Scared of being audited by the Internal Revenue Service or your state taxing authority? That’s what they want! They hope the fear of an audit will keep you honest. And although the average taxpayer has a very low chance of […]
As tax day nears…. taxpayers around the country are in a panic. Some because they’re not ready for April 15. Others because they’re deathly afraid of being audited. Here are some common audit red flags to ponder. The IRS purposely […]
Ever met anyone who thought he didn’t have to pay income taxes? Maybe he tried to argue taxes are unconstitutional and there are legitimate ways to avoid paying them. Don’t believe it. Wesley Snipes believed it, and found himself in […]
This comment was posted earlier this week on WalletPop, in response to a discussion about loans from 401(k) plans. I generally advise against taking loans from your 401(k) or other retirement plan, because before you know it, that loan could […]
The tax world had its eyes on Wesley Snipes last week, who was on trial for tax evasion. I hate cases like this. Snipes didn’t report income of tens of millions of dollars and didn’t pay taxes on it. The […]
Here the jokers are saying that our money isn’t legit, so it’s not really money, so it can’t be taxed. Really? Well I wonder what they do when they go to the grocery store? Do they use *gasp* money???? The […]
The argument that there is no law that allows the government to impose a tax on income from within the United States is plain wrong. The tax rules say that all people in the United States, have to pay tax […]
How funny. In America, almost everything is “income.” That’s just how things work. Heck… you can’t even win a prize without that being income. About the only thing that is not income is a gift or an inheritance, but even […]
IRS sends taxpayer an administrative summons. Taxpayer claims that responding and complying is voluntary. Not so. A summons is a command to appear, testify, and produce documents, and the IRS is authorized to issue one. The district courts will enforce […]
Supporters of this bogus theory say that it’s the IRS’s responsibility to prepare and file a tax return for them if they don’t file. But the tax law really says that if someone doesn’t file their return, the IRS can […]
