General Tax Information

If you are eligible for a refund from the Internal Revenue Service, you have the option of receiving your money via direct deposit service or by paper check through the mail. While direct deposit...

According to the Internal Revenue Service, a levy is the legal apprehension of property such as wages or bank accounts to pay off a tax debt. A levy should not be confused with a lien--a claim...

The terms "tax lien" and "tax levy" are often used when talking about the IRS, but it can be difficult to understand the differences between them. The two items seem similar, but there are...

Royalties are payments made by a third party to a person or entity (such as a business) that holds a property, patent, or copyright for the right to use that property. Such property includes...

Depreciation allows a tax payer to match revenue and expenses by accounting for the fact that a single asset may be used for several years. The easiest method for calculating depreciation is the...

Taxes are collected at the local, state and federal level in order to fund a variety of public services. However, once the budgets of these three levels of government are combined, it can get a...

Everyone knows that taxes pay for the government, but there is much more to it than that. Taxes are used to finance projects, spread income among lower-income citizens and influence the ways...

Each year you need to file state and federal income tax returns to determine how much you owe, or how much of a refund you are entitled to. In order to calculate this, you need to know how much...

Most employer granted stock options are not included as part of ordinary income when they are granted or exercised.

The tax penalty for early withdrawals of funds from a 401k is 10 percent. Early distributions occur when you are younger than 59 1/2. This penalty is in addition to ordinary income tax that is due...

Tax credits reduce the amount of tax you owe, while a tax rebate is the money you get back if you have overpaid in tax withholding.

A tax lien can be a blight on your credit report. Unpaid tax liens can remain on your Experian credit report for up to 15 years, while Equifax and TransUnion permit unpaid liens to stay in your...

A tax lien usually attaches after a homeowner fails to pay property taxes. Tax liens are held originally by government agencies, though many counties sell tax liens to third parties in order to...

Sometimes you may not receive a W-2, 1099 or 1098 form for one reason or another. Sometimes you may throw away tax forms and wage statements that you find out later that you need. If you need to...

Although you may want to file your personal tax return before the April 15th deadline, there are situations where you are not able to do that. For example, you may not have received your K-1 from...

Getting a tax ID number in the state of Missouri is fairly easy as long as you have the right information regarding your business. The state of Missouri has intentionally compiled most of the...

A federal taxpayer ID number, also known as an Employer Identification Number (EIN), is a nine digit number assigned by the Internal Revenue Service (IRS) to all businesses that file annual tax...

A federal tax identification number, also known as a tax ID, is the number associated by the Internal Revenue Service to a private individual or corporate entity. The IRS uses the number as a...

One of the most daunting considerations for a new business owner is how to handle business taxes. There are a multitude of tax issues to consider at every stage of starting your small business....

Life changes can affect your tax return preparation. Although the first thing that comes to mind may not be your tax filing status, it is one variable in tax return preparation that has a...

It is estimated that more than $200 million is held by the Federal Bankruptcy Courts as a result of unclaimed or unpaid refunds owed to bankruptcy creditors.You might have some claim to these...

Nearly all adult U.S. citizens must file tax returns with the Internal Revenue Service. Knowing the who, what, when and where helps you get started.

If you fail to pay your taxes in a timely manner, it's likely that the IRS will file a tax lien against you. This is filed against your property in the amount of tax you owe. The purpose of tax...

If you have ever spent hours working on your tax return, you know how important it is to save those records. But what happens when computer files are lost or paper files are destroyed and you need...

When it comes time to receive a tax rebate, there are some things you can do to make sure you recover yours as quickly as possible. Tax rebates are issued by the Internal Revenue Service to all...

An IRS levy occurs when the IRS takes physical possession of your property in order to pay off your current tax bill. Unlike a lien, which is a claim against the tax debt, a levy is taking...

A Flexible savings account (FSA) referred to by the Internal Revenue Service Publication 969 as Flexible Spending Arrangements, is a program that sets aside monies to reimburse employees for their...

Both federal and state tax returns are due every year on April 15. There are extensions available for both as long as you meet some conditions. This information is laid out clearly on both the...

Although paying taxes is one of the few certainties in life, it's sometimes not certain if the IRS or state government have calculated your taxes correctly. When you are asked to pay taxes you do...

After filing your income taxes, your tax preparer may inform you that you owe additional taxes to the government. If you do not pay the debt or make payment arrangements to do so, your tax debt...

When emergencies arise, a well-funded savings account can provide immeasurable peace of mind. Besides encouraging a thrifty and conscientious attitude towards money, a savings account will award...

Government liens are placed on a property whenever a taxpayer fails to pay his tax bill in a timely manner or is audited and has to subsequently pay an additional tax bill. These liens may be...

You are usually a victim of Internal Revenue Service (IRS) penalties and interest if you owe taxes to the federal government. These penalties and interest accrue on your tax debt as long as it...

If you earn working wages, you see how high government taxes are when you get your paycheck each week. When tax deductions on each paycheck are not enough, the government requires that you file...

When you file your income tax returns, you may be informed that you owe additional taxes to the IRS. You may accumulate more tax debt if you do not pay your tax liability with the IRS. Tax debt...

April 15th has come and gone. You're glad to have your taxes filed, and you'd prefer never to look at the paperwork again. The next question is how long should you maintain your records?

Tax liens are a collection method used by the government to secure the amount of taxes you owe, if you fail to pay the tax in a timely manner. Tax liens can hinder your ability to obtain credit,...

Tax liens are a collection method the government uses if you do not pay taxes you owe. Tax liens are usually against your property in the amount of taxes you owe. Tax liens are recorded in public...

When the Internal Revenue Service determines that you are not going to pay taxes you owe, it may decide to file a tax lien against you. Under federal law, a tax lien can be placed against your...

Most American cities do not require that a local income tax be paid, but if you're a new resident, you want to be sure. You don't want to risk having to pay delinquency fees by not paying the...

If you own a business that pays contract workers more than $600 for the calendar year, it is your lawful duty to fill out a 1099 form for all the contractors. Independent contractors are people...

A tax advisor refers to a financial advisor with special training in tax law. They are often hired to make sure that the balance sheets of larger companies are correct or to help individuals...

A 1099 is an information return, or statement. Similar to the W2 statement of earnings, a 1099 statement declares income other than wages earned. Businesses and many individuals must submit a...

A few years ago the federal government realized that people filing taxes online was economical and easier for everyone comfortable with using a computer. But since filing was free, there needed to...

Whether you just got your first job or you're a recent graduate beginning a new career, paying taxes will be a part of your new responsibilities. Maybe you are thinking, "I just want to know how...

Tax liens are liens that are filed by the IRS against your property if you fail to pay additional taxes you owe. It may be determined that you owe additional taxes when you file your income tax...

If there's one thing you do not want to do, it is make the Internal Revenue Service (IRS) angry. According to the IRS, businesses accounted for more than $50 billion in losses from nonpayment of...

The Internal Revenue Service (IRS) issues Tax Identification Numbers (TINs) to businesses that are required to file tax forms and other statements with the United States government. The IRS...

There has been two attempts by the government to use tax breaks to stimulate the economy. The so-called "stimulus packages" passed Congress in the beginning of 2008 and 2009. Both resulted in tax...