If you’re wondering why your federal withholding is so low, you’re not alone. Many taxpayers find themselves in this situation, and there are a few common reasons why it might happen. 1. You recently had a major life event. If you recently got married, had a child, or bought a house, your withholding may have … Read more

Navigating the Complexities of Spousal Tax Liability When it comes to taxes, marriage brings forth a unique set of considerations and potential liabilities. One such concern is the question of whether the IRS can seize your house to satisfy your husband’s unpaid back taxes. To provide clarity on this matter, let’s delve into the intricacies … Read more

Taxes are a significant expense for individuals, and single people often face unique challenges in minimizing their tax liability. However, there are several strategies that single individuals can employ to reduce their tax burden and increase their financial well-being. This guide will explore eight effective ways for single people to save on taxes, providing actionable … Read more

Medicare is a federal health insurance program that provides coverage for Americans aged 65 and older, as well as younger individuals with certain disabilities. Medicare premiums, the monthly payments required to maintain coverage, are calculated based on your income. This article will explain how Medicare determines your income and how you can potentially lower your … Read more

Tax evasion is a serious crime that involves intentionally misleading the Internal Revenue Service (IRS) to avoid paying taxes. It encompasses a wide range of actions, both illegal and unethical, that aim to reduce or eliminate tax liability. Examples of Tax Evasion Underreporting income: Failing to report all sources of income, such as wages, self-employment … Read more

Can Your Tax Return Be Garnished? Understanding Tax Refund Garnishments Tax season is a time of year when many people look forward to receiving a refund from the government. However, for some, the possibility of having their tax refund garnished can be a source of concern. In this article, we will explore the circumstances under … Read more

Executive Summary The Internal Revenue Service (IRS) is responsible for auditing tax returns to ensure that taxpayers are paying the correct amount of taxes. While the IRS audits a small percentage of all tax returns, certain groups are more likely to be audited than others. This report examines the two groups most likely to be … Read more

Handling checks that are not in your name can be a confusing and potentially risky situation. Understanding the legal and practical implications is crucial to avoid financial and legal troubles. This guide will provide a comprehensive overview of the circumstances under which you can cash a check not in your name, the potential risks involved, … Read more

Tax Collected at Source (TCS) is a mechanism implemented by the Indian government to collect taxes at the source of income, ensuring timely revenue collection and curbing tax evasion. This article delves into the intricacies of TCS, exploring its purpose, applicability, rates, and implications for various stakeholders. What is TCS? TCS is a system where … Read more

Understanding the IRS’s Audit Threshold The Internal Revenue Service (IRS) has a vested interest in ensuring that taxpayers accurately report their income and pay their fair share of taxes. To achieve this, the IRS conducts audits, which involve examining a taxpayer’s financial records to verify the accuracy of their tax return. While the IRS does … Read more