FREE Yourself from IRS Problems

CALL 212-490-0704

NEW AND OLD TAX SCAMS AND TRICKS

Leave a comment Fraudulent Return, Frivolous Return Program, Phishing, Roth Thrift Savings Plan, Tax Abatement, Tax fraud & evasion

Taxpayers must always be vigilant regarding the legality of an action related to the filing of their taxes. This includes whether they are filing an IRS form, calculating income, claiming a deduction, characterizing assets, preparing a tax return, or communicating with a third party claiming to be a tax advisor or employee or agent of the IRS. Taxpayers must not knowingly or unknowingly participate in any scams that involve the calculation, filing, and payment of their taxes or the results may be devastating. Here are some new and old tax scams of which all taxpayers must be aware:

  1. Phishing
This is a preview of NEW AND OLD TAX SCAMS AND TRICKS. Read the full post (794 words, 1 image, estimated 3:11 mins reading time)

DEDUCTING TRAVEL EXPENSES RELATED TO YOUR JOB

Leave a comment Business Expense, Business Expenses, Deductions, Ordinary and Necessary Expenses, Travel Expenses

Everyone at one time or another has wondered about deducting their work-related expenses from their income in order to pay lower taxes. Especially those expenses related to travel, whether these trips and excursions are to and from work or out-of-town. Federal law, specifically the Internal Revenue Code (“Tax Code”), allows individuals to deduct qualifying business expenses. What, if any, of a working taxpayer’s expenses related to travel are deductible as a business expense under the Tax Code?

This is a preview of DEDUCTING TRAVEL EXPENSES RELATED TO YOUR JOB. Read the full post (521 words, 1 image, estimated 2:05 mins reading time)

SOCIAL SECURITY TAXES DEDUCTIONS

Leave a comment Charitable Contributions, Civil Penalties, Deductions, FICA, Frivolous Return Program, Social Security Benefits, Social Security Taxes

As long as they are taxes, there will be taxpayers that consider any and all arguments, schemes, and angles to avoid paying them. The 21st century has seen a rise in situations where some taxpayers are filing claims for refund of their Social Security taxes using meritless arguments which have consistently failed in the past and which will consistently fail in the future.

This is a preview of SOCIAL SECURITY TAXES DEDUCTIONS. Read the full post (619 words, 1 image, estimated 2:29 mins reading time)

SURGEON WHO HID MONEY FROM WIFE AND IRS IN DIVORCE ACTION MAY GET PRISON TIME OF UP TO 95 YEARS FOR TAX FRAUD AND EVASION

Leave a comment Audit, Civil Liabilities, Civil Penalties, Criminal Liabilities, Tax Evasion, Tax Fraud, Tax fraud & evasion, Taxable Income

Tax evasion is a serious crime. It is an enormous task and undertaking that rarely succeeds unless exorbitant monetary penalties and prison time are the ultimate goal. Taxpayers risk everything when they attempt to conceal any part of their financial portfolio, including any amount of their assets, from the IRS.

This is a preview of SURGEON WHO HID MONEY FROM WIFE AND IRS IN DIVORCE ACTION MAY GET PRISON TIME OF UP TO 95 YEARS FOR TAX FRAUD AND EVASION. Read the full post (666 words, 1 image, estimated 2:40 mins reading time)

OWE THE IRS? YOU MAY LOSE YOUR PASSPORT

Leave a comment Audit, Identity Theft, News, Representation

The Internal Revenue Service, probably the most-hated government agency in America, just became more powerful, and probably more ominous.  As everyone knows, IRS is the only agency that can, without going to Court, seize your asses and empty your bank accounts – one of the reasons they earned the title of being the most feared agency.  Now, the IRS has been empowered to seize American passports of delinquent taxpayers, maybe even preventing those taxpayers from domestic flights.

This is a preview of OWE THE IRS? YOU MAY LOSE YOUR PASSPORT. Read the full post (689 words, estimated 2:45 mins reading time)

FEDERAL TAX IMPLICATIONS FOR SAME-SEX COUPLES MARRIED UNDER STATE LAWS

Leave a comment Adoption Credit, Child and Dependent Care Creidt, Child Tax Credit, Defense of Marriage Act, DOMA, Earned Income Tax Credit (EITC), Education Tax Credit, Estate Tax, Filing Status, Marriage Equality Act, Tax Credit

In June of 2013, the U.S. Supreme Court held in U.S. v.  Windsor that provisions of the Defense of Marriage Act (DOMA) were unconstitutional. Prior to this ruling, Section 3 of DOMA required that, for purposes of federal enactments, marriage be defined as the union of one man and one woman and the word spouse be defined as someone of the opposite-sex who is a husband or wife.

This is a preview of FEDERAL TAX IMPLICATIONS FOR SAME-SEX COUPLES MARRIED UNDER STATE LAWS. Read the full post (919 words, 1 image, estimated 3:41 mins reading time)

WHAT? I HAVE TO PAY TAXES ON MY LAWSUIT AWARD?

Leave a comment Damages, Emotional Distress, Form 1040, Interest Income, Physical Injury, Proceeds, Punitive Damages, Schedule SE, Settlement, Taxable Income

You’ve just received an award as the prevailing party in a lawsuit and it’s just a few weeks before the April 15th tax deadline. As you organize your documentation for the preparation of your taxes, you suddenly wonder if you have to pay taxes on the legal proceeds that you received a few weeks earlier. Are they indeed taxable?  Whether you must include the amount of the proceeds in your income depends on all the facts and circumstances of each individual case. It also depends upon the type of injury incurred.

This is a preview of WHAT? I HAVE TO PAY TAXES ON MY LAWSUIT AWARD?. Read the full post (739 words, 1 image, estimated 2:57 mins reading time)

TOP TEN TAX BREAKS FOR MILITARY PERSONNEL

Leave a comment Capital Gains, Combat Pay, Death Benefits, Expenses Deductions, IRA, Military, Military Spouses Residency Relief Act, News, Roth Thrift Savings Plan

The IRS has made available several tax breaks for military personnel, especially over the last few decades. For federal tax purposes, the U.S. Armed Forces includes officers and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy and Air Force. The Coast Guard is also included, but not the U.S. Merchant Marine or the American Red Cross. Some of these tax breaks are retroactive, and thus require the filing of an amended return by the affected taxpayer. Remember that if you away from home because of duty in the military, your spouse can use a power of attorney to file a joint return on your behalf. Here are ten tax breaks worth noting for military personnel.

This is a preview of TOP TEN TAX BREAKS FOR MILITARY PERSONNEL. Read the full post (1099 words, estimated 4:24 mins reading time)

TAX CONSEQUENCES OF RENTING YOUR HOME ON AIRBnB

Leave a comment Deductions, Expenses Deductions, News, Taxable Income

A profitable way to convert your home into a means of producing income is the rental of it completely, or just in part (a room), even for a short period of time. Taxpayers may avail themselves of rental services like Airbnb, HomeAway, or VRBO to accomplish this. Of course all income is “all income from whatever source derived” under the Internal Revenue Code. Income earned through the rental of your home, or a room in your home, is taxable “income” and must be reported to the IRS on your tax return.

 

This is a preview of TAX CONSEQUENCES OF RENTING YOUR HOME ON AIRBnB. Read the full post (844 words, estimated 3:23 mins reading time)
- Sitemap