1. How to Make a Charitable Donation Count on Taxes

    As many people know, charitable contributions to their community don't just make a difference—it also provides an opportunity to relieve your tax burden for the year. In fact, this tax benefit is a massive reason why so many donors give; more than two-thirds of donors with a high net worth have said they would decrease their giving amounts if they were not given such a nice tax deduction for doi…Read More

  2. Tax Debts and Bankruptcy

    What happens when the taxes you owe to the government are more than you actually have? This can be a tricky situation, and many people who find themselves owing more than they can afford require legal assistance from an IRS tax lawyer. In many situations, the debtor will still need to pay back their tax debt even after they declare bankruptcy. However, the laws of bankruptcy will sometimes allow f…Read More

  3. IRS Payment Plans for Variable Income

    IRS Payment Plans for Variable Income Recently, we posted an article about the professional boxer and irregular-income earner Floyd Mayweather, and his troubles paying his IRS tax debt. But today, we would like to discuss more IRS payment plans for the irregular or seasonal income for regular, everyday people, such as: • Farm workers • Business owners • Sales people • Teachers • Athletes…Read More

  4. Floyd Mayweather, Another Celebrity With Tax Issues. Here is what you should know…

    Floyd Mayweather, Another Celebrity With Tax Issues…Here is what you should know… Recently, the news broke that Floyd Mayweather may be in some tax trouble. According to reports, he owes millions in back taxes totaling $22 million. This is a lot of money but should be easily handled by someone with his means, right? Floyd Mayweather has earned hundreds of millions of dollars throughout his car…Read More

  5. Top Reasons the IRS Will Audit You

    To be honest, IRS audits are not automatically a bad thing. At its core, an audit is just the IRS’s way of double checking your numbers to ensure nothing in your return doesn’t quite add up. Yet many people tend to panic if they are chosen for an audit because they haven’t exactly been paying their taxes according to the law. Keep in mind that the IRS just conducts audits to make sure there …Read More

  6. What Classifies as Tax Fraud over Negligence?

    Believe it or not, the IRS estimates that only about .0022 percent of taxpayers are convicted of tax crime each year. However, they also claim that around 17 percent of all taxpayers make serious mistakes and do not comply with the tax code. On top that, individual taxpayers are the ones who commit 75 percent of all tax fraud—not corporations. So which violations are people making, and why isn…Read More

  7. Should I Hire a Tax Attorney, CPA, or Someone Else?

    You might be well aware of the fact that you require the assistance of a tax professional, but where exactly should you turn? Could an accountant help you better, or are you in need of an IRS tax attorney to help you recover from an audit? Today, we would like to talk to you about the different types of tax professionals available to help you so that you may be better equipped to choose one who ca…Read More

  8. Tax on Luxury Items – North vs South

    Tax on Luxury Items – North vs South So you’re looking into buying something for your personal use to relax on weekends—in this case, a boat—and may be wondering what some of the differences are when buying a boat in different locations. Well, let’s look at two examples: Illinois versus South Carolina. Now granted, in one state, the usefulness of a boat greatly outweighs the other. There…Read More

  9. Taxes on Prize Money

    It feels pretty good to win money, doesn’t it? Whether you hit it big at a casino, called into the radio at just the right time, or won a sweepstake, you earned a prize you didn’t have before. While winning these things might feel good - or incredible! - keep in mind that these prizes are taxable. If you are wondering how these prizes are taxed, read on to learn more. We at Tax Law Offices som…Read More

  10. The IRS May Be Calling You

    The IRS May Be Calling You The IRS is making a big change to its collection process. This change, probably wanted by the IRS, is not going to be good news to anyone who may owe taxes. The IRS is now hiring third party debt collectors to call on behalf of the IRS, rather than just sending the certified letter. ALERT: If you are dealing with overwhelming tax liability, and IRS is contacting you, may…Read More