Why Will You Owe Taxes If You Settle Debt or Become Unemployed?
February 25th, 2010 admin
Many Americans, believe it or not, who become unemployed or settle debt can be stuck with a State and/or Federal tax bill. It seems crazy that anyone facing such financial difficulties would be asked to pay taxes but this happens for many reasons. Unemployment Compensation There are many ways you could end up paying owing more taxes than you thought when you file this year. Under the American Recovery and Reinvestment Act, the first $2,400 of compensation is tax free for an individual (married or not). With unemployment, you can elect to have your taxes taken out or you can choose not…
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Many Americans, believe it or not, who become unemployed or settle debt can be stuck with a State and/or Federal tax bill. It seems crazy that anyone facing such financial difficulties would be asked to pay taxes but this happens for many reasons. Unemployment Compensation There are many ways you could end up paying owing more taxes than you thought...
A common tax penalty for self employed individuals is the underpayment penalty for not paying enough estimated taxes. The IRS requires that self-employed individuals must estimate their annual income tax a full year prior to actually knowing what that amount will be. It is very common for individuals to not estimate enough income tax and end up...
Past due taxes are any taxes that remain unpaid after the filing deadline of April 15 th . Individuals can find themselves in the position of owing past due taxes for many reasons; from an from an unexpected illness that prevents an honest person from timely filing their return to the career criminal who has never filed a tax return and never...
Past due taxes are any taxes that remain unpaid after the filing deadline of April 15 th . Individuals can find themselves in the position of owing past due taxes for many reasons; from an from an unexpected illness that prevents an honest person from timely filing their return to the career criminal who has never filed a tax return and never...
If you are unable to file your taxes before April 15 th , you can request a 2009 Tax Filing Extension. It’s important to understand that filing an extension for time to file your taxes is not the same as filing for an extension of time to pay taxes due. If you owe taxes, they are still due by April 15 th even if you haven’t filed your...
– Eddie Griffin, the famous comedian faces more financial difficulties after being slapped with a tax lien by the State of California for back taxes totaling approximately $142k. Eddie starred in many movies, and made fun of his money issues recently with a VH1 series called “Going for Broke.” According to the Detroit News, the...
The easiest way to get out of trouble with the IRS over back taxes is to file your tax returns. If you’ve missed a year or more for filing tax returns, you may be wondering what sort of options are available to you. You can protect yourself with the following steps: Look For and Gather Tax Paperwork Get a copy of the tax return for the last...
April 15th is the normal deadline to get your income taxes filed with the IRS. You can always request an automatic 6-month extension , which gives you until October 15th to file your taxes using form 4868. Be aware, that if you elect to to extend your filing deadline, it is not an extension to pay. In fact, if you push off your filing the...
For some, federal taxes are the bane of their existence. With ever-changing rules and the economy still struggling to get back up to par, taxpayers are undoubtedly outraged when they feel someone else isn’t holding up their end of the deal. Hard-working citizens who are shelling out tax dollars often gripe about those who are not contributing...
Well I am not actually going to tell you how to cheat on your taxes, but I will tell you the most common ways used to cheat on taxes and why you will likely get caught using each method. The IRS system is getting more and more efficient at catching tax cheats each year. There is a chance you can get away, but statistically speaking the risk vs....
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