The tax filing deadline for 2020 is quickly approaching. For those who have money in foreign bank accounts or own foreign mutual funds, you need to be careful to report those assets correctly. If you don’t, you can face a massive tax penalty, sometimes up to $100,000....
Year: 2021
Keeping money in foreign accounts isn’t illegal – if you do it correctly
The idea of keeping money in an account outside the U.S. has always held some intrigue for many Americans. Having a Swiss bank account identified by a number rather than your name used to be the epitome of secrecy for the rich and famous who wanted to hide money from...
An offer in compromise could reduce what you pay the IRS
If the IRS is contacting you because you owe outstanding taxes -- maybe your business had a banner year and you didn’t put aside nearly enough to pay, for instance -- you may feel like the total is a bit daunting. How can you possibly pay it all back at once? If you...
What are the benefits of filing taxes quarterly?
Filing taxes can be frustrating, especially if you wait until the start of the New Year to go back and look at what you owe. If you run your own business, it’s a good idea to file your taxes quarterly, and the government may actually ask you to do so. Paying your...
Does the IRS want to put you in jail?
When people find out that the IRS has discovered some significant issues with their taxes, their first thoughts are usually fairly bleak. They assume that things are so dire that the IRS is going to put them in jail for tax fraud. Maybe they’ve just heard too many...
Can you pay tax debt back over time?
The IRS tells you that your business owes $100,000 in back taxes. You have no idea what you’re going to do. Yes, you made some tax mistakes, but that doesn’t change the fact that your company is not sitting on $100,000. You just started this business, and you’re...
How to prepare for an audit
The thought of an audit from the IRS commonly leaves people with a massive sense of dread. Audits have a notorious reputation as one of the most challenging legal hoops that someone needs to jump through, and a bad result in an audit can have considerable...
How can you handle a substantial amount of outstanding tax debt?
Financial success is often a double-edged sword. It can provide you with a higher standard of living, but you will likely also incur substantially more expenses as well. Additionally, earning more money can mean that you have to pay more in taxes. High earners may...