Tax Penalties

This article provides a brief outline of some common IRS penalties assessed against individuals who file their own taxes regarding their own income. The IRS assesses many other types of penalties not covered in this article. For a full description of all penalties, consult the IRS website at http://www.irs.gov. more »

Investing in an annuity is great way to save for retirement or to save for a child's college fund. An additional benefit to investing in annuities is the tax deferred status your money holds during the investment period. There are several different types of annuities and payout options. Here are a couple things to look for when... more »

In an irrevocable family trust, the grantor, or the person giving assets to the trust, relinquishes ownership of the property to the irrevocable trust, which serves as its own entity. As implied by its name, an irrevocable trust may not be terminated or modified by the grantor. With the express written consent of the beneficiary,... more »

When purchasing stocks periodically throughout your career through an employer stock purchase plan (ESPP), calculating cost basis can get a little confusing. Stock purchase prices fluctuate with each purchase, so if you purchase stocks weekly through your employer for several years, you have many prices and quantities to track.... more »

Just because the IRS has levied penalties against you on your unpaid taxes—doesn't mean that you have to pay them. In this article I will offer advice on how to proceed. more »