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Receiving a notice from the IRS can be stressful, but it’s important not to ignore it. In June, millions of taxpayers will receive CP14 notices by mail, informing them of their balance due for unpaid taxes. Several times the notices are wrong, and even if they are right, they impose time deadlines to protect yourself … Continued
The Department of Justice announced last month that a Home Improvement Contractor was sentenced to two years in jail for failing to pay payroll taxes he collected from his employees. In addition to 2 years in jail he was ordered to pay restitution of over $1 million. Unfortunately for Jay Prather of Heritage General Building … Continued
In today’s fast-paced world, saving money may seem like a daunting task. However, adopting a simple and effective savings strategy can make a significant difference over time. One key tip to kickstart your savings journey is to start small. Even if you have eliminated your past debt with bankruptcy, stay on track for the future. … Continued
Lisa Marie Pressley died earlier this year, but although she inherited a fortune of over $100 million, she too left behind over $2.5 million in taxes. Unfortunately those taxes do not go away upon her death. The cash and stocks she had will first go the IRS and then the beloved Graceland which her mother … Continued
Financial literacy is having an adequate level of knowledge about personal finance (such as saving, budgeting, credit management, investing, taxes, insurance and more) so that you can make informed and effective decisions with your money. Being financially literate means that you have a grasp of the fundamentals of smart spending and saving decisions and that … Continued
You betcha! The IRS and the State Tax Division has the right to confiscate your right, title and interest in any asset you own, including your car. That does not mean they will seize your vehicle and sell it, although they do have the right to do that. The IRS and the State Division of … Continued
A Consumer Reports study found that many consumer credit reports contain inaccuracies. This can lead to problems with loans and higher interest rates. If you find a problem with yours, what should you do? First, file a dispute with each credit bureau Experian, Equifax, and TransUnion. Go straight to the credit bureau, not to your … Continued
It is that time of year when kids are heading off to college and seniors are thinking about college. Here are some helpful tips to plan for the future Think About your Expenses: When creating a budget, think about the following costs: Tuition and school fees. The average cost of tuition and school-mandatory fees is … Continued
Unless you’re in the small percentile of people who are have received a large inheritance or trust fund or won the lottery, you need to build your wealth from scratch. And, that’s not the easiest of goals. Between stagnating wages, growing debt, and a considerable increase in the cost of living, this seems futile. However, if you … Continued
cash sales need to be reported or you get a tax audit