Is it possible to cheat on taxes without getting caught? Yes, it is possible to cheat on taxes without getting caught. However, it is important to note that the risk of getting caught is always present. The IRS has a variety of tools at its disposal to detect tax fraud, and it is constantly improving … Read more
Tax Collected at Source (TCS) is a mechanism implemented by the Government of India to enhance tax compliance and streamline tax collection. It mandates certain entities, known as TCS collectors, to collect a specific percentage of tax from payments made to suppliers for specified goods or services. This collected tax is then deposited with the … Read more
Understanding Inheritance Advancements An inheritance advancement, also known as an “advancement,” is a legal concept that allows individuals to distribute a portion of their inheritance to beneficiaries before their passing. This strategy enables individuals to witness the impact of their gift and potentially provide financial assistance to loved ones during their lifetime. How to Establish … Read more
The Internal Revenue Service (IRS) is responsible for enforcing the nation’s tax laws and ensuring that all taxpayers comply with their tax obligations. However, recent evidence suggests that the IRS is disproportionately targeting lower-income families for audits, placing an undue burden on these already vulnerable households. This paper will analyze the available data and research … Read more
Understanding Tax Implications for Social Security Disability (SSDI) Recipients Individuals receiving Social Security Disability (SSDI) benefits may wonder if they are eligible for a tax refund. The answer depends on several factors, including income level, filing status, and whether they claim certain tax credits. Tax Filing Requirements for SSDI Recipients Generally, if your only income … Read more
Taxes are a necessary part of modern society, funding essential public services and infrastructure. However, there are legal ways to reduce your tax burden and keep more of your hard-earned money. This guide will explore various strategies to minimize your tax liability while remaining compliant with the law. Understanding Tax Avoidance vs. Tax Evasion It’s … Read more
Filing taxes can be a complex process, and it’s not uncommon for taxpayers to encounter discrepancies between the refund amount displayed in tax preparation software, such as TurboTax, and the actual refund issued by the IRS. This article will delve into the primary reasons why your TurboTax refund may be lower than expected, providing insights … Read more
The 2021 Recovery Rebate Credit is a tax break introduced by the American Rescue Plan Act of 2021. This credit is designed to provide financial relief to individuals and families who were impacted by the COVID-19 pandemic. The credit is claimed on the 2021 federal income tax return and can reduce the tax you owe … Read more
If you’re encountering incorrect information when using the IRS’s “Where’s My Refund” tool for the 2020 tax year, there are several potential reasons and solutions to consider: Incorrect Input: Double-check your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): Ensure that you have entered your SSN or ITIN accurately, without any errors or … Read more
Navigating the intricate world of taxation can be a daunting task, often accompanied by the nagging question: what are the chances of the IRS discovering my unreported income? To unravel this enigma, we delve into the depths of available information, meticulously analyzing relevant documents to provide a comprehensive understanding of the IRS’s capabilities and the … Read more