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EIN stands for Employer Identification Number; it is also called Federal Tax Identification Number. Like the individual tax payers are given a Social Security number, similarly companies are identified through EIN. Many entrepreneurs are confused if they really need an EIN, here are some basic details about it. Who actually needs an EIN? [...]
The IRS first-time penalty abatement (FTA) waiver was introduced 12 years ago. It is still not known to many people. What is FTA? IRS FTA allows a non compliant taxpayer to request abatement of certain penalties for a single tax period. The reasons due to which individual tax payer can request FTA are: [...]
It is the duty of taxpayers to pay taxes on time. According to an estimate approximately 44% of people do not pay income taxes. This is a huge number, it is important that people are encouraged to pay federal income tax. Even if an individual is note paying income tax, he is still paying all [...]
When a tax payer gets a Tax refund, it’s a real happy moment for him. The excitement of getting the money back cannot be underestimated. This extra amount of money is a sort of a treat for the tax payer; it is the spare amount which tax payer can use anywhere he wants. It seems [...]
No. 1: Lack of complete Information till the deadline It is impossible to file a tax return if you do not have proper information with you. Sometimes few required forms get delayed and you the tax payer is unable to file the return by the April deadline. The IRS allows the taxpayer [...]
Tax Extension is the extra time that an applicant asks from IRS to file the tax returns. There are many reasons due to which tax payers file a tax extension. If a tax payer is unable to fill the forms at the right time, or he is out of town, the tax payer can [...]
The first thing that comes in the mind of a taxpayer is to know who can requests a tax extension, it is important that a tax payers knows the details of all the advantages they can get during the tax payment process. Tax extension can be applied by those who have complicated financial situations and [...]
If a tax payer is unable to file the tax returns on time, he can request IRS to give tax extensions. The most appropriate extension time is six months. The IRS gives an extension from April 15 to October 15. The tax payer must understand that there is a time limit for requesting the tax [...]
The IRS facilitates the tax payers to pay their taxes even after the deadline for the submission of taxes has been missed by the individual, business or estate by obtaining an extension. If you are able to successfully obtain the extension then you will not have to pay any penalties for late tax submission. [...]
There are different ways through which people dodge paying employment taxes. Following are few of the most common ways: Pyramiding This is a method through which business withholds taxes from employees, but do not pay them to the IRS. Such businesses avoid paying taxes to IRS by filing bankruptcy, in this way they are able [...]
