It’s neither easy nor fun to owe money to someone you can’t quickly pay back. Historically, one tough entity to owe is the government. However, in recognition of the economic condition affecting millions of taxpayers, the Internal Revenue Service (IRS)...
35 states have an additional sales tax on soda, a rate added to the general food tax rates on food and beverage products. A soda tax can be compared to a sin tax, however how high are soda tax rates and do they have the same effect sin taxes do on preventing unhealthy behavior?
Tax audits are not as scary as you think, however, occasionally they happen. Everything you’ve heard is wrong–turns out receiving an IRS letter also known as “correspondence audit,” is not the end of the world.
In movies, tax audits are always scary. Big, burly, intimidating men in dark suits and glasses. Over-sized clipboards. The sound of pens furiously scratching paper. Handcuffs. You know the deal. But are tax audit visits really that frightening in real life? Not so. In fact, only 1% of all taxpayers even experience an audit. Of those, about 20% ever result in a face-to-face encounter with the IRS. Most inquires, fortunately, are resolved through correspondence. Take a look below at our guide to tax audits.
With a weak economy, this filing season has seen an astonishing increase in the amount of people cutting corners, attempting to collect the largest refund possible. In a recent article, CNN stated, “The IRS identified 335,341 tax returns claiming $1.9 billion in fraudulent refunds as of March 4, 2011, according to the findings of an audit conducted by the Treasury Inspector General for Tax Administration.
Tax complaints are never higher than during the month of April. But while there are many valid reasons to dislike owing Uncle Sam cash, it truly could be worse. There are options if you owe on your Federal taxes.