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Back taxes Archives

Are life insurance benefits added into a taxable estate?

Life insurance benefits are meant to replace family income when the worst case occurs. They can also be used by business owners and farmers to provide liquidity to buy out a sibling or pay off the mortgages on equipment.

Tax relief companies rarely live up to their promises

“We’ve helped thousands of people settle their tax debt for a fraction of the amount owed.” You may have heard this type of claim or a similar one on the radio, television, a billboard or the internet. All you have to do is pay the company an upfront fee and they take care of the rest.

What extension filers need to do before October 17 deadline?

Many reasons make it necessary to apply for an extension to file a tax return. Were you still waiting on necessary paperwork? Did you run out of time to make an appointment with an accountant or complete tax software?

Penalties and interest push tax debt past a billion dollars

A breakdown of how much Sam Wyly owes the IRS provides a lesson/warning on accumulating penalties and interest. Ignore a back tax bill and what you have to pay to resolve the situation could double or triple.

Avoid a late filing penalty with an April 18 postmarked return

Taxpayers have until midnight today, April 18th, to file their federal and California state tax returns to avoid a late filing penalty. Procrastinators received an extra three days to file this year, because the District of Columbia and IRS celebrated Emancipation Day on Friday.