2012 Tax Tips; Vol. 9 – What To Do If You Can’t Pay Your Taxes?
It’s one of the worst tax time scenarios: You discover while doing your taxes — or you just know without even doing them —that you owe taxes, and you don’t have the cash. What should you do? You may be tempted to ignore the problem. Don’t do it. The worst thing you can do is… Continue reading
More than 6.32 million Americans (excluding military personnel) live abroad in over 160 countries, according to the Association of Americans Resident Overseas (AARO). In this article, we discuss the tax rules and regulations that affect U.S. citizens and resident aliens residing overseas. Filing Requirements: The Internal Revenue Service (IRS) requires American citizens and resident aliens who live outside… Continue reading
Unlike this years tax deadline which is April 17th, the deadline to file 2008 tax returns for unclaimed refunds is Sunday, April 15th. The statute of limitations to file returns for refunds is 4 years. Any refunds that are not claimed become the property of the IRS and/or State(s). The IRS has over $1 Billion… Continue reading
Managing Your Tax Records After You Have Filed Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records. 1. Normally, tax records should be… Continue reading
If he were in charge of travel, the Soup Nazi might say, “No Passport for you!” In real life, travel may seem unrelated to taxes, except perhaps for those annoying airport taxes on international destinations. But a bigger tax and travel connection could keep you at home—permanently. A tax law quietly proposed a few months ago—Owe IRS… Continue reading
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