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What happens if an individual can’t pay taxes

8/18/2020

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​While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options.

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How does the advance premium tax credit work?

5/21/2020

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The Advance Premium Tax Credit can lower your monthly health insurance payment. It came into being in 2010 when President Obama signed into law the Patient Protection and Affordable Care Act (also known as "the ACA" or  "Obamacare"). One of the provisions of the ACA was the Premium Tax Credit.

The credit reduces your premium when applying for coverage through the Health Insurance Marketplace, at healthcare.gov. But how does it work?

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Economic Impact Payments

4/15/2020

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Economic Impact Payments, or as they are commonly called, "Stimulus Payments," are already arriving in people's bank accounts. Payments are only being made electronically. Have a question about the money you received (or think you should receive)?

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Cash payments and tax relief for individuals in new law

3/31/2020

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​A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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Stay clear of a severe payroll tax penalty

11/4/2019

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​One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

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Innocent spouses may get tax relief

8/21/2019

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When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. (However, the civil fraud penalty can be imposed only on spouses who’ve actually committed fraud.)

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Employers beware of A payroll tax penalty

6/4/2019

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​If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”

If a business makes payroll tax payments late, there are escalating penalties. And if an employer fails to make them, the IRS will crack down hard. With the “Trust Fund Recovery Penalty,” also known as the “100% Penalty,” the IRS can assess the entire unpaid amount against a responsible person who willfully fails to comply with the law.

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More Taxes?

10/29/2018

 
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Think you pay too much in taxes?

​The IRS recently released statistics for the 2016 filing year. See how you compare.

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Avoiding Underpayment Penalties

9/17/2018

 
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Nobody likes to pay penalties. Even the very word conjures negative images in our minds.

Payment of taxes feels like penalty enough. Failure to pay enough tax to the IRS can result in an underpayment penalty. But you can avoid the penalty.

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Where's My Refund?

4/30/2018

 
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Everyone loves getting a refund. The only thing better than getting a refund check in the mail is getting a refund direct deposited a few weeks earlier.

Sometimes there is a problem, and the refund doesn't show up when expected. If that happens to you, here's what to do.

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