The prospect of facing an IRS tax levy can be daunting, as the government has the authority to seize your property to satisfy unpaid tax debts. However, there are proactive steps you can take to protect your assets from the IRS’s reach. Understanding the strategies and legal options available can empower you to safeguard your … Read more

With the ongoing economic uncertainties, many Americans are eagerly seeking information about potential stimulus checks. Rumors of a fourth stimulus payment have been circulating, particularly regarding a supposed payment scheduled for July. However, it’s crucial to separate fact from fiction to avoid falling prey to misinformation. This comprehensive analysis delves into the available information to … Read more

Tax season is a stressful time for many people, but it doesn’t have to be. Filing your taxes early can save you time, money, and stress. Here are five reasons why you should consider filing your taxes early: 1. Get Your Refund Sooner If you’re expecting a refund, filing your taxes early is the best … Read more

The third round of Economic Impact Payments, authorized by the American Rescue Plan Act of 2021, is being distributed to eligible individuals and families. The IRS is using data already in its systems to send the payments, and the method of payment will depend on the taxpayer’s preferred method on file. Direct Deposit Taxpayers who … Read more

As a business owner, navigating the complexities of tax filing can be a daunting task. This is especially true for owners of Limited Liability Companies (LLCs), who may wonder if they can file their LLC and personal taxes separately. This article aims to provide a comprehensive understanding of the tax filing options available to LLC … Read more

The IRS has sent you an LT11 Notice or Letter 1058 because you have unpaid taxes. This notice is your final warning before the IRS takes action to collect the debt, which may include seizing your property or levying your wages. What to Do When You Receive an LT11 Notice or Letter 1058 Act immediately. … Read more

As tax season approaches, many taxpayers are wondering if the IRS will be auditing more returns this year. The answer is yes, but the increase in audits will be focused on high-income earners, partnerships, and corporations. The IRS is also planning to increase its scrutiny of tax preparers who help clients claim the Earned Income … Read more

TurboTax offers free tax filing services for Canadian residents with simple tax situations. This guide provides a comprehensive overview of TurboTax’s free offering, including eligibility criteria, features, and step-by-step instructions for filing your taxes online. Eligibility for TurboTax Free TurboTax Free is available to individuals with uncomplicated tax returns, typically including: Employment income Unemployment income … Read more

The Internal Revenue Service (IRS) has a vested interest in tracking the movement of money, especially when it comes to large sums. This includes gifts, which are subject to gift tax if they exceed a certain amount. The IRS has several methods at its disposal to discover unreported gifts, including: Form 709: This form is … Read more

Navigating the Complexities of Gift Taxes The concept of gifting substantial sums of money to loved ones, while well-intentioned, often raises concerns about potential tax implications. Understanding the intricacies of gift taxes is crucial to ensure compliance with tax regulations and avoid any unnecessary financial burdens. Understanding the Gift Tax Exemption In the United States, … Read more