Even in a digital age, paperwork is important. To be sure, more and more records are electronic now. But when it comes to preventing or preparing for an audit by the IRS, it’s important to get good documentation of your financial transactions and keep it for a reasonable period of […]
Category: IRS
Most Americans are familiar with the U.S. Supreme Court, in at least a general way. That is not the case, however, with the U.S. Tax Court. If you haven’t been involved in tax litigation, you may scarcely be aware of the Tax Court. But if you do find yourself in […]
It’s no secret that dealing with the IRS is best done with plenty of documentation. To protect yourself against an audit, or to handle one if it occurs, it’s helpful to have your tax records in good order. When you do, IRS audits are much more manageable. So you’d think […]
A smart tax strategy means looking for all of the legitimate deductions that may benefit you. Even if some of them seem downright silly, it’s still important to know about the ones that may apply to you. After all, there is big difference between using deductions intelligently, on the one […]
Once again it is tax season in the United States. While you have until April 17 to get your tax return submitted to the IRS, the sooner you file, the sooner you will see your return. Despite the monetary incentive, filing taxes is no walk in the park. It can […]
Texans gearing up for April’s tax return filing deadline should be aware of recent modifications made to laws regarding taxes on foreign assets. In 2010, U.S. Congress passed the Foreign Account Tax Compliance Act (FATCA), which changes how the IRS verifies tax return data. IRS agents will now have increased […]
Every person is allowed to gift up to $5 million in his or her lifetime, exempt from gift taxes. But within a year, each person is also allowed to gift up to $13,000 without that counting towards the lifetime exemption. However, in order to keep track of the amount gifted […]
As much as the IRS adheres to stringent guidelines for the average American taxpayer, it also desires to protect taxpayers from those who may seek to take advantage of them. As such, the IRS issues a list every year called the “Dirty Dozen Tax Scams.” Included in the list are […]
IRS agents are visiting Fort Stockton, Texas, and not to take in the scenery. Caught in the crosshairs are city officials, who argue they were left hung out to dry by former officials. It was recently reported that $1 million in city money had been misappropriated. The discovery was made […]
Wildfires ripped through parts of Texas in late August, indiscriminately destroying homes and businesses. Those who were affected by the disaster likely have much to do to recover. The Internal Revenue Service recognizes this and is enacting tax relief for those who live in certain Texas counties — Bastrop, Colorado, […]