Thousands of taxpayers hear from the Internal Revenue Service (IRS) every year about mistakes they made when filing. You are given the opportunity to correct these mistakes and remedy your tax situation before penalties make your situation worse. But, what about when the IRS makes mistakes? Ultimately, IRS revenue agents and revenue officers are human. Human error is an element of life of which we are all well Read More

What are you currently withholding from your paycheck? Tax withholdings represent the amount of federal income tax taken out of your paycheck each pay period in preparation for your federal tax bill. Most people do the standard withholding to which their employer defaults. Should you consider changing this number? How might that help you down the line? Adjusting Your Tax Withholding Adjusting your Read More

Dealing with the IRS can be a pain for even the most seasoned professionals. You want to focus on what matters to yourself, your family, and your business, but the constant back-and-forth over your taxes can slow you down. This is especially true for individuals who end up overwhelmed by their tax debt and are forced into a repayment plan. When the IRS gives you a required monthly payment amount for a repayment Read More

Some taxpayers find themselves on edge about the potential of an audit from the Internal Revenue Service. Concerns about whether they did their taxes right and how an audit could impact ongoing finances naturally leave some wondering when the IRS might come calling. We want to alleviate some of those concerns and help taxpayers in Washington understand the audit process better. We previously talked about steps to Read More

The IRS wants what they think is theirs. You want to keep what you think is yours. So, how can those two intentions coexist when what the IRS thinks is theirs and what you think is yours is often the same thing – your money? There are ways to protect your finances and keep them away from the IRS. No, we aren’t talking about tax evasion. We’re talking about legitimate, legal tactics that you can use to protect your Read More

NOTE: As of July 24, 2023 the Internal Revenue Service ended most unannounced visits to taxpayers by IRS revenue officers. See IRS Announcement. Picture this – There’s a knock at your door. You open up to find an Internal Revenue Service officer standing there asking you about unpaid taxes. What now? This has become a reality for many families now that COVID-19 restrictions have disappeared and IRS officials Read More

Dealing with the Internal Revenue Service (IRS) can ignite panic in even the calmest individuals. Your money is at stake and plenty of people have had nightmare dealings with the IRS over their taxes. When you receive a letter in the mail claiming to be from the IRS or related to an IRS matter, those panic signals can go off right away. What did I do wrong? Did I forget something in my taxes? Did my tax preparer Read More

In an ideal world, everyone would maintain a strictly transactional relationship with the Internal Revenue Service (IRS). We pay our taxes, we file our tax returns on time, and we move on with our lives. This all changes when we end up coming up short on our tax bills or fail to file on time, however. The IRS will come after what they are owed when they are aware you owe them. Failing to act quickly can result in Read More

With the flip of the calendar, we’re officially into 2023. There’s ample opportunity in the new year to put ourselves in a position to take advantage of the many opportunities 2023 has to offer, but we also have to keep in mind it’s almost time to look back on 2022 when tax season gets underway. Each year, the IRS guidelines around tax returns change in some fashion. We want to make sure you’re prepared for those Read More