Robby Roth IRAs are popular retirement savings accounts that offer tax-free withdrawals in retirement. However, the Internal Revenue Service (IRS) imposes income limits on contributions to Roth IRAs. Exceeding these limits can result in penalties and affect your retirement savings strategy. Roth IRA Income Limits The Roth IRA income limits vary depending on your filing status … Read more
Understanding the US Exit Tax The United States imposes an exit tax, also known as the expatriation tax, on individuals who renounce their US citizenship or terminate their green card status. This tax is governed by Internal Revenue Code (IRC) Section 877A and targets high-net-worth individuals to ensure that their global income and assets are … Read more
Navigating the complexities of the tax code can be a daunting task, especially for high-net-worth individuals. Millionaires and billionaires employ a range of sophisticated strategies to minimize their tax liability, often leveraging loopholes and taking advantage of obscure deductions. This guide will delve into the intricate world of tax avoidance, examining the techniques used by … Read more
Yes, you can still file your 2019 taxes in 2023. The IRS extended the deadline for filing 2019 tax returns to July 17, 2023. This means you have until this date to file your return and claim any refunds you may be owed. Why File Your 2019 Taxes Now? There are several reasons why you … Read more
Navigating the Maze of IRS Audits: A Comprehensive Guide for Businesses The prospect of an IRS audit can send shivers down the spine of any business owner. The thought of being scrutinized for potential tax discrepancies can be daunting, especially for small businesses with limited resources. However, it’s crucial to dispel the misconception that every … Read more
Tax season can be a stressful time, especially if you find yourself owing a significant amount to the IRS. If you owe $40,000 or less, there are several options available to help you manage your tax debt. This guide will provide a comprehensive overview of these options, including payment plans, penalty relief, and other strategies. … Read more
If you owe back taxes to the IRS, you may be considering an Offer in Compromise (OIC) to settle your debt for less than the full amount owed. But how much should you offer? This guide will provide you with the information you need to calculate an appropriate OIC amount and increase your chances of … Read more
Maintaining a beautiful and functional yard can be a significant expense for homeowners. However, there are potential tax deductions available for certain yard improvements, offering financial relief and encouraging property upkeep. This article explores the eligibility criteria and types of yard improvements that qualify for tax deductions, empowering homeowners to make informed decisions regarding their … Read more
Filing taxes is an essential obligation for individuals and businesses alike. While the process can be daunting, it’s crucial to approach it with accuracy and attention to detail to minimize the chances of an audit. One factor that can influence the likelihood of an audit is the method of filing: paper returns versus electronic returns. … Read more
The Internal Revenue Service (IRS) possesses the authority to freeze not only bank accounts but also credit cards in certain circumstances. This action is typically taken as a last resort when an individual fails to fulfill their tax obligations despite repeated attempts by the IRS to collect the outstanding debt. Understanding the legal basis, consequences, … Read more