We are all living in unprecedented times and, undoubtedly, you have heard about the 90-day tax payment extension due to the Coronavirus pandemic. What does this tax extension mean for taxpayers? Should your taxes still be filed, and paid, by the official April 15th deadline? In order for you to
Tax obligations change as we age, and our golden years bring unique milestones, like paying off a mortgage that would otherwise be unreachable. Typically, senior citizens have put in years of hard work and over the span of several decades, paid thousands in taxes overall. Individuals age 65 or
Considering all the paperwork and filing that accompanies tax season, it is no surprise how stressful tax time is for individuals with an income – as well as the unemployed. Regardless of your employment status, you may be required by the IRS to report an annual status of employment,
The IRS, along with the Treasury, announced an extension to the federal tax filing deadline from April 15th to July 15, 2020 – in response to Covid-19. Income tax payments for the 2019 tax year can also be deferred to July 15, 2020, regardless of the amount owed, without
Although tax season tends to be stressful for everybody, it may be more so for individuals who are unable to pay the IRS any amount owed. At face value, this may feel like a nightmare; however, there are various avenues in which an unpayable tax debt may be resolved.
The IRS considers any forgiven debt as a source of income, of which you have to pay taxes on? You have probably been surprised with the receipt of a Form 1099-C in the mail during tax season if you have ever settled any given debt entirely, or for less