Category: Blog

A Brief Guide to Primary Home Exclusion for Capital Gains

Primary Home Exclusion for Capital Gains

Your home is one of your biggest investments, and it’s natural for you to expect a sizeable return if you decide to sell the property. You’ll, however, be expected to file returns on the capital gains that accrue, which can be an anticlimax of sorts. If you’re ready to scan through the law books or are open to hiring the services of an experienced attorney such as the Law Offices of Nick Nemeth, there are more than one ways to save taxes on capital gains, provisioned in Section 121 of the Internal Revenue Code. The blog enumerates some such measures

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Unfiled Tax Returns Refund and How to Get Yours

Filing unfiled tax returns and know the limitations

Do you have an unfiled tax return refund owed to you but unsure how to file for it? Have you received a notice from the IRS stating you have unfiled tax returns and they are withholding a refund until you file delinquent taxes? Not filing just one return, even if it is unintentional, can wreak havoc on your life.  Not knowing what to do or how to do it increases the stress. Don’t panic, we are here to help you! Unfiled Tax Returns If you know that you have an unfiled tax return(s) or you have received a notice from

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IRS Appeal, Appeal Issues, and Appeal Tax Relief

Filing an IRS Appeal

If you have received a certified letter from the IRS declaring a Final Notice of Intent to Levy, the letter will also state you have a right to file an IRS appeal.  It is imperative that you take immediate action.  It is also in your best interest to contact a professional tax attorney.  A Final Notice of Intent to Levy can have disastrous consequences on your financial future.  The IRS can freeze your bank account, and any other account with your name on it, whether the money is yours or not.  They can place a garnishment on your wages resulting

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Tax Lien vs. Tax Levy: Examining the Differences

Tax time- know the difference between Tax lien and Tax Levy

Filing a tax return must be a priority for every taxpayer, as the October deadline for FY 2015-16 is around the corner. That’s because failure to file a return can give the almighty IRS the right to use the several provisions it has in its arsenal against defaulters. In fact, if caught on the wrong foot after a Taxpayer Delinquency Investigation, the defaulter may have to serve up to 1 year behind bars for each year they did not file a return (maximum period being 5 years), and/or will be required to pay a fine. The upper capping for the

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How to Avoid Wage Garnishments


Wage garnishments occur when you have an outstanding tax debt owed to the IRS and any other means of collecting the debt have not been achieved.  Your employer receives a written notice from the IRS requesting a portion of your wages to satisfy your outstanding tax bill.  By law, your employer must obey this request.  There are ways to avoid and stop wage garnishments. If you receive a notice that you owe taxes, take action immediately. Options Of course, the most sensible way to avoid wage garnishments is to file your taxes on time and pay the taxes you owe.

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IRS Tax Issues, Resolutions, and Help


Millions of Americans face tax issues every year.  Whether it be an audit, an unfiled tax return, a tax lien, or a garnishment of wages, any tax problem with the IRS can wreak havoc on an individual, his or her family, and/or business.  The good news is there are resolutions to tax problems and help is available when dealing with the IRS. Tax Issues The IRS sends a letter and by simply opening an envelope, you have a tax problem.  The fear and intimidation of the IRS sets in and can be overwhelming.  Perhaps you forgot to file a return

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Haven’t Paid Employment Taxes? It Can Get Worse than Your Think!


If you think the IRS can collect unpaid taxes only up to a maximum of 10 years, you need to revisit the assumption. No matter the time lapsed, if the IRS finds out that someone owes them taxes, they leverage all possible means to recover the amount. In a recent case of unpaid employment taxes – “Beeler vs. the IRS” – the federal body went after three individuals as their employer failed to pay the withheld payroll taxes. What is surprising is that the IRS went after one of these employees 30 years after the company defaulted. You might be

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Self-Employment Taxes You Can’t Afford to Ignore


They say, “ignorance of the law excuses no one”, and the maxim also stands true for self-employed professionals. Tax laws impose stiff penalties on those who fail to honor their tax liabilities, which is why it is essential for self-employed professionals to familiarize themselves with all applicable taxes. While some engage in acts of creative accounting, others find themselves in the same category due to a lack of information, and therefore, at odds with the law. Let’s take a look at who fits into this category and the precise obligations entailed. Who is Self-Employed? According to Internal Revenue Services (IRS)

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All You Need to Know about Small Business Health Care Tax Credit


The Small Business Health Care Tax Credit is a tax provision for small employers that provide qualified health coverage to their employees. A part of the Affordable Care Act , also known as Obamacare, entitles qualified employees to claim a tax credit of 50 percent of their premium contributions. To qualify for the tax credit, employers need to meet certain conditions, which we will discuss in this blog post. Let’s begin. Qualification Criteria In order to be considered a “small employer” and qualify for the Small Business Health Care Tax Credit, the business must meet the following criteria: Have no

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Itemized or Standard Tax Deduction: Which Way to Go?


US taxpayers are eligible for a number of deductions at the time of filing federal tax returns. Surprisingly, most taxpayers use the standard deduction amount, unaware of the fact that itemizing their returns may help them lower their tax liabilities. Therefore, before you go ahead and file a standard tax return, you must calculate your taxes using both the methods – standard and itemized deduction –  to find out the more beneficial option. To help, here are a few things that you must know when calculating the deductions. Standard Deductions Taxpayers, based on their filing status, are eligible for different

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