An Offer in Compromise (OIC) is one options that anyone struggling with tax debt may take into consideration. This option is basically an agreement between the Internal Revenue Service (IRS) and a taxpayer where the taxpayer offers the IRS a payment lower than the tax obligation. The IRS accepts the payment and forgives the remainingcontinue reading…
Jack Daniel’s v. Uncle Sam: Tax audit leads to a fight with bite
What do Jack Daniel’s, whiskey barrels, and small businesses in Minnesota have in common? More than you may think at first glance. One of the nation’s largest whiskey makers is taking on its local legislature to ensure a tax issue is resolved before it becomes a big problem. A problem that could impact more thancontinue reading…
3 times itemization may save you more than the standard deduction
One common question during tax time: should I itemize my deductions or take the standard deduction? The answer for each taxpayer will depend on the details of his or her tax obligations and potential deductions, but three things that often indicate itemization may save you more money include: High income. High earners can benefit from itemizationcontinue reading…
What is the best 529 plan?
Saving for college takes a good deal of planning. One popular tool used to achieve this goal is a 529 plan. These plans are basically savings accounts with funds used to cover various educational expenses. These plans offer a number of benefits, including tax savings. Those who wish to use these financial tools are wisecontinue reading…
Avoid these four common audit triggers
Filing out tax forms is difficult enough, but becoming the subject of an audit by the Internal Revenue Service (IRS) is an even larger headache. There are steps you can take to reduce the risk of becoming the subject of an audit. One is to be aware of common triggers that result in a closercontinue reading…