Penalties and interest begin to accrue when tax payment deadlines are missed with no tax returns being filed. The most common penalties that

A tax preparation checklist not only helps keep you organized during tax season but it’ll helps you feel less stressed. Whether or not

For tax purposes, the IRS treats independent contractors as self-employed individuals. That means you’re subject to a different set of tax payment and

So, you’ve got the news that every taxpayer hates to hear: You owe the government money! Thankfully, the IRS permits eligible taxpayers to

Owing money to the IRS or state could be quite a daunting aspect, especially when terms like liens, levies, and wage garnishments are

When you’re self-employed, you’re the boss. But because you’re the boss, that also means you’re the one stuck with the big tax bill.

Self-employed people are responsible for paying the Self-Employed Contributions Act (SECA) tax. They contribute to the cost of Social Security and Medicare by

Tax deadlines are stressful enough, even under the ideal circumstances. Tax payment and filing deadlines can add stress to a situation that is

Before taxes, investment assets such as bonds, equities, mutual funds, loans, and other investments generate income known as net investment income tax (NIIT).

No taxpayer wants more tax liability. As a matter of fact, taxpayers would much rather receive a tax refund that could stuff their

If your eligible medical expenses exceed 7.5% of your AGI, you are allowed to deduct medical expenses. If you or your dependents have

A tax lien is a claim against your assets and property. A tax levy is the result of an unpaid tax lien. You