxes Done? Read More »
If you think taxes are boring then it’s obviously because you haven’t seen the cheat sheet. You’re probably not aware of the fact that tax deductions could save you hundreds if not thousands of bucks off your taxes. Think about all the interesting things you could you do with all that extra cash in your wallet. …
Tax Breaks and Benefits: Guide to the Top IRS Deductions of 2019 Read More »
“We don’t need no… education!” Wait a minute Pink Floyd, yes we do. In today’s economy? Most of us definitely do. I know, I know… Bill Gates dropped out of school! Mark Zuckerberg and Steve Jobs both dropped out of school! True, there are plenty of millionaires and celebrities who dropped out of college and turned out …
Going Back to School Pays Off: Understanding the Tuition Tax Credit Read More »
Once you reach 65, you qualify for Social Security and other retirement benefits. But did you know that you still file tax returns if you earn a gross income of $11,850 or more (outside of Social Security income)? If you still earn, you still pay. Thankfully, there’s a tax credit for seniors that can help …
A Guide to Senior Tax Credit for the Elderly and Disabled Read More »
Couples who struggle with infertility often decide they want to adopt. Adoption can be a beautiful and life-changing experience for both the child and the adoptive parents. But it’s an expensive and complicated process. Adoption can cost couples as much as $45,000 when all is said and done. Plus, there are approximately 2 million couples …
New Addition? Why You Need to Know About the Adoption Credit Read More »
The IRS pays 9 out of 10 tax refunds within 21 days. Still, when you need your refund payment to cover important expenses or debt the money can’t come soon enough. Taxpayers who need their refunds right away usually file right away hoping the IRS is on standby to issue out refund checks. But when …
Your Burning Question Answered- When Does The IRS Update Refund Status? Read More »
Bonds are an essential component in diversifying your investment portfolio. Sadly, they create a rather taxing situation when April rolls around. In theory, the rules behind form 1099-INT are straightforward. In practice, the tax rules are many and varied as the types of bonds. Here’s how taxes on bonds work and what you need to …
Taxes on Bonds: Taxation Rules for Bond Investors Read More »
An IRS wage garnishment is financially crippling. The IRS can take almost your entire paycheck, leaving you crumbs. They do not care about other debts, like credit card or cell phone bills. The IRS will continue to keep significant portions of your money until the debt is paid in full, other payment arrangements are made, or …
What to Do If Your Hit with an IRS Wage Garnishment Read More »
Filing your taxes is rough, especially when you’re self-employed. Thanks to the shifting gig economy, there are now over 86 million freelancers in the U.S. That is a huge jump from recent years, but no matter what industry the freelancer is in, there is always one hurdle to jump that they all share. Self-employed taxes …
Freelance Filing: Here’s How to Do Your Freelance Taxes Read More »
You’ll face a 5% penalty of your unpaid tax for each month you’re late on filing the returns. Tax documents are due at the end of January, a time when taxpayers ask “can I get my W2 online for free? They strive to get all their tax documents in order, targeting a refund as hefty …
Knowing The Facts: Can I Get My W2 Online For Free? Read More »
If you are running a small business or franchise, you may have a diverse team of people who support your business in a variety of ways. When tax season rolls around, it is critical that you categorize these people correctly. The penalties for miscategorizing people whom you pay can be steep. You may get audited, then …
Knowing The Difference: Are Salespeople Independent Contractors? Read More »
Thinking about the IRS can strike fear into anyone’s heart. The thought of an audit, even when you’re sure you’ve done everything right, is scary. Completing your tax returns each year can be challenging, especially in years with significant changes to the tax code. So what is the IRS? Aside from tax season, the IRS isn’t …
When Ryan Gordon won $321,000 at a year-long raffle in Hudson, South Dakota, he probably knew immediately that he wouldn’t be bringing home $321,000. After all, raffle winnings are taxable. He probably didn’t know that he could also deduct the cost of his tickets on his 2020 taxes, because many consumers do not ask the question, “Are …
Confused About the 1099-C Form? Are you considering filing for insolvency but unsure if you completely qualify? Every year many businesses and individuals miss out an opportunity to file for insolvency because they don’t know about it, while others file incorrectly because they don’t understand it. Here at Silver Tax Group our team handles cases …
Trouble taxes are a major issue for many people. In fact, in 2016 alone, the IRS audited more than 1 million people for issues on their personal tax returns. With taxes being so complicated, it’s easy to make mistakes. But some are more common than others. Luckily, this means you can avoid them with the …
Trouble Taxes: Top 10 Mistakes Made on a Tax Return Read More »
In December 2017, President Trump signed The Tax Cuts and Jobs Act (TCJA) into law. This law was the first significant tax code reform since President Reagan’s Tax Reform Act of 1986. A major element of the TCJA is the pass through deduction for small business owners. Qualifying business owners may deduct up to 20% …
What You Need to Know About the Pass Through Deduction Read More »
The IRS audited 1.1 million tax returns in 2016. But did you know that out of these audits, 34,000 resulted in additional refunds for the taxpayer? Getting audited by the IRS is a fear of many Americans. Few Americans understand that if the IRS finds an issue with their tax return, they do have recourse. American …
Order in the Court: What is Tax Court and How Does it Work? Read More »
