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 …
Need Help with 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 …
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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