Many taxpayers aren’t aware of the IRS’s 10-Year Statute of Limitations. Naturally, the IRS doesn’t advertise its 10-year rule for forgiving debt to prevent taxpayers from thinking that waiting it out is a way to avoid paying taxes legally. Under this rule, the IRS can...
There are various reasons why the IRS may audit you, including checking income discrepancies and deduction claims. Or you’re simply one of the unlucky ones that the IRS chooses for an audit randomly. Whatever the reason you’re being audited, it’s understandable to feel nervous about...
Married couples have the option to either file their federal tax returns separately or jointly. Some couples choose the Married Filing Separately option despite limiting their use of potentially valuable tax breaks such as the Earned Income credit, deduction of net capital losses, tax-free exclusion...
As a truck driver, you may spend most of your time on the road and feel that your truck is your primary place of business. However, when you’re not traveling, you need a dedicated place to serve as your home base where you can organize...
You or your business may qualify for exceptions to paying tax on canceled debt and may not have to pay. Creditors may offer debt forgiveness to debtors who negotiate the cancellation of their debt obligation. In cases of forgiven debt or canceled debt, the creditor gives...
