What Happens If I Cannot Pay My Taxes? Owing money to the IRS is often a major source of stress—especially if you don’t see a realistic way to pay off what you owe. Fortunately, the IRS provides several relief...
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During an audit, if the IRS finds no reasonable indication that you have unreported income, it won’t seek intrusive and extraneous information about your lifestyle. That may not make you less nervous about being audited, but it should reassure...
Tax Implications of Crowdfunding Crowdfunding is a method used to raise money through websites by soliciting contributions from numerous people. Contributions may be solicited to fund businesses or projects, for charitable donations or for private gifts. The contributions are...
The Section 199A Deduction Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a...
The SECURE — Setting Every Community Up for Retirement Enhancement — Act was passed in 2019. After that, SECURE Act 2.0 was passed in December 2022 and went into effect Jan. 1, 2023. The secondary SECURE Act establishes new...
When Should I File a Tax Extension? A tax extension enables taxpayers some extra time past the April 15th deadline to submit their tax returns. Typically, by filing a tax extension you will have six additional months to file...