When most people think of capital assets, the first thought is stocks. Stocks are considered a capital asset, however personal property are also considered capital assets. We will provide an overview of capital assets and sales of personal property.
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Back Taxes on Credit Report
Delinquent back taxes can show up on your credit report. This will have a harmful effect on your credit score. There are steps that can be taken to remove taxes from your credit report.
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Tax Collection Statute End Date
Owing back taxes is a heavy burden. Especially if there is a limited ability to pay the taxes owed. If you are in this situation, it is good to know the Collection Statute End Date. There is a set period of time the IRS and the State of Michigan have to collect back taxes. Continue reading…
Tax Question – IRS Penalties and Payment Plan
Question: I am on a re-payment plan but the interest and penalties are adding up to more than my original debt and going up fast. How can I remove penalties but keep paying my taxes only? Is there a hardship form or another form I can complete to have IRS remove fees and penalties? Continue reading…
Get Your IRS Tax Refund
On March 11, 2015, the IRS announced they were holding on to more than $1 Billion of refunds for people who have not filed a 2011 tax return. If they did not file a 2011 tax return by April 15, 2015, then those people lost their tax refund. There is a statute of limitations for claiming a refund. If you are in this situation, there are forms you can file to get your refund prior to the statute expiring. Continue reading…
IRS Statute of Limitations for Tax Audits
How many years back can the IRS audit your tax return? Have you ever wondered how long you should keep documents used to prepare your tax returns? In this article, I review the IRS statute of limitations for audits. Continue reading…
Request First Time Penalty Abatement
The IRS has all sorts of penalties. There is up to 25% penalty for filing a tax return late. There is up to 25% penalty for paying taxes owed late. For payroll taxes, there is up to 15% penalty for not paying deposits timely. By the time the IRS gets done charging penalties your tax could double! If you made a one-time mistake, you may qualify for removal of all penalties charged. Continue reading…
Vacation Home Tax Breaks
Summer time is just around the corner! Are you thinking about renting out your summer cottage? It may be a good idea. You could earn a little income and get some tax breaks for renting your summer cottage. Continue reading…
Paying Enough Taxes in 2015?
The hardest part of our job is explaining to a client why they have a large tax bill. This is a difficult discussion because nobody wants to pay more taxes to the IRS. Here are some tips on paying sufficient taxes throughout the year so you don’t get a surprising tax bill at the end of the year. Continue reading…
7 Tax Tips for Newlyweds
Wedding season is upon us all. Most newly married couples do think about changes in their tax status. Here are a few tax tips to consider. Continue reading…