Even after you file your taxes, the IRS may determine that you owe additional money. However, it only has a limited window of time to assess or collect what you owe. This time limit is known as the IRS statute of limitations. So how far back can the IR…
Category: Taxes
If you’ve ever picked up the phone and heard someone claim you owe back taxes, your stomach probably dropped. But wait a minute. Does the IRS call you about tax debt? In most cases, the IRS won’t call you. They usually get in touch by sending letters, …
Many people start out with good intentions when it comes to taxes, but things don’t always go as planned. So can the IRS take money from your bank account when you’re unable to pay right away? Yes, they’re allowed to do so by law, but it usually doesn’…
Tax season comes with a lot of paperwork and stress. For many people, it also comes with a welcome payday. When deciding between a bigger paycheck or tax refund, the basic trade-off is timing: more money in each paycheck or a larger payout at tax time….
Working from home is common today, but many taxpayers are still confused about work-from-home tax deductions. One of the biggest misunderstandings is the incorrect belief that simply working remotely automatically creates a tax deduction. In real…
If you have ever wondered what tax bracket you fall in, the answer is probably simpler than you expect, and very likely lower than you fear. Most people estimate their bracket based on their salary, which turns out to be the single most common mistake,…
Tax filing mistakes are fairly common. Still, you don’t want to make a preventable mistake if you can help it. From delayed refunds and rejected returns to the potential for penalties, tax mistakes can come back to bite you. Learn why it’s important to…
Have you ever received a strangely urgent phone call about tax relief? Unfortunately, tax relief scams can sound convincing when you’re already stressed about money. Experts also say AI deepfake tools are making it easy for fraudsters to run tax …
An audit doesn’t always mean that the IRS suspects you of fraud. However, if your tax return includes one or more IRS audit red flags, you might find yourself under investigation. Even if you know you haven’t done anything illegal, IRS audits can be ex…
If you’ve ever wondered why your tax bill looks different each year, you’re not alone. Every year, many Americans go through tax season feeling the same sense of uncertainty about what they owe. And that’s usually because the Internal Revenue Service (…