laiming tax deductions is one of the methods used by businesses and individuals to reduce the taxes they owe. As a form of tax incentive, your tax deductions can include expenses and other income-related costs.  Making false deductions, whether deliberate or not, can lead to penalties such as fines, if discovered by the IRS. A better understanding of penalties for

Recent data suggests that Americans owed $114 billion in back taxes, interests, and penalties to the IRS in 2020. Due to the COVID-19 pandemic and the cost of living crisis, it is believed that this number has only grown. If you owe the IRS, it’s essential to understand the action they may take and what you should do next.  If

There are several reasons that could cause a garnishment on your wages, including owing money to the IRS. Wage garnishment is obviously not the ideal scenario, as it means you don’t have control over when and how much money comes out of your income. It means you never see that money in the first place, as it’s removed before you receive

The IRS can investigate any finances if they believe you are a taxpayer withholding assets. One tool they use to assess this would be a bank summons. This document requires your bank to send your account balances, bank statements, and other information directly to the IRS. Your summons will usually include a reason for the summons, the date at which