Did you know that 118 million people bet on sports each year? Sports betting gives savvy gamblers an opportunity to collect cash while their favorite players collect trophies. You don’t have to drop by a casino or a race track to bet on sports, either. Gamblers can take home winnings after fantasy football games, office parties, and …
If you think you owe the IRS, you aren’t alone, there are currently over 900,000 delinquent accounts in the country. If you know how to find out how much you owe the IRS, you’ll be able to stay ahead and avoid any surprising debts. Whether you have a large debt you are looking to manage …
Manage Your Tax Debt: How to Find Out How Much You Owe the IRS Read More »
It sounds like a cause for excitement: the IRS is auditing the fewest tax returns in years. But while the official audit rate is down, the real audit rate remains a serious problem for everyday taxpayers. Staring down an audit with no clue where to begin? You can start by reading these common IRS questions …
IRS Audit Defense Attorney: Common IRS Questions and Answers You Should Know Read More »
If you owe more than $52,000 in federal taxes you may not be able to renew your passport. If you owe the IRS and are struggling to pay your tax bill, your life could be affected in ways you never imaged. If you are sick of dealing with the IRS and carrying tax debt, you …
Your Basic Guide to Using an Offer in Compromise to Settle a Tax Bill Read More »
Over 4.2 billion people have gambled at some point in their lives. On average, over 1 billion individuals gamble each year. Gambling offers everyone an opportunity to gain massive amounts of cold, hard cash. Unfortunately, it can also steadily deplete your bank account! A lot of people assume gambling is a private affair. However, if you have gambled …
You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes Read More »
You’ve just crunched the numbers. And no matter which way you slice it, you’ve come to the hard truth about your financial situation: you can’t pay taxes. Your mind might be racing. You might think the siren in the distance is already the IRS coming to get you since you won’t be able to pay …
Anything you earn over $500,000 in a given year will be taxed at 37% for the year 2018. Even for those earning less than 500,000 the tax brackets of 32% and 35% seem almost unbearable. If your IRS tax balance is out of hand, you may get an IRS notice about owing money that you …
Tax scams will likely continue and possibly even increase. One possible reason there are so many tax scams that exist is because of taxpayer confusion regarding the new tax laws. When a scammer claims a taxpayer is not in compliance with the law and asks for additional information, many taxpayers believe the request is from …
An offer of compromise can allow taxpayers to pay less than the IRS alleges they owe. It is extremely common to resolve tax debt matters in this manner. But an offer in compromise is only one particular manner for the discharging of tax debt. There are certain situations where making an offer in compromise to …
Though the percentage of audits appears lower than in the past, most people will receive some sort of correspondence or notice from the IRS at some point in time. And as taxes become more complex, the chances of making mistakes on returns greatly increases. There is no need to panic if you do receive a …
A commentator recently noted how little American citizens living or earning money abroad know about the Foreign Account Tax Compliance Act (FATCA). A survey revealed that close to two-thirds of Americans living offshore have issues with paying taxes to the U.S. Also, only around 20 percent of such individuals felt they needed more assistance in …
People doing their taxes are generally not in the most generous mood. Tax preparation might turn people off of giving to charitable causes, but the tax code can encourage people to donate. A recent report from the Fundraising Effectiveness Project is leading some to worry that organizations relying on charitable contributions are about to take a hit. …
While the number of married people in the United States dipped in recent years, they still pay a substantially large share of federal income taxes. Making up approximately one-half of our population, they pay 74 percent of our total taxes. The IRS rules and filing status for married couples are different than for single people. Married couples …
All You Need to Know About When to Amend Your Tax Return On behalf of Silver Tax Group posted in Tax Crimes on Tuesday, March 27, 2018. Michigan taxpayers sometimes make mistakes when filing returns, but only become aware of the mistake at a later date. Some taxpayers choose to amend their returns when this happens. But whether actually …
On behalf of Silver Tax Group posted in Tax Law on Tuesday, March 6, 2018. Perhaps Benjamin Franklin said it best: The only certainties in life are death and taxes. While every American knows that they need to file their taxes and that the task needs to be done by April 15, an alarming number of them know very …
What Americans Don’t Know about Filing Their Taxes Read More »
On behalf of Silver Tax Group posted in Tax Law on Wednesday, February 28, 2018. The only thing financial advisers know for certain about the new Trump tax plan is that nothing is very certain at all. While some workers in some tax brackets can expect to have less money deducted from their paychecks, that doesn’t mean they will …
On behalf of Silver Tax Group posted in Back Taxes on Friday, February 23, 2018. Members of the military have their own set of issues when it comes to filing taxes. Often soldiers move from place to place and are required to file a number of different returns. And military members generally face differing requirements when it comes to …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, January 30, 2018. Michigan taxpayers heavily in debt often have only a limited number of options. If they fail to make a house payment, they can face foreclosure. On the other hand, if they negotiate with creditors to reduce the amount of debt they owe, they may …
