The end of tax season came quickly and abruptly last week. Indeed, the days leading up to the federal income tax filing deadline may have been very stressful for procrastinators. Those who completed and filed their returns should breathe easy. But for those who did not file, the stress may only be starting. The consternation over owing money, while not having it, can be more than one person can bear. No wonder what tax day is one of the most stressful days of the year.
People and businesses all across the state of Maryland often have to deal with the Internal Revenue Service, and they may have even suffered action at the hands of the IRS. If you are behind on your taxes or if you owe the IRS tax debt, then it is highly unlikely that doing nothing or ignoring the requests will result in anything positive. Addressing your issues in an effective manner is the key to solving the problem and possibly mitigating the penalties and problems associated with your case.
If there’s one thing about tax season that everyone can agree upon, it brings out the saver in everyone. Who wouldn’t want to use every way legally possible to figure out how to reduce one’s taxable income in order to get a refund check? Income tax refunds are especially important for the elderly. If you think about it, the refund is probably likely the largest individual check they will receive in 2017.
With the calendar turning to April, the federal income tax filing deadline is just over two weeks away. But for those businesses and individuals fretting over the inability to pay their tax bills, there may be a larger problem looming. Private debt collectors now stand ready to recover billions of dollars reportedly owed to the government.
With the federal income tax filing deadline bearing down us, many small businesses will review all the expenses they had in 2016 with the mind of finding as many deductions to reduce their taxable income. The math here is simple. The more the deductions one might have, the lower their taxable income may be. The lower their taxable income is, the less they may have to pay (or owe) in taxes.
Taxes are not necessarily an issue that exists in a vacuum. They involve so many aspects of your life that when your taxes intertwine with these other issues, legal problems can easily arise. For example, do you run or own a business? Then there could be serious tax implications for you depending on the structure of your business, your tax filings and your obligations.
As Tax Day draws nearer, some people may be realizing that they aren't prepared for April 15. Maybe they haven't received the necessary paperwork to complete their taxes yet; or perhaps their filings are so complicated that the task at hand is overwhelming. Even though April 18 is six weeks away, there is a lot that needs to happen for some tax filers before they can submit their filing.
A new law that relates to taxes will take effect in March, and even though it was signed back in 2015, you may not have heard about it or contemplated its effects. The law is called the FAST Act, which stands for "Fixing America's Surface Transportation." Under this new law, the IRS will report to the U.S. State Department in regards to a person's back taxes. If they have serious delinquent tax debt, the State Department could limit your passport, revoke or deny you one if you are applying.
When thinking about the Internal Revenue Service, many people think of a monolithic and powerful agency that can't be stopped. This is a gross exaggeration, but they definitely have a lot of power. Respecting this power is essential, but there are also many options that you have as a taxpayer to help yourself and hold the IRS in check when they are taking action against you.
It may feel like it's a long way off, but Tax Day 2017 is actually just around the corner. There will be many people that have to confront significant issues as the deadline approaches. Should they file for an extension? What should they do if they can't pay what the owe? Will an ongoing audit or action by the IRS compromise their ability to complete their filing?