Publication 594 (PDF), The IRS Collection ProcessPublication 1660 (PDF), Collection Appeal RightsIRS Collection Actions include:Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property that you acquire after the lien arises. The federal tax lien arises automatically when...
If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be entitled to injured spouse relief....
If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. Generally, report expenses on IRS Form 2106 to figure the deduction for employee business expenses and attach it to Form 1040. Deductible expenses are then carried over onto...
Yikes!!! The IRS wants to pay you a visit. You need to know that Reg. §301.7605-1(d)(3)(iii) states: “Regardless of where an examination takes place, the IRS may visit the taxpayer’s place of business or residence to establish facts that can only be established by direct visit, such as inventory...
Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of...
The following items are deductible as alimony payments if part of a divorce decree, even if the payments are made directly to a bank or insurance company: Car Payments Health Insurance Premiums One half the interest on mortgage payments made on a jointly held home. If you make...
Thinking about one's marriage in IRS terms quickly can turn anybody into a stand up comedian. In all seriousness though the times appear to be ripe for change in how the tax law defines marriage. I write this because the Justice Department announced that it...
Your vehicle was hit by hail and the insurance company agreed to compensate you $4,600 AND allow you to keep the vehicle AND not issue you a salvage title. In most situations this is non reportable. However not always. This may be reportable on IRS...
Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at the child’s rate. Investment income includes interest, dividends, capital gains and other unearned income. Your child’s tax must be figured using the parents’ rates if...
Rental income is any payment you receive for the use of or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them. Publication 527, Residential Rental Property, includes information...
