Today, money comes in all types and formats. From electronic transfers to traditional green, money and payments can be complex and tedious to track. Failure to keep track of all your assets and file appropriate tax documents can result in tax-related problems, including levies, liens and wage … [Read more...] about Don’t let bitcoin be the downfall during your tax audit
Tax law might affect Texas homeowners with underwater mortgages
Owning a home is a big financial responsibility, since you have to pay for the mortgage, upkeep, taxes and other expenses. For some homeowners, the financial burden might get larger this year because the Mortgage Debt Forgiveness Act was allowed to expire at the end of 2013. Texas homeowners might … [Read more...] about Tax law might affect Texas homeowners with underwater mortgages
Moving money can create tax shelters for the wealthy
It's no surprise that the wealthiest Americans take every legal opportunity to evade estate taxes. As one billionaire put it, no one wants to pay taxes on money more than one time. You don't have to be a billionaire to take steps toward asset protection, especially when planning your estate. Wills, … [Read more...] about Moving money can create tax shelters for the wealthy
Texas man subject to penalties and interests on $45 million
A Texas billionaire will be required to pay major tax penalties to the Internal Revenue Service, according to a ruling from the nation's highest court. U.S. Supreme Court justices decided that the man, who allegedly tried to hide more than $45 million from the IRS, must pay enormous penalties and … [Read more...] about Texas man subject to penalties and interests on $45 million
2013 changes in tax law could affect your return
Every year, legislators make changes to the tax law. This year saw some especially big changes, however, due to the American Taxpayers Relief Act, the Affordable Care Act and the decision of the Supreme Court to recognize same-sex marriage at the federal level. Married same-sex couples can now file … [Read more...] about 2013 changes in tax law could affect your return
Tax rules for exempt organizations could change
New tax rules out of the Internal Revenue Service may change the way that political activity is treated for organizations that claim tax-exempt status. In the wake of the IRS scandal that allegedly targeted conservative groups because of their viewpoints in recent years, tax agencies are working to … [Read more...] about Tax rules for exempt organizations could change