Nobody likes to pay tax; this is a universal truth. Since we’re in the mid of income tax season, there’s been a lot of tax policy discussion about the adverse impacts of the property tax that the Americans pay either directly or indirectly.
About a decade back, pollsters at CNN, USA Today and Gallup sought to identify what tax was the most disliked. Many experts expected that income tax would be the topper of this distinction, considering all the time that Americans spend on their returns. Continue reading Why Property Tax is a Nightmare for the American Homeowners
Internal Revenue Service or IRS is not kind enough for the workers who fail to pay taxes in full. So you must avoid any underpayment and penalty by all means. Let’s have a look on how you can avoid them.
Ideally you should know how much tax you should pay and how much have been withheld from your paycheck all through the year and the breakeven. Continue reading How to Get Rid of IRS Underpayment Penalty
IRS (Internal Revenue Service) tax is implied on just about everything. Taxable income may be defined as the gross income (every income from any source derived) minus deductions. That’s a vast territory that not only covers your income from wages but also unearned income from your investments. Even if there is something got on a cash-free basis, the value of the item you get as barter exchange will be taxable. In a nutshell, whether from your employer, prize winning, freelancing or even gambling jackpots, you must include your income to Uncle Sam’s tax roll. Continue reading Income That Sets You Tax-Free
Audit is undoubtedly one of the scariest words for most American taxpayers. Although it’s true that a tax audit can definitely be a matter of gross inconvenience, yet at the same time it is also true that the entire chance of being audited by Uncle Sam is also pretty slim. Just 1% of all tax returns received by the IRS are chosen for a closer and scrutinized view. So, you can be more than sure that you won’t fall in that risky 1%. Continue reading Smart Ways to Avoid an IRS Audit – How to Stop Being Targeted by Uncle Sam