Author Archives: Sandra James

Does Gifting Reduce Your Taxable Income?

If you are like other hard-working individuals who are disappointed to see the IRS take a sizable bite out of their checks, you could be wondering how you can reduce the amount of taxes you owe each year. You might … Continue reading

Posted in 4506-Transcripts, business taxes, IRS Tax Audits, Trends | Tagged , , , , | Leave a comment

What is the difference between taxable income and adjusted gross income?

When doing your taxes, you will find that there is a difference between taxable income and adjusted gross income. Understanding the difference can be useful in various areas. For instance, if you are applying for a loan or for certain … Continue reading

Posted in 4506-Transcripts, IRS and Tax Transcripts, IRS Tax Audits, Small Business Loans | Tagged , , , , | Leave a comment

Can I Give Someone $1 Million Tax-Free?

You might think you can give money or property away without needing to document it on your tax paperwork, but that is not the case. At this point, you likely want to know whether or not you can give someone … Continue reading

Posted in 4506-Transcripts, business taxes, IRS Tax Audits | Tagged , , , , | Leave a comment

What You Need to Know About the 4506-Transcript Income Verification

If you are a financial institution such as a credit union, mortgage lender or bank, you may be able to take advantage of a recap regarding how 4506-Transcripts may assist you. The IRS grants wage-income transcripts as well as W-2 … Continue reading

Posted in 4506-Transcripts, Home Mortgage, IRS and Tax Transcripts, Small Business Loans | Tagged , , , , , , , | Leave a comment

What Borrowers Should Know About A 4506-T

If you’re applying for a mortgage or other loan, your lender may ask you to sign an IRS Form 4506-T. This form allows the lender to request your tax transcripts directly from the IRS for the last three years. A … Continue reading

Posted in 4506-Transcripts, business taxes, Home Mortgage, IRS and Tax Transcripts, Small Business Loans | Tagged , , , , | Leave a comment