Tag Archives: Payment

5 Tips For Self-Employed Taxpayers

When an individual works for themselves, he or she is considered self-employed for taxes, which means the individual is responsible for paying and filing taxes on a scheduled basis. These individuals will have some advantages and disadvantages at tax time.

Five Tips For Self-Employed Taxpayers

  1. A self-employed individual will have to pay income and self-employment tax. The self-employment tax includes Social Security and Medicare taxes. Normally these taxes are withheld from an individual’s wages, but a self-employed individual will have to pay these taxes by filing a Form 1040 Schedule SE. However, the individual does get to deduct half of
Read the rest

Learn About Tax Liability

Tax liability can have you make wrong choices. However, the IRS has been helpful to some people in difficulties such as these. For example, the unemployed and people running small business will benefit from the ‘fresh start’ initiative. In fact, their installment agreement will ensure that there is easier and rational payments made.

Doug Shulman, the IRS commissioner stated that the agency has a duty to work with troubled taxpayers to meet their tax liabilities. Taxpayers have to understand the penalties against defaults arising out of failure to pay taxes on time. For example, 5% of unpaid taxes will be … Read the rest

What Is An Advance Cash Settlement And When Is It Used

When someone suffers injury an as a result of the actions of another individual, they often file against that person for a settlement. If the court finds in favor of the injured party, the defendant is liable to pay a settlement to that injured party. This cash payment will either be a single payment, or in installments over a period of time.

Payment by installment is preferred by many people. It is easier to manage the tax on smaller amounts, and, on occasion, a structured settlement by installments may not be subject to tax.

It may be that while the … Read the rest

Last Minute Tax Tips For Those Filing 2010 Taxes

The deadline for filing taxes for 2010 is fast approaching. Following are ten last minute tax tips that are provided courtesy of the Internal Revenue Service. These tips can make last minute tax filing a lot easier.

1. File via e-file. It is secure and simple. Most people use this form of filing as opposed to filing out a paper tax form. The IRS has estimated that this form of filing has been used almost a billion times since its inception two decades ago. Nearly seventy percent of tax payers file via e-file.

2. Check ID numbers carefully. These numbers … Read the rest

Strategies for Settling Tax Debt

Every taxpayer has several options for resolving his federal tax debts. There are many tax professionals who are willing to help individuals to evaluate their options for dealing with tax debts. They will prepare financial statement for their clients based on their financial situation to determine which tax settlement strategies are most applicable for them.

Below are the five strategies to settle your tax debts.

1. Installment agreement –  This is a monthly payment plan for paying off your Internal Revenue Service. With this IRS tax debt settlement strategy, either you or your tax professional can set up an … Read the rest