For honest tax payers, receiving a letter from the IRS can be extremely daunting. Unlike most other government agencies, the IRS has the power to attack your wages, freeze your bank account, and even confiscate your property, which is enough to send shivers down any tax payer's spine.

However, if you receive a letter from the IRS stating that you owe additional taxes, it's essential not to panic. While it may be a daunting situation, you can settle your tax debt and get back on the good side of the IRS by taking certain steps.

As a Tax Resolution Firm, we encourage all readers facing the tax problem to contact us for a free consultation https://www.taxreliefstreet.com/contact-us

In any case it's important to be an informed taxpayer. Below are the three strategies you can use to resolve your tax debt and keep your peace of mind. Not all of these options will be suitable for everyone, but knowing what they are can help you set your mind at ease. The IRS can be intimidating, but they...

In the business world, promotions are an essential tool for companies to attract customers, boost sales, and enhance brand visibility. However, when it comes to the topic of taxes, it's important to understand the implications that company promotions may have. In this article, we will delve into the subject of whether a company promotion is subject to taxes in the United States. We'll explore the various aspects related to taxation and provide insights into how businesses can navigate this complex terrain.

1. Introduction

Company promotions play a vital role in driving sales and attracting new customers. However, businesses must also consider the tax implications associated with these promotional activities. The United States tax system is intricate, and understanding how promotions are taxed is crucial for business owners and managers. In this article, we will explore the different aspects of company promotions and their tax implications.

2. Understanding Company Promotions

Company...

The tax filing season is upon us, and taxpayers have two options to choose from when filing their tax returns: paper filing or e-filing. While both methods have their advantages and disadvantages, the decision ultimately boils down to personal preference. In this blog post, we will explore the pros and cons of filing paper tax returns versus e-filing.

Paper Filing

Pros

• No internet required: One of the biggest advantages of paper filing is that it does not require an internet connection. This means that taxpayers who do not have access to the internet or prefer not to use it can still file their taxes.
• Physical copy: Paper filing provides taxpayers with a physical copy of their tax return, which they can keep for their records. This can be helpful in case of an audit or if the taxpayer needs to refer to their tax return in the future.
• 
  No fees: Unlike e-filing, paper filing does not come with any fees. Taxpayers can simply print out the forms and mail them to the IRS.

Cons

• Slower...

If you're a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App, or PayPal, it's time to start preparing for a change in tax reporting requirements for the 2023 tax year. The change won't affect the amount of taxes you owe, but it will change how you report income with 1099-K forms.

Currently, freelancers and small business owners only need to report payments totaling $20,000 or any number of payments above a threshold of 200 using these forms. However, starting next year, that threshold will be just $600, and every income transaction will need to be reported. This change will impact platforms, businesses, and individuals alike, so it's crucial to start preparing now.

Here's what you need to know to get ready for the new 1099-K reporting threshold:

Keep Accurate Track of Your Income
If you're already keeping accurate track of your income from freelancing paid via Venmo, Zelle, Cash App, PayPal, or other sites, you're in good shape. The main difference...

Wondering about vehicle tax credits? Check out this article!

When you file your 2023 taxes next year, if you've received payments through apps like Venmo, CashApp, PayPal, or similar providers, your reporting threshold will now be just $600 -- WAY down from the $20,000 previous threshold.

Read on to find out more -- and remember, today's tax prep mistake is tomorrow's tax liability!

MUST READ -- you definitely don't want to run afoul of this list of tax scams and schemes the IRS has top of mind for this tax season!

Check out this article if you need a refresher on capital gains tax rates for 2023.

Being aware of these kinds of tax regulations helps you stay out of trouble with the IRS -- careless tax preparation today leads to tomorrow's tax liability!

Are you finding it nearly impossible to get through to the IRS when you call them?  Follow the tips in this article to dramatically improve your chances!

Even though Tax Day was yesterday, read this if you haven't filed yet or filed an extension.