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 [...]
**Headline:** IRS Offers Relief for Taxpayers Impacted by Spouses’ Debts Taxpayers across the United States often face unexpected hurdles during tax season. One common issue is losing part or all of their tax refund due to a spouse’s outstanding debts. Many individuals find this situation frustrating, especially if they have [...]
### IRS Tax Relief Forms Aid Taxpayers in Managing Debts The Internal Revenue Service (IRS) offers various relief options to assist taxpayers dealing with tax debt. These programs aim to help individuals manage their financial obligations, providing a structured path to resolve outstanding debts. Handling tax debt effectively requires understanding [...]
**IRS to Implement New Reporting Thresholds for 1099-K Forms from 2025** The Internal Revenue Service (IRS) has announced significant changes to the reporting thresholds for 1099-K forms, set to take effect in 2025. These modifications are expected to have a considerable impact on individuals and entities operating in the gig [...]
The Internal Revenue Service (IRS) employs the Federal Payment Levy Program (FPLP) as a significant measure to recover overdue tax debts. This program authorizes the IRS to seize federal payments to individuals and businesses that owe taxes. The program was developed in cooperation with the Department of the Treasury’s Bureau [...]