The IRS threatens thousands of Americans who fell for the tricks of scammers with prison.

The Internal Revenue Service (IRS) has discovered thousands of requests for refunds that taxpayers are not entitled to. These people could face criminal prosecution, Fox reports. On May 14, the IRS warned that thousands of taxpayers face criminal prosecution if they file false tax...

Personal experience: I didn’t pay taxes for 10 years, and this is how it ended

An American has not paid taxes for 10 years. He told Slate how he stopped filing taxes, how his problems grew, and why he decided to come clean. Jim, a healthcare worker, has not filed a return for ten years. He submitted it in 2020...

How immigrants should pay taxes in the US, and what to do with foreign assets

US tax residents are required to pay taxes on all their worldwide income. Non-residents pay US tax only on income earned in the United States. The IRS explains who pays what taxes. To find out if you are a tax resident, check...

Important tax terms to know in 2024

The proverb says: the only inevitable things in life are death and taxes. This saying dates back to 1716, and the word “tax” itself has a long history and means “a sum of money required by the government.” The word comes from the Latin taxare: “blame, charge” and dates back to around the XNUMXth century. WITH…

Reliable free or low-cost tax preparation services

It's a new tax season, which brings with it anxiety and a lot of work. But you can use the best cheap or free tax preparation software for 2024, LifeHacker reports. Choosing a reliable service for preparing declarations will help you avoid expensive…

Bad tax advice: what not to do, even if the Internet advises you to try

On January 29, the Internal Revenue Service (IRS) began accepting and processing 2023 returns. If you are just preparing to report on your income last year, do not listen to advice on the Internet. Unverified advice from the Internet can lure honest taxpayers into fraudulent...

What happens if you do not pay taxes in the United States

The new tax season is approaching, and while most Americans are preparing to file their taxes, there are those who won't. People don't file tax returns for various reasons: a difficult divorce, death or illness of loved ones, and sometimes they just don't want to, thinking that...

How retirees can save on US taxes: an additional little-known deduction

Seniors want to find ways to reduce their taxable income. One way is to take the additional standard deduction, Yahoo reports. Everyone knows about the standard deduction, which is a flat dollar amount determined by the IRS that reduces your taxable income without having to itemize...

What small business owners need to know about health insurance

Your small business is suddenly thriving because you and your team are really good at what you do. To keep your employees happy and productive, and because you care about them, you have decided to offer a group health insurance plan. This…

Charities in the US collect donations, don't help anyone and don't pay taxes

Last year, Americans gave half a trillion dollars to charity—a massive sum intended to pay for worthy causes that have been neglected by governments and corporations. Why not everything is so simple and how the rich take advantage of tax loopholes through charity, Yahoo! told. Huge...

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