When you owe creditors money that you can't afford to repay, sometimes you may be able to get the debt forgiven or otherwise canceled. When this happens, you no longer owe your creditors the money that you used to owe them.
The IRS, however, usually treats such canceled debt as income that you've received. Income that you could owe taxes on. If you fail to report it or fail to pay your taxes on the cancelled debt, you’ll end up ow
For early adopters of Bitcoin, Ethereum and other popular cryptocurrencies, the profit potential has been simply stunning. While there have been some heart stopping moments and frightening ups and downs, the clear long-term trajectory has been upward.
If you are one of those early adopters who profited from the rise in cryptocurrency values, you are probably feeling pretty good about your decision. But your good fortune could soon take a dark turn, one that could leave you in hot water with the IRS.
The IRS ideally projects an image of efficiency and fairness, but as a government agency, it also has to inform the citizens about its inner workings. There is perhaps no entity disliked more than the IRS. Like every government agency, they also have secrets they don’t want you to know. Either because it would make it easier for the agency if people don’t know these details, or because taxpayers can use these tips to get some of their money back. Being informed and remembering that even the IRS can’t be perfect is the first step to dealing with this hurdle. To help you overcome this hurdle, Ultimate Tax Reliefhas listed five tips the IRS doesn’t want you to know. Keep reading to know what they are.
If you’re experiencing income tax issues, you are not alone. Every year, thousands of American citizens come across some kind of tax problems with the IRS. This may either be the result of financial problems, miscalculations, or delays in filing returns. Nonetheless, if the IRS (Internal Revenue Service) brings to your notice an issue with your tax records, you must have it solved as soon as possible.
Few people look forward to tax filing season. Unless you are an accountant who loves tax season, you probably dread this time of year, and you are thrilled when your return is in and your refund is on the way or your tax debt is all paid off.
Tax time will be here (again) before you know it. If your tax return is a simple one, you may be up to filing the return yourself. But if your situation is somewhat complicated, seeking the help of a qualified professional is probably the best move.
Working from home can be a dream come true, especially if you also work for yourself. Opportunities for freelancers, gig workers and other self-employed men and women have exploded in recent years, giving people freedom they crave without sacrificing the income