A penalty isn't always imminent when you owe the IRS money in Texas and find it difficult to pay them right away. There are steps you can take to resolve your debt, one being to offer in compromise. Explaining an offer in compromise (OIC) An offer in compromise is an...
It’s becoming more common to use various cryptocurrencies as a form of payment. Some Texas residents like shopping online with cryptocurrencies while other people keep their crypto wallets as investments. There are even some employees who prefer to be paid in...
If you owe money to the IRS, the agency may take steps such as seizing a bank account or placing a lien on your Texas home. Fortunately, there are many actions that you can take to stay in the good graces of the federal government's tax collector. Let's take a look at...
If you're involved in a real estate business in Texas, there are a great many details that you will need to keep in mind at all times. One of them will be the payment for and transfer of property. Of the different means that you can use to facilitate this transaction,...
The Tax Cuts and Jobs Act, or TCJA, impacts taxpayers of all kinds. It's important to be prepared for the changes that come with this law come tax season so that you can better prepare for your financial future. A massive tax overhaul The TCJA was signed into law by...
Statistics show that the IRS audits one out of 250 returns. Most audits happen for a reason and involve unintentional mistakes, but it helps Texas taxpayers to know what may trigger the IRS to audit a return. Reasons for personal audits Tax law allows taxpayers to...
Taxpayers might find themselves owing significant sums of back taxes. Failing to file tax returns, not making estimated payments or forgetting to report all income could lead to several years of debt. Texas taxpayers might wish to pay off their debt, but taking such...
Texas business owners have a lot on their plate. When it comes to taxes, you may be running behind on paying yours. While it may feel like the end of the world, you do have various options out there to remedy the condition. File for an extension When it comes to...
Many Texas residents strive to set aside at least some money each year for future purposes, including retirement. If you contribute to an individual retirement account, you may wonder whether your contributions are tax deductible pursuant to applicable tax law. In...
Bring up the word audit, and many Texas residents' minds jump to picturing an IRS agent at their front door. This isn't always the case. Rather, there are various types of audits that the IRS can perform, and understanding what these are can help to put your mind at...
