It’s vital for you to consider the benefits of a Charitable Remainder Trust (CRT) as a strategic approach to maximize your year-end tax savings. By allowing you to donate assets while retaining income from those assets during your lifetime, a CRT can reduce your taxable income and potentially lower your [...]
The Internal Revenue Service (IRS) has released the tax brackets and standard deductions for the year 2025. These updates aim to reflect the impact of inflation and legislative changes, affecting how much taxpayers in the United States will owe the government. For 2025, the IRS has maintained the seven federal [...]
**IRS Temporarily Halts Collection Efforts with CNC Status for Struggling Taxpayers** The Internal Revenue Service (IRS) has a measure called Currently Not Collectible (CNC) status, designed to aid taxpayers unable to meet their tax obligations. This status halts IRS collection activities temporarily, giving individuals time to manage their financial situations [...]
Once you have found yourself in the challenging situation of tax debt, it is imperative to accurately assess your ability to pay in order to take the necessary steps to reduce and ultimately eliminate the debt. To do so, you must thoroughly review your finances, gather all relevant documents, and [...]
Tax season can often feel overwhelming, but there are several strategies you might be overlooking that can significantly impact your financial situation. As you approach the end of the year, leveraging these lesser-known tactics can help you maximize deductions, optimize credits, and reduce your tax liability for this year. In [...]
Key Takeaways: Global Minimum Tax Rate: The agreement establishes a global minimum corporate tax rate of 15%, aiming to ensure that multinational companies pay a fair share of taxes in different jurisdictions. Digital Economy Taxation: Countries will have the ability to tax a portion of the profits of large multinational [...]
The Tax Cuts and Jobs Act: An Overview Your understanding of the Tax Cuts and Jobs Act (TCJA) begins with its significant impact on both individual taxpayers and businesses alike. Enacted in December 2017, the TCJA implemented a broad array of changes focusing on tax rate adjustments, alterations in deductions [...]
Obtaining a reduction in your tax debt through negotiation with tax authorities can be a daunting task. However, with the right strategy and preparation, it is possible to achieve a favorable outcome. In this how-to guide, we will discuss the key steps and strategies for successfully negotiating with tax authorities [...]
**Slug: Gig Workers at Risk: Understanding IRS Wage Garnishment** Gig workers enjoy the freedom to set their own schedules and choose their projects. With this independence comes the obligation to manage taxes. Many gig workers are surprised to discover that failing to pay taxes can lead to IRS wage garnishment. [...]
Title: Understanding IRS Form 4506-T for Obtaining Tax Transcripts The Internal Revenue Service (IRS) provides a tool for individuals needing past tax information. This tool, IRS Form 4506-T, allows taxpayers to request a transcript of their tax records. The request becomes essential in situations such as applying for a mortgage [...]