Tax Education

tax preparation fees

Tax Preparation Fees: How Much Does It Cost to Get Your Taxes Done?

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 …

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tuition tax credit

Going Back to School Pays Off: Understanding the Tuition Tax Credit

“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 …

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adoption tax credit

New Addition? Why You Need to Know About the Adoption Credit

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 …

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are gambling losses tax deductible

Gambling Losses and Taxes: The Answers to All Your Questions About Tax Deductions and Gambling Losses

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 …

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tax on sports betting

Did Your Team Just Win Big? Here’s What You Need to Know About Paying Tax on Sports Betting

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 …

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irs audit process/IRS questions and answers

IRS Audit Defense Attorney: Common IRS Questions and Answers You Should Know

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 …

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losing money at the casino and reporting it to the IRS

You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes

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 …

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Taxes and marriage

Taxes and Marriage

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 …

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IRS contractors

Pioneer and Other IRS Third-party Contractors

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 …

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FATCA requirements

Will You Have to Abide by FATCA Requirements?

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 …

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how to track complaints

FAST Track to Complaints: Is a Tax Call Legit?

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 …

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reporting of micro-captive transactions

The Reporting of Micro-captive Transactions

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, …

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overlooked deductions when filling tax returns

Overlooked Deductions When Filing Tax Returns

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 …

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tax planning

When It Comes to Taxes, It Never Hurts to Plan ahead

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 …

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speaking with a tax lawyer

Speaking with a Tax Attorney Can Provide a ‘Fresh Start’

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 …

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