Archive / Income Tax

RSS feed for this section

Part I: How IRS Back Taxes Affect Passports

A New Law Means That Delinquent Taxpayers May Lose Their Passports – 3 Part Series The recently enacted “FAST Act”–Fixing America’s Surface Transportation–provides long-term funding for the country’s highways and other transportation projects. While an infrastructure act might not seem relevant to you, it may have a huge effect: because one clause in it may […]

7 Statistics about the IRS Self-Employment Tax

IRS self-employment allows for an element of freedom and independence rarely enjoyed in the standard workforce. However, there are definite downsides, including a much higher tax rate. Highlighted below are a few things you should know about the IRS self-employment tax: IRS self-employment taxes are based on approximately 92 percent of self-employment income. This reduced taxation is […]

Why People Procrastinate on Paying the IRS (According to Science)

Spring delivers beautiful weather, but also the dark cloud of tax season. Many taxpayers hold off on completing their returns for as long as possible, which is odd, because data from the IRS indicate that the vast majority of those who file tax returns receive refunds. Why procrastinate when filing means receiving a significant refund check? […]

Denver Tax Expert Reveals 7 Terrifying but True Facts about Tax Day

April 15th (April 18th this year) — just the mention of the date causes many adults to react with distaste, if not outright disgust. However, once you read these seven terrifying but true facts about Tax Day, you might be even more dismayed (or possibly just impressed) by Americans’ curious and emotionally fraught relationship with […]

When Someone You Love Dies, and You Inherit the Debt, What Tools Can You Use to Fight Back?

As if coping with grief after the loss of a loved one isn’t difficult enough, you might be suddenly saddled with the person’s debts. However, a debt collector might attempt to collect a debt from you even if it’s not your responsibility. Increasingly, seniors face this challenge, according to a study from the University of […]

Your Mom or Dad Dies and Owes Back Taxes. What Do You Do Now?

After a parent passes away, you must confront the complex and emotional upheaval of your loss. However, what if you discover an unwelcome surprise – that your deceased parent still owes back taxes? In most cases, you will not be held liable for your parent’s tax debt, but read on for more information and exceptions […]

5 Tips on How to Avoid IRS Scams in 2016

April 15 is just around the corner, and millions of U.S. consumers and business owners are furiously working on their returns and brainstorming how to minimize tax liabilities. Frustratingly, thousands of scammers think of “tax season” as a kind of “hunting season” – a time to target vulnerable, anxious and unsuspecting consumers hoping for refunds. […]

Scams Relating to Your IRS Refunds Continue . . .

New news regarding scams concerning IRS refunds. We deal with this sort of thing too frequently. Please beware of the following: “This new version of a very old scam goes like this. The scammer calls you up and says that they have the return and you’re almost finished, he or she just needs a few […]

The Different Types of Debt You Leave Behind When You Die – Part 2

When you pass away, you hope to leave your heirs with a positive legacy, both personal and financial. But your best-laid plans could go wrong, especially if economic upheaval or unanticipated and extensive medical bills hit you hard. What should you do if you are worried about saddling your heirs with debt? In Part 1, […]

The Different Types of Debt You Leave Behind when You Die – Part 1

You want to plan for your heirs, leaving them with a financial legacy and possibly even giving to charity upon your passing. But what if the economic downturn of 2007 and 2008 deeply affected you? Can you avoid leaving debt to your heirs? This blog will address what happens to your mortgage and credit card […]