Taxpayer Resolution Services

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Filing status: How to decide if head of household, married filing separately or another status is best for you — Bankrate Picking the best filing status for your situation — whether that's single, head of household, married filing jointly or separately, or surviving spouse — can save you money at tax time.

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Here's what happens if you don’t file your taxes — Bankrate The consequences of not filing your tax return vary depending on whether you owe a tax bill or are expecting a tax refund.

Didn’t file your tax returns? Did you get a CP-59 notice? If true, the IRS is already targeting you. Recently updated IRS procedures to collect back taxes often results in the IRS filing a return for you, assessing taxes owed and collecting those taxes by levying your bank accounts, which is most often even more than you owe. And yes, they can do that. Here’s what you need to know.

Read this first, then schedule a FREE consultation (305.567.3152) to help you and answer any further question you may have (www.taxpayerresolution.com).

https://www.irs.gov/individuals/understanding-your-cp59-notice

Understanding your CP59 notice | Internal Revenue Service We have no record that you filed your prior year personal tax return.

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12 Top Sources of Nontaxable Income — Investopedia Not all of your income is subject to federal or state taxes

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Tax Write-Off vs. Tax Deduction vs. Tax Credit: What's the Difference? — Investopedia Tax terms like "write-off," "deduction," and "credit" often get thrown around during tax season, but many people don’t fully understand the difference.

It looks like Beyonce is having IRS problems where the IRS assessed taxes, penalties and interest of over $2 million on an audit of her 2018 and 2019 tax returns. What's next?

Does she owe these taxes? That's hard to say. The IRS thinks so. Beyonce does not.

What is at issue is that it appears the IRS' position is that Beyonce did not keep property documentation for her business expense deductons and charitable contributions. This is an all too common issue we face when representing taxpayers before the IRS.

Now while we can probably presume that Beyonce can afford to pay the IRS, that's not the point. By targeting high profile individuals, the IRS can get the word out that you too can be hit with taxes when you haven't met the substantiation requirements even if you think your deductions are valid.

Even if you already filed your taxes, you may want to rethink your position, even consider filing amended returns, or at the very least, identify your exposures so that next time you don't make the same mistake.

Perhaps if Beyonce worked with us from the beginning, this may not have happened. Who knows? I'm sure she's got a quality team in place. Hopefully. We wish her all the best.