Why do people owe the IRS? Identity Theft.
Identity Theft is a Big Deal with Billions of dollars per year being paid out in fraudulent refunds. So you file your tax return and everything seems fine. What...
Author: jeffbellamy
Why do people owe the IRS? Failure to file
What happens when you fail to file your tax returns? Every year the IRS receives W-2s and 1099s representing wages and other incomes which you have received. Th...
Why do people owe the IRS? Under Withholding & Retirement Accounts
If your employer is withholding money for income taxes from your check how do you end up owing the IRS. Your employer withholds based on the information you pro...
Why do people owe the IRS? Self Employed part 2
So the Self Employed can owe the IRS because they didn’t make sufficient Estimated Tax payments. The Self Employed use a Schedule C to declare their incom...
Why do people owe the IRS? Self Employed
I am an Enrolled Agent and have represented hundreds of people with Power of Attorney before the IRS. This had led me to think about why people owe. Today we...
A little and a little
If you use the power of “a little and a little” many things aren’t as hard as you might think. Just consider how effortless it is to make a me...
Pocket Time Machine
When Summer ends Autumn comes and the weather turns cold. You go to your closet and get your coat or jacket. Have you ever found money in the pocket? (I have). ...
Money in your pocket
When I was younger I would put my money in my pocket and then go about my day. After a bit my money would all be gone and I’d find myself wondering just w...
Retirement accounts
I’m always asking people if they are saving for retirement. Sometimes they say they’re invested in an IRA or 401k. Many of them think that those are...
Different kinds of Savings
When I talk about Saving I mostly mean for Retirement but there are other kinds. You could be saving up for a car or a home or a trip to Europe. You should set ...