Author name: anckrdev

Might state income taxes impact how competitive a state’s sports teams are? A recent informal analysis by an economist looked into this issue. The economist compared the state income tax rates and winning percentages of teams in the National Football League, the National Basketball Association, Major League Baseball and the National Hockey League. In making […]

Business Tax Collections Business owners struggling with debt may be more concerned with keeping their business afloat than paying all of their creditors. This may even be the case if the IRS is one of the creditors demanding payment. Indeed, the IRS’ power to collect taxes is legendary, but business owners may not realize this

There are a range of things that could lead the Internal Revenue Service to decide to audit a given tax return. Among these are concerns related to credits claimed in the return. One type of tax credit that is involved in quite a few audits here in the U.S. is the earned income tax credit.

There are various times when making incorrect assumptions can wreak considerable havoc on a person’s life. One of these times is tax filing time. Making incorrect assumptions when it comes to one’s taxes could result in a person making critical mistakes in their tax filings. Such mistakes could put a taxpayer under significant IRS scrutiny,

For a small business owner, there are many mistakes that could have serious ramifications for their business. Tax mistakes certainly fall into this category. Allegations of having made such mistakes could expose a business to intense Internal Revenue Service scrutiny, audits, a big tax bill or tax penalties. So, when a business owner has been

With the tax deadline coming up, many people have already finished their taxes or are just about to do so. A person can feel an awful lot of relief after finishing filing their taxes; it can feel good to be done with the process for yet another year. In the midst of such relief though,

Divorces can impact all manner of areas of a person’s life. This includes an individual’s tax situation. For one, a divorce impacts a person’s tax filing status. And this is just the tip of the iceberg of the tax implications of divorces. Examples of things a divorce and what happened in the divorce can affect

It is one of the big fears a taxpayer may have, that they will one day receive a big bill from the IRS that they don’t have the money to pay. Some people’s gut reaction to getting bad news might be to ignore it and delay taking any action regarding it, so they don’t have

In addition to their federal tax liability, another thing that can have major financial implications for a person is what kind of state and local tax liability they have. States vary considerably in what level of taxes they place on their residents. A recent WalletHub report compared the tax rates of the different states. The study looked