Why Do Some People File Taxes Online?
Technological advancement comes with paradigm shifts. Unlike in the past, people now prefer submitting their tax returns online. If you wonder why individuals and businesses file taxes online, you will find this article interesting. Below are some of the reasons why e-filing (submitting tax returns online) is becoming very popular. The Process is Faster Compared to the mail option, it’s faster to process the tax...
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How Does The IRS Find Unreported Income?
Unreported income is costing the U.S hundreds of billions yearly in taxes. That is why you should not be surprised that the IRS has a process in place to determine unreported income. Agents of the IRS conduct field audits in case it suspects a taxpayer is not fully transparent with their taxable income. The IRS can determine whether all your income has been reported to...
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How Much Money Can You Make and Not Pay Taxes?
Making money and not paying taxes sounds like a dream for most people. However, for some Americans this is reality. Several factors determine whether you need to pay taxes or not. Your age, filing status, dependents, gross income, or if you are blind are the factors that weigh in. For example, in 2018, if you were a single person under the age of 65 years...
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How To Do Your Taxes in Saint Paul, MN
Struggling with your taxes in Saint Paul, MN? If you’re confused and don’t know where to start, you’re certainly not the only one. Doing your taxes is not simple unless you’re excellent with numbers and have a background in accounting or bookkeeping. Others have to figure it out on their own. Fortunately, there is plenty of useful information online to help you manage your taxes....
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What Happens If You Owe The IRS and Can’t Pay?
Basically, with a few exceptions, if you owe money in the United States and make a good faith effort to reconcile with your debtor in a reasonable amount of time; whether that reconciliation takes the form of a payment-plan agreement, a lump-sum payment, or a declaration of indigence, you can remain relatively safe from prosecution that results in jail time or worse. It’s when you...
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What is an Installment Agreement (IA)
Do you have an outstanding tax debt? Are you struggling to pay in on time? If paying your tax debt in full is not possible, the most common payment plan is the monthly Installment Agreement (IA). There are 4 types of installment agreements: guaranteed, streamlined, partial payment, and non-streamlined. If you owe $50,000 or less, you may be eligible for an IA payment plan for...
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What is Offer in Compromise? (OIC)
There may be times when you’re unable to pay your taxes in full. But don’t be fearful if you find yourself in this situation. If the IRS imposes a Notice of Tax Levy (seizing of your assets) against you, there are various methods available to you to prevent the seizure of your assets. An offer in compromise (OIC) is an arrangement between the IRS and...
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The 4 Most Common Tax Scams to Be Aware Of
Are people contacting you, making demands, saying they want their money now? Don’t be the one to fall for these tactics. At MWB Tax Solutions, we know that scammers are lurking particularly during tax season. Here are four ways they try to take advantage of innocent taxpayers like you. 1. Fake IRS Agents If you receive a call filled with threats of arrest, deportation or...
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How to Avoid Tax Scams
There are several ways scammers try to con people out of their money. They especially love to prey on people during tax season. So it is important to remain alert. Here are some popular strategies scammers use. 1. Asking for credit or debit card information over the phone or via email If you owe taxes, the IRS sends a paper bill in the mail before...
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9 Steps to Help You Prepare to File Taxes
Prepare For Taxes in 2020 We all know that it is mandatory to pay taxes and that tax delinquency can be a costly error. You must also ensure that you pay your taxes on time to avoid penalties. Let’s look at a few things you can do to prepare for filing your taxes. – Check your pay stub for a monthly tax deduction. If you...
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