What is ‘taxable’ income or ‘tax-free’ income?

What is taxable income? – Taxable Income Definition Tax on income, is a term which sent shivers throughout the body of a taxpayer at the end of every financial year. Amount of the tax to be paid varies not only according to the taxpayer’s total income he/she earns in a year, but also if the […]

How to Reduce Taxable Income with 5 Tips

The end of any financial year significantly disturbs the calm nerves of the taxpayers who start thinking over the ideas taking them through this testing phase. As a taxpayer one must remember, saving tax money is not an impulsive affair that needs fine-tuned thinking all the year. A taxpayer should be on the lookout for […]

Wages garnished is a stressful and financially debilitating experience

When the IRS or State has failed repeatedly to collect taxes and they attach wages it is termed wage garnishment. Garnishment rules vary, but the IRS will take a portion of your paycheck each pay period and apply the amount garnished to your outstanding tax debt. Having your wages garnished is a stressful and financially […]

Abatement of Penalties and Fees

For those that have the ability to pay their tax debt in full, IRS tax penalties and interest that make up the bulk of the delinquent tax bill are often the main causes of an unmanageable tax problem. However, several IRS provisions help taxpayers get relief. The most common reasons for penalty abatement include: Reasonable […]