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How Long to Keep Tax Papers or Records? Get the Details Now.

how long to keep tax papersWith the 2017 tax season over,  you probably already put you tax return behind you and put your tax refund to good use. But what about all that paperwork? How long to keep tax papers? Have you filed your 2016 documents away somewhere never to be gazed upon again? Perhaps the documents are still sitting in a folder on your counter or on top of your printer, or desk? Maybe you’ve even thought about tossing these documents. Find out why it might be a bad idea to toss any tax related documents […]

May 17th, 2017|Uncategorized|0 Comments

Even With an IRS Extension, You Shouldn’t Wait Too Long to File

irs extensionSo how did tax season go for you this year? Did you get them all done by February 1 and spend your refund by February 2? Or did you lose track of time and barely beat the April 18 deadline to file? Perhaps you missed the deadline completely and ended up having to file for an IRS extension. If you find yourself in this category, what’s your plan now? Have you already filed, or are they still on hold while you say to yourself: “What’s the rush? I have till October.” Before […]

May 12th, 2017|Tax Filings|0 Comments

Private Collection of Overdue Federal Taxes to Start This Month

past due taxes IRSIt’s already mid-April and the tax season is just about to come to a close. For those who still haven’t field their taxes, the deadline is now just a week away, unless you’ve filed for an extension. However, the deadline to file your federal income tax return is not the only significant tax event that takes place in the month of April. The IRS recently announced that private collection of some overdue federal taxes would begin this month, as well. So what does that mean for you the average taxpayer? Actually, […]

April 12th, 2017|Blog Post Categories, Tax News|0 Comments

IRS Offer in Compromise Acceptance Rate Hits All-Time High in 2016

The IRS recently released their annual offer in compromise (OIC) data for 2016. Although the acceptance rate fell in fiscal year 2014 and 2015, it reached a new all-time high in 2016 with an acceptance rate of 42.86%. That is almost 1% more than the previous all-time high reached in fiscal year 2013.

An Offer in Compromise is a “proposal by a taxpayer to the Federal government that would settle a tax liability for payment of less than the full amount owed.” The IRS will not approve an OIC if it believes that the balance can be paid in full or through a payment […]

April 3rd, 2017|Tax News|1 Comment

Olympic Gold Comes with a Tax Bill

us olympic gold medal and taxesThe United States has been doing pretty well in the 2016 Summer Olympics, held this year in Brazil. As usual, the United States leads the medal count, including for gold, helped along by great performances by the United States swim and women’s gymnastics teams.

But what happens after the Games end and the athletes go home with their medals? The reality of the situation is that they will likely owe taxes on their medals and their prize money.

U.S. Citizens are Taxed on Foreign Earnings

One of the first things to understand […]

August 16th, 2016|Tax News|0 Comments