Offer In Compromise

A taxpayer in financial difficulties has a number of options to resolve his federal tax debts. Offer in compromise is an ideal solution for a person on the verge of financial break down. It is a proposal specially designed to settle a taxpayer’s tax debts for less than what he owes. It is an agreement between the Internal Revenue Service (IRS) and the taxpayer. However, the settlement of the tax debts is subject to government discretion. Not all taxpayers can avail this benefit. Less than half of the offers in compromise requests submitted are actually accepted by the Internal Revenue Service. In case the offer is rejected, the taxpayer can move the IRS Appeals Office.

Latest Email Scam Using IRS Name

If you have an email account, and who doesn’t, you are use to receiving scam emails. Well, here is one using the IRS name to watch out for over the next few months.

Tax Deferral Power and Protection

What is a Tax-Deferred Annuity? A tax-deferred annuity is a contract between you and the insurance company with guaranteed interest and guaranteed annuity income options. There are no upfront sales charges or administrative fees during the life of your contract.

If You Filed an Extension for Your Taxes – Time's Almost Up

During a beautiful summer day, it is easy to forget some of the things you have to take care of. If you filed an extension on your taxes earlier this year, the deadline is approaching.

Michigan Lawmakers Abolish State Business Tax

Michigan state legislature has voted to approve the abolition of the state business tax starting in 2008. The move is a bid to boost investment and job creation.

Tax Revenues Lowering Estimated Size of 2006 Federal Deficit

The Congressional Budget Office has lowered the estimated size of the US federal deficit for fiscal year 2006. The decrease in the expected deficit is largely a result of high tax revenues.

Cost To File Offer In Compromise

The costs to file an offer in compromise include an application fee of $150. In case the taxpayer has a monthly income below the federal poverty level, payment of the application fee is exempted. The application fee is levied by the IRS to meet the expenditure of processing and reviewing your offer in compromise application.

Nothing is For Free With the IRS

Those goody bags Oscar presenters receive aren't tax free gifts anymore.

Filing a Joint Tax Return With Your Spouse

They say the world works on a concept known as balance. To counterbalance the joys of your honeymoon, you get the misery of filing a joint tax return with your spouse.

Taxes for Day Traders and Investors

Whether you are an active day trader or just put money into the market for long term gains, taxes are something you need to address. The IRS views traders and investors differently.

Income Tax Refunds

If you are expecting an income tax refund like millions of US taxpayers, read on. The good news is, you will have extra money. The bad news? It will be tough figuring out how to use it.

International Tax Lawyers

Income tax is tax paid by individuals on the amount of salary or profit earned and is applicable if the salary of the individual is above a minimum specified limit prescribed by the income tax department. The income calculated for this purpose is normally the money earned within the limits and borders of the United States. However, income tax does not cover the income generated outside the borders of the country. A different kind of tax law is applicable for this kind of income.

Grassley: Bush Tax Cuts Have Not Caused Rising Deficits

Citing the latest Congressional Budget Office deficit report, Senator Chuck Grassley has argued that the Bush tax cuts have not eaten into the revenue base and are not the cause of rising deficits.

Property Tax Relief

Property tax is a tax on real estate, boats, aircrafts or other real property that is paid by the owner of such a property. The tax is determined on the basis of the value of the property. Property tax relief is a rebate or refund that the government provides to property owners who pay taxes on their property. This is a way to lighten the burden of tax on citizens.