Taxes and subsidies are integral components of a nation's fiscal policy, playing a pivotal role in the economic well-being of a country. In the United States, the Internal Revenue...
Individual Retirement Accounts (IRAs) offer tax-advantaged ways to save for retirement, but not all IRAs provide the same tax benefits. One specific type of IRA that often confuses...
Posted by Pat Raskob on 09/22/2023
If you need additional time to file your taxes this year, the Internal Revenue Service allows you to make an extension. This gives you another six months to complete your return. And...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/18/2022
Keeping old tax records can save you time and effort if you are audited or need to file an amended tax return. Previous tax returns can also help you document your income when applying...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 06/24/2022
Most tax practitioners are familiar with reasonable cause as the basis for penalty abatement. But many often overlook another important reason for penalty abatement: the so-called...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/27/2022
Failure to comply with the tax declaration deadline or non-payment of the entire tax bill can have serious consequences. The Internal Revenue Service (IRS) recommends filing unpaid...
Posted by Taxes Made EZ Inc on 12/18/2021
It is no longer possible for the 2018-2025 fiscal years to claim accidental loss and personal property theft as itemized deductions unless your claim is declared as a federally declared...
If you think you don't have to pay certain federal penalties or interest, you can request an IRS penalty abatement. If you qualify, the IRS will waive some or all of your penalties.To...
The Internal Revenue Service can impose a huge number of tax defaulters that do not pay taxes or do not pay on time. These penalties may also include financial penalties imposed on...