Over the last few years, multiple U.S. companies have come under heavy criticism by federal officials for their reliance on elaborate tax-savings strategies, such as inversions. For those unfamiliar with inversions, they involve U.S.-based companies merging with companies located in tax-friendly nations, and subsequently establishing their new corporate headquarters there in a bid to escape corporate income taxes in the U.S.
If you are nearing retirement and have been saving diligently, the time is come to enjoy the fruits of your labor. Of course, you deserve the benefit of tax deferred savings, but the federal government may be just as interested in your money if you don’t withdraw it.
Now that summer is here, many parents are wondering how to keep their children active and productive. For older teenagers, the answer may be to get a summer job. There are many benefits to seasonal work, including earning spending money and getting an introduction into adult responsibility.
The powers that the IRS has to collect on unpaid taxes may seem mythical and legendary; especially when it comes to how the federal government may seize property and freeze financial accounts. However, in recent years, this tactic has become a controversial measure given how quickly the IRS has acted to take money from small business owners and how it has failed to return such property.
Most people in Northern California like where they live. And what’s not to like about it? Between world class professional sports teams (yes, we’re talking about the Warriors and Sharks), technological development firms, access to world renowned landmarks and restaurant choices, millions of people think the San Francisco Bay area is great.
For many small business owners, the line between personal tax obligations and business tax obligations is not always clear. Depending on the type of business structure you choose, your business taxes will be filed with your personal return or may need to be filed separately. And that's just the tip of the iceberg. There are many more tax-related financial decisions that need to be made when setting up a new business.
There's something official about filing tax returns that makes them seem set in stone. But tax returns are amendable - and not just by the IRS. Just as the IRS can reach out to you to check on certain details or request certain forms, you can also amend your tax return to better reflect your financial situation.
When February turns to March and March turns to April, everyone starts thinking about their taxes. Those months have come and gone this year, but in the build-up to Tax Day, it is understandable for many taxpayers to think "yikes, I wish I could just not file taxes!" It's straight out of a dream, but unfortunately, every year, you have to file your taxes.
Now that “refund season” has come and gone, taxpayers who did not have the fortune to have an income tax refund check may confront the possibility of owing money to the federal government. Indeed, most people know that the interest and penalties accrue on unpaid taxes, which can lead to a larger tax bill the longer it goes unpaid.
Federal tax returns are due in about a week. If you've been putting off preparing yours, you're certainly not alone. Many Americans wait until the last minute - which has become easier to do with the plethora of e-filing options now available.