Tag Archives: Tax Season

Do I Have to Pay Taxes on All of the Money I Make?

Real Madrid soccer star Cristiano Ronaldo has recently become agitated with the Spanish Government amongst accusations of €15M in unpaid taxes, on income generated from advertising image rights. Ronaldo claims that the image rights legislation in Spain is complicated, and has not remained consistent since he joined Real Madrid in 2009. The changes were allegedly not made clear to him. In the US, there is also a complicated tax system that has different rules and regulations for types of income. Having knowledge of the tax system can be beneficial to save money, and avoid tax fraud accusations from the Internal Revenue Service (IRS). If you cannot afford to pay your taxes, the IRS will eventually start making collection efforts to get their money. How Should You File Your Taxes? Do you have enough time? A 2012 report by the IRS found that taxes take around 16 hours to prepare and…
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What If I Can’t Pay My Taxes in Full?

Tax season is in full swing and the time is nearly here to pay the tax man. For the many of you out there wondering how you’ll ever be able to pay your taxes in full, don’t give up just yet. There are likely still a few options open to you. Check out some of the potential solutions we’ve found below. What If I Can’t Pay My Taxes in Full? First, it’s important to understand that you Must File even if you don’t think you can pay your income tax in full. You are risking heavy penalties if you do not file your taxes! Once you’ve filed, then you can start thinking about how to pay the bill. Here are some suggestions we’ve found that may help you: Asking for an extension may get you enough time to gather the funds to make a payment. At the very least it…
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