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Know A Tax Cheat? Get Paid To Tell The IRS
According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. The bigger the cheating you report, the more you're likely to receive. The most important thing to claim your reward is quality documentation. Without documentation of the cheating going on, it's unlikely that the IRS will investigate the charges and thus no money bonus for you. As might be expected, the IRS receives a lot of information that is merely a hunch or because someone is trying to get back at somebody. If you feel you have information and documentation to back up your report, the IRS would be extremely interested in hearing from you. You can contact the IRS toll free at 1-800-829-0433 if you suspect tax fraud. When contacting them, you'll be expected to provided the following information: 1. Your name or an alias 2. The name and address of the person you're reporting 3. The length the tax fraud has taken place including the years 4. The social security number or Employer Identification Number of the person you're reporting. 5. Any relevant financial records which pertain to the fraud. 6. Any documents or records which substantiate the fraud. 7. The date of birth of the person you're reporting. The rewards for reporting the tax cheat can be hefty. If the IRS does investigate and recover money from your information, you may be entitled to anywhere from 1% and 15% of the money they recover - up to $10 million. The IRS has a minimum payout of $100 which means any tax cheating reported has to be in the thousands of dollars for any chance of you receiving a reward. For more information on the rewards, you can visit www.irs.gov and look at publication 733 - Rewards for Information Provided by Individuals to the Internal Revenue Service. Copyright (c) Jeffrey Strain. He is owner of www.newtaxdeductions.com">http://www.newtaxdeductions.com - a website dedicated to helping you save money on your taxes.
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Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes.What Constitutes Revenue?Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Taxation of Forgiven Debt: The 1099C & You Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. Tax Audits: What Signs Make You More Likely to be Audited by the IRS? It's a major fear for most Americans: A notice from the Internal Revenue Service (IRS) summoning you for an audit.What is it about these three letters that strikes a cord of fear in Americans' hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding them if possible, may put your mind at ease. IRS Offer-in-Compromise, Hype or Hope? 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If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. SFR Substitute for Returns: IRS Action on Non-Filers In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns. About Income Taxes; Tidbits 1812The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. Surprising Truths About Tax Preparers Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers. Understanding Basic Tax Terms If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Anticipating Your IRS Refund Can Cost You Plenty While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world. Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money Why a Corporation Helps Save You TaxesThe Tax Rates (Notice anything unusual?):The following tables provide a list of the tax rates for individuals and corporations:Personal: $0-$24,650 15% $24,651-$59,750 28% $59, 750-$124,650 31% $124,651-$271,050 36% $271,050+ 39.6%Tax SecretsCorporate: 0-$50,000 15% $50,001-$75,000 25% $75,001-100,000 34% $100,001-$335,000 39% $335-000-$10M 34%If you examine them closely, you will see at least one glaring contrast. Are You An Innocent Victim of These Popular Myths? Misconceptions, misinterpretations and just plain "untruths" are floating about income taxes. Believing them could be costing thousands of tax dollars!Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them. Home Business Tax Tips If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. Truly Bizarre Taxes: The Tax on Illegal Drugs One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.
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