A credit agent must decide to lend based on many different data points. What is one of the biggest problems in the world of credit decision making? Not the least of which is tax lien data. However, there is good reason to believe that tax
Silent liens refer to a lien that is not on any public record. The IRS uses this type of lien to invoke a more aggressive approach to collecting unpaid taxes on the lien when other methods have failed. This can cause many problems for a
When you’re applying for a mortgage, auto or business loan, you’ll be asked for a variety of documents to prove your income. The lenders will typically ask for your credit history, information on your debt, recent paystubs, legal documents like divorce decrees and your tax information.
Self-employment income is the money someone earns when they work for themselves. People who are freelancers and solopreneurs are obligated to report their income to the government. If they don’t, they can be charged with tax evasion. There are various penalties and consequences if you
There is a five-letter word most of us fear: audit. Movies and television shows have portrayed being audited as a scary experience with men in suits coming to your home and grilling you like a common criminal. The good news is that audits are not
The Average American Has a Smaller Chance of Being Audited by the IRS It’s official: taxpayers today have a much smaller chance of being audited by the Internal Revenue Service (IRS). Budget cuts, staff reductions, and changes to collection policies have dramatically reduced the number of IRS
Tax season is approaching quickly. Few people feel comfortable filing their taxes without a professional looking at their tax return. One of the most critical aspects of a tax return is the adjusted gross income. The adjusted gross income determines which tax bracket a person
If you are like other hard-working individuals who are disappointed to see the IRS take a sizable bite out of their checks, you could be wondering how you can reduce the amount of taxes you owe each year. You might even be wondering if you
When doing your taxes, you will find that there is a difference between taxable income and adjusted gross income. Understanding the difference can be useful in various areas. For instance, if you are applying for a loan or for certain kinds of benefits, they may
You might think you can give money or property away without needing to document it on your tax paperwork, but that is not the case. At this point, you likely want to know whether or not you can give someone $1 million tax-free. To get an