Tag Archives: Florida Tax Law Attorney
Maximizing Tax Savings Through Flexible Spending Arrangements
The IRS recently urged taxpayers to take advantage of their employer’s health flexible spending arrangements (FSA) next year. This program allows employees to contribute funds deducted from their paychecks to pay for medical expenses that aren’t covered by health insurance plans. Employees who wish to contribute to an employer’s FSA must state an intent… Read More »
Deducting the Costs of Operating a Vehicle for Business Purposes
Even small deductions can make a difference during tax season. For example, the IRS allows taxpayers to deduct the costs of operating vehicles for business, charitable, medical, and moving purposes. The rates used to calculate these deductions change every year, so taxpayers should keep these adjustments in mind as the tax season approaches. For… Read More »
Renewing a Foreign Financial Institution Agreement
Last week, the IRS officially urged foreign banks and other financial institutions to renew their Foreign Financial Institution (FFI) agreements. Those who are required to renew these agreements, but fail to do so by October 24 could be removed from the IRS’s official list and will also be subject to a 30 percent withholding… Read More »
Tax Evasion v. Tax Avoidance
Although the terms tax evasion and tax avoidance are often used interchangeably, in reality they are totally different concepts. The biggest difference between the two is that tax avoidance is legal, while evading taxes can get taxpayers in serious trouble with the IRS. Unfortunately, the line between the two concepts can seem blurry to… Read More »
What to do if You Receive a 4883C Letter From the IRS
The IRS sends letters to notify taxpayers of a variety of different issues regarding their tax return. One of these notifications is known as a 4883C letter, which is sent by the IRS when it receives a taxpayer’s federal income tax return, but needs more information to verify the person’s identity. Providing the IRS… Read More »
What To Do If You Still Have Tax-Related Concerns After April 18
Although tax season has finally ended for most taxpayers, many people must still deal with tax-related matters, such as requesting an extension, amending a tax return, or providing the IRS with additional information. Unfortunately, these types of after-tax-day issues can be difficult to resolve, so if you have questions about these or any other… Read More »
Amending Your Tax Return
Although the deadline for filing taxes has come and gone, taxpayers are still permitted to make changes to their tax returns. Making these changes is important, which is especially true for those who believe that their mistake may require them to pay additional taxes, as underpaying can lead to hefty fines and other penalties…. Read More »
