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Are You Currently Not Collectible?

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too ...

IRS Failed to Help All Taxpayers Affected by ‘Get Transcript’ Breach

‘Get Transcript’ is an online service by the IRS that allows taxpayers access to the transcripts of their tax returns. A security breach of ‘Get Transcript’ in May, 2015 enabled cyber thieves to steal the sensitive information of close to four hundred thousand taxpayers. Following this, the IRS re-launched the service this July with additional security. To add to the IRS’ woes, shortly after the re-launch, the Treasury Inspector General for the Tax Administration released ...

Deducting Business Expenses

A business can deduct a variety of ordinary and necessary expenses to bring down its tax liability. An ordinary expense is a common expense in your type of business. For example, expenses on files and papers are ordinary expenses in a publishing business. A necessary expense is one that is helpful and appropriate based on the work being completed. Generally, you can deduct the full amount ...

IRS Warns Taxpayers about ‘Federal Student Tax’ Scam

The newest tax scam that people may encounter is about a fictitious tax: the federal student tax. No such tax exists. However, scammers are deceiving taxpayers into paying it. The Internal Revenue Service has issued a warning about the ‘federal student tax’ scam where scammers pretend to be the IRS and make bogus phone calls to taxpayers, demanding payment of this fake tax. Forbes shares: “The ...

Rental Income and Taxes

If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...

Marijuana Industry Could Bring in $28 Billion a Year: Study

The legalization of marijuana has benefited people struggling with illnesses, not to mention the government. The marijuana industry may ultimately generate up to $28 billion in tax revenue for the federal, state and local governments, a study from the Tax Foundation reveals. The states that have legalized marijuana are already reaping some tax benefits. Alaska, Colorado, Oregon, and Washington have legalized the use of both recreational and ...