Owing any kind of back taxes can present an overwhelming experience for almost anyone today. One of the best ways to reduce stress and better organize your personal finances is to settle with the IRS as quickly as possible.
It is a general misconception that living overseas or working abroad excludes US citizens from filing US taxes.
While consulting with an Atlanta IRS tax attorney is always the best option when it comes to dealing with back taxes, there are a few things worth considering in the meantime. Obviously, the easiest solution for dealing with back taxes is to simply file on time. When that is not possible there are some important things to consider. For example, it is always a good idea to ask for a copy of your tax transcripts from the IRS. This will help to identify W-2 reported income and will also indicate any back taxes that are owed.
In today's post, we'll continue our discussion of one of the tools of cooperation relied upon by not just the Internal Revenue Service, but also the Georgia Department of Revenue -- offers in compromise.
While the thought of their child someday being admitted to one of the best colleges or universities in the nation likely fills most parents with great pride, it likely also fills them with a certain amount of anxiety. That's largely because the cost of college has skyrocketed in recent years and is showing no sign of slowing down.
It's important to understand that it's not just the Internal Revenue Service that has various tools at its disposal to collect taxes owed. Indeed, the Georgia Department of Revenue also has its own set of tools that it is willing and able to deploy whenever it deems necessary.
While the vast majority of people dutifully report to work Monday through Friday for an eight-hour workday, there is a growing segment of workers who eschew this traditional arrangement in favor of work through the so-called gig economy. This, of course, means they prefer to hold different jobs in different fields for different periods of time.
In a post last week, our blog began discussing how many people no longer make their money in traditional 9-5 settings, but rather through the so-called gig economy, meaning they often hold different jobs for different durations in different fields.
In a post last week, we discussed how a recent survey found that 80 percent of millennials were fearful of making some type of error on their tax return, and how experts attributed much of this trepidation to the fact that many in this age demographic earn a living via a series of jobs, which, in turn, necessitates sophisticated tax planning.
As a service to our readers, our blog has been maintaining a sort of informal countdown to Tax Day 2016, the deadline for filing tax returns with the IRS, over the last several months. In keeping with these efforts, it's important to note that we are now less than one week away from Monday, April 18, meaning there's only days left to get your affairs in order.