What To Do If You Owe The IRS

July 09, 2015

One of the biggest fears of many Americans is getting audited by the IRS. Even worse, is finding out that you owe thousands of dollars in back taxes that you can’t pay. That’s the position that one of my recent helpline callers was in. Not only could she not afford to pay the debt in full, but the balance was actually increasing since the interest and penalties each month were considerably more than she was paying. If you find yourself in a similar situation, here are some options to consider: Continue reading “What To Do If You Owe The IRS”

What Risks Are You Willing to Take?

January 31, 2014

One of the things that always astounds me is the behavior of people when there is money on the table. The bigger the pile, the more interesting the behavior gets at times. In my days working with clients of substantial means, sometimes their decision making would particularly puzzle me.  Continue reading “What Risks Are You Willing to Take?”

Do You Qualify for Free File?

January 21, 2014

It’s that time of year again. The IRS will begin accepting electronically filed federal returns on January 31st, kicking off the 2013 tax filing season. But instead of paying hundreds of dollars to have  your taxes professionally prepared, you may be eligible for free tax preparation and e-filing through the IRS Free File program, a public-private partnership between the IRS and commercial tax software companies. Continue reading “Do You Qualify for Free File?”

Getting Help From an Unlikely Source

September 04, 2013

When was the last time you looked forward to dealing with the IRS? Most of us only interact with the IRS when it’s time to file our income taxes or respond to a filing inquiry (i.e. an audit). We probably all know someone who has had challenges with the IRS, and hopefully we never fall into that category, but believe it or not, there are several helpful tools and resources this often belittled agency makes available to taxpayers to help them manage their taxes better. Here is an overview of what I consider some of the more useful resources that may be just a click or phone call away: Continue reading “Getting Help From an Unlikely Source”

The Tax Implications of Non-Child Dependents Can Be Tricky

February 06, 2013

When tax season rolls around, invariably I get inundated by tax questions.  Every once in a while, a tax question comes along that offers a unique perspective on a common tax issue. Recently, I had two such questions come into my email box.  Here is a summary of the situation, along with a couple of specific questions asked by this employee. Continue reading “The Tax Implications of Non-Child Dependents Can Be Tricky”

Last Minute Tax Tips for Last Minute Filers

April 13, 2011

In case you haven’t heard, the 2010 tax filing day has been extended until Monday, April 18, 2011.  That means taxpayers get one extra weekend to find as many credits and deductions as they can before sending their returns off to the IRS.  Now it’s not often that waiting until the last minute pays off, but consider these tax tips a reward for your procrastination: Continue reading “Last Minute Tax Tips for Last Minute Filers”