Category: Blog

All You Need to Know about Non-Collectible Tax Status

Know About Non-Collectible Tax Status with Law Offices of Nick Nemeth

If you owe taxes to the IRS but are unable to meet the obligation due to financial constraints, you may qualify for Currently Non Collectible status. To qualify, you have to prove to the central tax authority that you have no disposable income and are barely able to meet reasonable living expenses. An IRS non-collectible status means that you are eligible to pay your outstanding tax dues at a later date when your financial situation has improved. Let us learn a bit more about non collectible status as a tax relief solution. Before you apply for CNC status, make sure

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Preventing Wage Garnishment by Filing Bankruptcy : What You Need to Know

Preventing Wage Garnishment by Filing Bankruptcy by Law Offices of Nick Nemeth

Declaring bankruptcy is one of the solutions to get rid of debt obligations. What you may not know is that it is also a way to stop wage garnishment in Texas and other states. You can also recover your garnished wages by filing bankruptcy. There are, however, certain exceptions to this provision. At the Law Offices of Nick Nemeth we can help you learn more about bankruptcy and how you can use the law to prevent creditors and the IRS from garnishing your wages. To get you started, let’s learn a bit more about the nexus between wage garnishment and

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Understanding Tax Responsibilities of Married Couples in Business

Tax Responsibilities of Married Couples in Business

One of the biggest advantages of running your own business is that you can hire family members. Having family members in your business can bring you a number of benefits, including making it easier for you to run your business in a more cost-effective manner. Your payroll tax requirements, however, may not be the same when you employ or partner with family members. In this blog post, we look at the IRS payroll tax responsibilities of married couples running a joint venture and filing a joint return. Determining the Business Relationship and Payroll Taxes The applicable payroll taxes or whether

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Late Tax Return Filing and Payments : An Overview of Extensions and Penalties

law on unfiled tax return

Filing a late tax return and paying your taxes after the deadline both call for penalties; however, there are various conditions under which the IRS will not penalize you. If you are due for a refund but fail to file your tax returns on time, the IRS will not penalize you for not filing your tax return. What many taxpayers are unaware of is that there are several actions they can take to avoid an unfiled tax return penalty. One of the steps is requesting an extension, which around six million taxpayers do every year. Let us learn more about

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Taxes on Tips: A Must Read for Tipped Employees

dallas - fort worth tax attorney

Tips, like regular income, are taxable. Be it a restaurant worker, casino employee, or limo driver, any employee who makes the majority of their income from tips, must record and report the income to the IRS. Failing to do so may force the IRS to charge the taxpayer 50 percent of their Medicare and Social Security tax as a penalty. Therefore, every tipped employee needs to understand tax laws on tips. The easiest way to do so is by speaking to a local IRS debt tax attorney in Fort worth. To give you a headstart, let us learn more about

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Are you a Professional Blogger? Learn about Your Tax Obligations Here!

irs tax help

Blogging entails a number of benefits for people who love writing and are comfortable being self-employed. The benefits include zero hassles associated with reaching office on time to the flexibility to set your own hours. Bloggers still have tax obligations like people in other professions. The difference is that, as a self-employed person, no one withholds your taxes and, unlike in the case of traditional employees, you owe self-employment taxes. Self employed people, such as bloggers, can also claim certain deductions to reduce their tax obligations. An experienced tax lawyer or CPA can help provide more information on all tax

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Understanding FICA (Social Security and Medicare) Taxes

FICA taxes - irs payroll taxes

Federal Insurance Contribution Act (FICA) taxes are a type of IRS payroll taxes that comprise of Social Security and Medicare taxes. The government uses these taxes to fund its Social Security and Medicare programs. Both, the employer and employee, are required to pay the FICA payroll taxes. An employer must withhold the tax amount from employee incomes (wages), even if an employee does not expect to qualify for Medicare or Social Security benefits. FICA taxes apply to any employee or employer in the US, regardless of their citizenship or original residence. Let’s learn a bit more about the IRS payroll

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Discharging Tax Debts by Filing Chapter 7 Bankruptcy: What You Need to Know

Laws on Bankruptcy Fraud

Filing bankruptcy can help you get rid of your debt. To successfully pursue this course of action, you must first understand how bankruptcy works. Many people do not know that filing bankruptcy can help them discharge their tax debts, in addition to regular debts such as a credit card debt. Your debts must, however, meet certain criteria before you qualify to wipe them off through Chapter 7 Bankruptcy. Also, note you cannot discharge all of your tax debts by filing bankruptcy. To help you in understanding how bankruptcy works, let’s discuss some of the facts regarding Chapter 7 bankruptcy in

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4 Signs to Help You Avoid IRS Debt Tax Relief Scams?

Tax Resolution Scams

A tax relief organization can help individuals settle their tax debts and avoid IRS penalties such as bank levies and wage garnishments. What you may not know is that there are some unscrupulous tax resolution companies perpetrating tax relief scams. Partnering with such companies can worsen your problems before we can even start talking about settling your taxes and avoiding IRS tax penalties. That is why you must first learn about a company’s history and know how to avoid IRS debt relief scams before securing their services. In this blog post, we introduce four signs that can help you avoid

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Types and Limits of Wage Garnishments: All You Need to Know

Wage Garnishment Process

If you have an outstanding debt, such as a student loan, child support, or back taxes, the government can garnish your wages. How wage garnishment works is that the court orders your employer to withhold part of your salary and use it to meet your outstanding liabilities. Wage garnishment laws vary from one debt type to another. What you must know is that there are a number of restrictions on wage garnishments, including the amount of money your employer can garnish. It is always advisable to speak to experts to learn how wage garnishment works and get help avoiding or

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