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How to Calculate Self-Employment Tax

Self-employment taxes are notoriously complicated. Deductions, quarterly payments, and other considerations confuse and frustrate millions of independent contractors and sole proprietors. Not sure where to start? Use this simple guide as a blueprint. Track all earnings and expenses. Income eligible for self-employment taxes includes anything earned as an independent contractor, through babysitting, blogging, or other money-making […]

7 FAQ’s About IRS Employment Taxes

From levies to criminal charges, IRS employment taxes can lead to a variety of negative outcomes. The more you know, the better equipped you’ll be to handle action from the IRS. Detailed below are a few common questions — and answers — about employment tax debt. Will the IRS target me if I pay annual […]

6 Red Flags That Suggest Your IRS Tax Professional is Incompetent

The right IRS tax professional can help you achieve a sizable tax return, all while minimizing your risk of being audited. However, while many tax preparers offer big promises, not all are able to deliver. Think carefully about who you want to handle your taxes, and don’t hesitate to walk away if you observe any […]

What’s the Difference Between an IRS Tax Lien and an IRS Tax Levy?

The Internal Revenue Service uses two main approaches to recover owed taxes: IRS tax liens and IRS tax levies. Both actions can prove disastrous for taxpayers, but in different ways. If you owe taxes, and you are at risk of collection, it is important to gain an understanding of these tactics and how they may affect […]

6 Things You Might Not Know About the IRS Collections Department

The IRS collections department is notoriously stressful and confusing. If you have received a series of notices from the IRS collections department, it is imperative that you address them as soon as possible. Fortunately, there are plenty of options for paying back owed taxes and avoiding levies or liens. Keep reading to learn more about the […]

7 Fascinating Statistics About the IRS Offer in Compromise

If you’re struggling under the burden of significant tax debt, it may be possible to achieve a clean slate without paying significant penalties or late fees, and settle with an IRS Offer in Compromise. If you’re suffering economic hardship or you are otherwise able to prove a “doubt as to collectability,” you may be eligible for […]

5 Psychological Reasons Why People Get in Trouble with the IRS

Grumbling is only natural when tax season arrives, but most people ultimately file and pay their taxes on time. However, others fail to take action until faced with liens, levies, and other penalties. The tendency to procrastinate or cheat on taxes is underpinned by some intriguing psychological phenomena, and it can get you in trouble […]

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? […]

IRS Phone Scams: What Are They? Who’s Running Them? What Should You Do If Targeted?

Have you ever received an aggressive phone call from the Internal Revenue Service? You may have been the victim of an IRS phone scam. The IRS has reported a surge of phone scams in 2016, with scammers threatening everything from license revocation to deportation. According to the Treasury Inspector General for Tax Administration, these scams have […]

IRS Tax Help 2016 – Six Tips for Cleaning Up Your Lingering IRS Tax

We’re halfway through the year, and it is time to stop procrastinating. Get rid of your lingering IRS tax issues so you can relax and enjoy the rest of the summer. Here are some tips to lighten your financial burden. Withholding Adjustment If you either received a large refund or ended up owing a great […]