If you are a self-employed independent contractor, you need to know that the tax clock is ticking and you’re in danger of letting serious income tax relief money slip through your fingers. If you’re not careful, you could also make some common self-employed independent contractor income tax mistakes that will mean you’ll owe back taxes on your 2009 income tax return.
If you’re a freelance self-employed professional, the most important thing
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In this current economy where the unemployment rate is still climbing, millions of taxpayers like you are setting up shop in their homes to provide services as self-employed independent contractors. Whether your new self-employment status is a temporary measure or part of your long-term plan to fortune and glory, there are tax dangers (plus surprisingly lucrative income tax relief) that you should pay attention to.
One of the top priorities for
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While the IRS is still busy sifting through some 7,500 names of Americans who disclosed their foreign bank accounts before the amnesty deadline earlier this month, Uncle Sam is already focusing its resources on catching other wealthy people who may have been evading taxes through other creative means aside from using foreign bank accounts.
This latest IRS reorganization program is lead by the “Global High Wealth Industry Group,” which will will
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Skimming cash off the top of your business only gets you in trouble.   Often people underestimate the eyes and ears of the IRS and think that they can get away with taking just a little home tax-free.  Most of these people get caught!  Unfortunately the IRS is not perfect either - sometimes people get caught for innocent mistakes too and if you find yourself in an IRS audit, you will need professional tax
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Recently I appeared on the Big Biz Show with Russ and Sully to talk about how it is imperative for taxpayers to understand that it is better to send in a check for $5-$10 to the IRS with their tax return than to not file at all. Listen to my full interview on how to resolve and avoid back taxes.
As a tax attorney, I meet clients every day who
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Architect Thomas Allan Bouffard, 48, of Vacaville, Calif., was audited by the IRS and pleaded guilty to attempted tax evasion. Bouffard admitted that for tax year 2002 he understated his income by $121,693, resulting in an underpayment $38,388. In 2005, during an IRS tax audit, discrepancies were found in Bouffard’s return for tax year 2002. The IRS then expanded the audit to include his 2003 tax return, and Bouffard admitted
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If you are currently dealing with tax problems, now is a good time to get tax help before the new tax hikes kick in. The Obama Administration is continuing with its steadfast endeavor to collect back taxes as well as to collect more taxes from the wealthy and powerful.
Currently planned for 2011, Obama’s biggest tax hike will affect married filers making over $250,000 and singles making more than $200,000. In
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Whether or not you are legally obligated to report tip as income has been somewhat of a fuzzy area (especially cash tips!). Skimping on reporting your full tip (100% of your tip retained) is considered deliberately underreporting income and may be subject to severe IRS audits and penalties.
If you made more than $20 in tips in any one month, you will have to report the full amount of the tip
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With the new surge in IRS enforcements, you could find yourself in serious IRS trouble if your tax returns are falsified—even if you hired someone else to file your taxes for you. Be careful about signing your tax returns to ensure that you will not be audited and penalized for false returns prepared by someone else.
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Question: I just received a letter from Maine Revenue Commission asking me to file amended
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It can happen to any of us–you go through all the paperwork, fill in all the necessary information to the best of your abilities, and you drop the tax return in the mail. No sooner had you sent out your tax return did you remember that you forgot to add something from another W-2 or 1099. Now you have to file an amended tax return…
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Question: How do I go about
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When taxpayers file for bankruptcy, some taxes and penalties may be discharged–giving people a chance of obtaining tax relief.  When someone files for bankruptcy, the “automatic stay” stops taxing authorities from collection actions including seizures and wage garnishments. The extent of the tax relief from bankruptcy may depend on a few factors including: the kind of tax involved, the age of the tax, whether a return was filed, and the
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A recent report released by Treasury Inspector General for Tax Administration (TIGTA) found that taxpayers may be getting their statutory rights violated by the IRS’s improper adherence to tax lien notification requirements. The report released on June 25 revealed that the IRS failed to take the necessary actions when notifying taxpayers and their tax representatives of liens. Procedurally, the IRS is required to mail written notification of the lien to
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In economic times when people are strapped for cash, it is tempting to cut corners when filing taxes in order to save some of your disposable income. After all, small tax savings from many different areas can add up to a substantial amount of money. However, no matter how tempting tax evasion may seem - whether it is small or large in sum - it is a terrible financial strategy
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According to a recent article in the Wall Street Journal, a push by the IRS to be more aggressive with wealthy taxpayers means that it’s critical to know the common tax audit red flags.
The IRS has been strongly disputing a report this week from the Transactional Records Access Clearinghouse that says audits of the wealthy Americans have significantly dropped off.
nificant drop in audits of richer Americans
Taxpayers who make more than
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Under the NEW IRC Section 165 Safe Harbor Rules the IRS estimates it will refund victims of the Bernard Madoff’s massive ponzi scheme around $17 billion!!
The Safe Harbor provisions are crucial to obtaining relief for victims of investment stock fraud because it converts what would ordinarily be a capital loss (which is offset against capital gains and any unused capital loss is then limited to a deduction of only $3,000
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