Common IRS Penalties

Common IRS Penalties

Common IRS Penalties The IRS may levy various tax penalties if you fail to meet your obligations as a taxpayer. When you miss a deadline or fail to pay your tax on time, the IRS will automatically levy some penalties. This is a civil tax penalty. On the other hand,...
Social Security and Taxes 

Social Security and Taxes 

Social Security and Taxes  The amount of your income will determine whether you should pay taxes on your Social Security benefits, which are generally taxable at the federal level. Because their combined income from other sources and Social Security puts them above...
Tax Deductions for Airbnb Owners

Tax Deductions for Airbnb Owners

Tax Deductions for Airbnb Owners If you’re an Airbnb host, you should know that taxes for home-sharing businesses are similar to real estate rentals, but there are some differences. Airbnb hosts are typically considered rental property owners rather than small...
What Happens If You aren’t able to Pay Your Taxes?

What Happens If You aren’t able to Pay Your Taxes?

What Happens If You aren’t able to Pay Your Taxes? Even if they owe nothing, every American who earned money in a given year must file a tax return.; they may be due a refund for taxes already paid throughout the year or may be required to pay additional taxes....
All you need to know about OASDI Tax

All you need to know about OASDI Tax

All you need to know about OASDI Tax The OASDI, also known as Old Age, Survivors, and Disability Insurance tax, is a federal income tax levied in the United States to fund the Social Security program. The tax, like the Medicare program, is part of the Federal...
What is Property Tax?

What is Property Tax?

What is Property Tax? State and local property taxes are typically deductible from the property owner’s federal income taxes. Any state, local, or foreign taxes levied for the general public welfare are deductible real estate taxes. They do not include taxes...
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