by Steven J Weil, PhD, EA, LCAM | Jun 2, 2023 | Blog, Business Tax, Personal Tax
In most cases the IRS has 3 years from the last day of the date your return was filed OR your return was due. However, this time limit, also known as the statute of limitations, can be extended under certain circumstances. The statute of limitations can be extended...
by Steven J Weil, PhD, EA, LCAM | Jun 1, 2023 | Blog, Personal Tax
WRONG. This is an old and false argument which the courts have dismissed time and time again. U.S. taxes are not voluntary. The U.S. tax system is based on the principle of compulsory compliance, meaning that taxpayers are legally obligated to pay their taxes as...
by Steven J Weil, PhD, EA, LCAM | May 29, 2023 | Blog, Business Tax, Personal Tax
If you can’t pay the taxes you owe, don’t just ignore the IRS. Instead consider your options. The IRS offers a number of plans for those that can’t pay. These plans include: long and short-term payment plans, temporary collection delays for those experiencing...
by Steven J Weil, PhD, EA, LCAM | May 1, 2023 | Blog, Personal Tax
If you own digital assets or crypto currency it’s important to be aware that the IRS recently released, Tax Tips on Digital Asset Reporting and Tax Requirements (Tax Tip 2023-45, April 5, 2023). If you have received or disposed of any digital assets in 2022 you were...
by Steven J Weil, PhD, EA, LCAM | Apr 11, 2023 | Blog, Personal Tax
How do you file a tax return? Step 1 – Gather all your income and expense information for the year. If you’re not sure what you need you can look at last year’s tax return or check out the FREE Tax Organizer that can be downloaded from our website at Useful...
by Steven J Weil, PhD, EA, LCAM | Mar 22, 2023 | Blog, Personal Tax
Social Security income can be taxed at the federal level and at the state level, depending on your total income and where you live. At the federal level, your Social Security income is subject to taxation if your total income exceeds certain thresholds. The Social...