On behalf of Silver Tax Group posted in Tax Crimes on Thursday, December 28, 2017. It is intimidating for any Michigan taxpayer to have to deal with the IRS. However, not many people know that the IRS adopted a taxpayer bill of rights. While it seems fair that taxpayers have certain rights, the tremendous power of the IRS to …
On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, December 26, 2017. While the new tax bill just signed by President Trump promises to cut individual income tax rates, the bill does not mean filing taxes will be any easier for Michigan taxpayers. The tax bill is complex. As it is currently set up, the …
[UPDATE: This article has been revised to reflect the changes to the tax bill that made it into the final version passed by the House and the Senate. At the time of this update, the only remaining step is that the President must sign the bill, so the changes outlined below will become law soon.] It …
On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, November 27, 2017. Most Michigan taxpayers understand that the federal tax code is extremely complex. There are a whole host of interpretations regarding various provisions. And there are myths concerning filing of taxes that, when believed, can lead taxpayers into trouble with tax authorities. Tax myths …
On behalf of Silver Tax Group posted in Tax Defense on Tuesday, November 21, 2017. “As you were previously notified Pioneer Credit Recovery, Inc., (PCR) a private collection agency, is a contractor for the Internal Revenue Service (IRS) assigned to collect your past due tax obligations.” When did the IRS start using third party collection agencies to collect back …
On behalf of Silver Tax Group posted in Offshore Accounts on Friday, October 20, 2017. If you as a Michigan resident have foreign assets in excess of $10,000, please make certain you are in compliance with federal tax laws. The rules are complex, and noncompliance comes with penalties including seizure of assets and criminal charges. Under the Foreign Account Tax …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, October 5, 2017. There’s a lot of tax advice that is best for Michigan residents not to follow. This is understandable because very few people can understand the intricacies of the tax code. What is more disturbing is when the faulty tax advice comes from the …
On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, August 21, 2017. Seemingly straightforward tax deductions may prove to be not so simple when it comes to tax reporting. For example, as a Michigan resident it is allowable to deduct alimony payments from your taxable income. Yet as easy as this may sound, there are …
On behalf of Silver Tax Group posted in Tax Audit on Friday, July 21, 2017. Lawmakers are once again attempting involving private debt collectors in tax collection efforts. A little known provision of the Fixing America’s Surface Transportation (FAST) Act allowed the IRS to outsource some collections to private contractors in an effort to recover approximately $138 billion in …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, June 29, 2017. It is difficult to know who to turn to when questions regarding taxes arise. Unfortunately, even employees of the IRS provide incorrect advice when it comes to taxes. And this potentially ends up creating difficulties for taxpayers. IRS website The IRS created a …
On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, June 12, 2017. Simply because you receive a tax refund check does not guarantee you are safe from any audit. The IRS reserves the right to audit the majority of returns for up to three years. The IRS often sends a tax refund before approving the …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, May 18, 2017. The IRS is always looking for ways to collect more revenue. One method is to target micro-captive transactions. A micro-captive transaction is one where a taxpayer attempts to reduce their taxable income through the use of insurance contracts. Micro-captive transactions Under micro-captive transactions, …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, March 23, 2017. It is important to remember that cancellation of a debt does not mean that your financial worries will come to an end. Any Michigan taxpayer who has part or all of their debt cancelled may nevertheless need to report this amount as income. …
On behalf of Silver Tax Group posted in Tax Audit on Thursday, February 16, 2017. Possibly fearing retaliation by the IRS, many taxpayers do not take advantage of certain available deductions. You do have a legal right to take these deductions without fear of an IRS audit. Unfortunately, the failure to itemize these deductions only results in you paying more …
On behalf of Silver Tax Group posted in IRS Tax Audits on Saturday, December 31, 2016. In today’s tax world with its complicated rules and reporting requirements, it never hurts to plan ahead. The preparation process can take time, however. More importantly, such preparation requires great care as mistakes can result in harsh tax penalties and asset seizures. As another …
When It Comes to Taxes, It Never Hurts to Plan ahead Read More »
On behalf of Silver Tax Group posted in Tax Audit on Friday, September 16, 2016. Uber. Lyft. Airbnb. Our world is being changed and shaped by companies like these who are a part of a sharing economy – a way for a person to rent out their services to others, and in turn you can find what you need …
Uber, Airbnb, And The Taxman: What You Need To Know Read More »
On behalf of Silver Tax Group posted in Tax Penalty Relief on Monday, February 29, 2016. Few feelings are more debilitating than those that involve the sense that you simply cannot “catch up.” They can become so disheartening and frustrating that they leech any potential joy out of your daily life. If you feel that you cannot catch up …
Speaking with a Tax Attorney Can Provide a ‘Fresh Start’ Read More »
Tax Attorneys are often thought of only when fighting with the IRS. In reality, we’ve been faced with a myriad of situations and are trained in preparing tax returns along with tax resolutions since they go hand-in-hand. We can help prepare a return and research a new problem for you, or be your trusted advisor …
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