You have just walked through your previous tax return with an Internal Revenue Service (IRS) auditor, and as you await the results, you feel as though you are back in high school awaiting a major test grade. You can’t help but wonder what you can expect to happen based on the IRS’s audit findings. The past two blogs, Parts 1 and 2 of a three-part series, discussed the reasons why the IRS audits taxpayers and what an audit involves. In this article, Part 3 of the series, you’ll find out the IRS will conclude your audit, based on tax audit…

You are considering going to college to earn your dream degree and hopefully claim your dream job as a result. But one thing has you a little concerned: taking out a college loan. And rightfully so. Returning to school is a major decision both financially and time wise; however, it can pay off in the long run. In fact, if you have student loans, you may be able to deduct your college loan interest, and this can be a major financial benefit, according to the professionals at TaxAudit, which has received a number of positive audit defense reviews over the…

There are moments when we are faced with unexpected financial obligations. This can be in the form of bills, medical expenses, or even your kid’s tuition. In these situations, you’ll have very few options; One of them being to borrow from a pawn shop. But before you consider taking a pawnshop loan, you should read this article to understand what it entails and how pawning works. What Is a Pawn Shop? A pawn shop is a business which provides short-term borrowing against collateral. Most pawn shops are just like regular shops where they sell new or used items. The item…

Last year, it was announced by the government that the UK tax system would be changing, honouring its campaign promises to cut income tax rates and increase personal allowance. This new legislation will be beneficial for millions of households across the nation, with basic-rate taxpayers recouping, an average of £130 a year extra. Wisteria Accountants explore in this article some of the factors that influence how much income tax we pay and provide some tips on how you might reduce your annual bill.  How much income tax should you paying based on your earnings? The amount you’re taxed depends on…