Internal Revenue Service
The Internal Revenue Service, known as the IRS, is the Treasury Department agency that collects federal taxes and enforces the tax laws Congress passes. It processes returns, issues refunds, audits taxpayers, collects unpaid taxes, and oversees tax-exempt groups.
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All Articles on Internal Revenue Service
A Guide to Estimated Taxes
The United States operates on a "pay-as-you-go" federal income tax system. This fundamental principle means that taxpayers are required to pay income tax as…
Guide to Inheritance Taxes: Who Pays, How Much
How estate and inheritance taxes differ, who actually pays each one, how the federal exemption and portability work, and which states tax an inheritance.
Maximizing Tax-Free Gifting
The Internal Revenue Service (IRS) defines a gift broadly. It includes any transfer of property—including money, the use of property, or income derived from…
The Tax Consequences of Early Retirement Account Withdrawal
Retirement savings accounts like Individual Retirement Arrangements (IRAs) and employer-sponsored plans such as 401(k)s are designed to help individuals save for the long term.…
Reporting Self-Employment Income
Working for yourself offers flexibility and control, but it also comes with unique tax responsibilities. If you operate as a freelancer, independent contractor, gig…
How to Cut Your Small Business Tax Bill
Understanding and utilizing legitimate business tax deductions is a fundamental aspect of managing a small business's finances effectively. Deductions reduce a business's taxable income,…
Steps for Obtaining Your EIN
Navigating federal requirements can sometimes feel complex, but getting an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) is a fundamental step…
Tax Advantages of 401(k)s
Navigating retirement savings can seem complex, but understanding the tools available is crucial for long-term financial security. The 401(k) plan is one of the…
Maximizing Your IRA Contributions
Individual Retirement Arrangements, commonly known as IRAs, represent a cornerstone of personal retirement savings strategy in the United States. Established under federal law and…
Tax Implications When Selling Your Home
Selling a home represents a significant financial milestone for many Americans. Beyond the emotional aspects, the sale involves substantial sums of money and carries…