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Legal How-To: Preparing for an IRS Audit

While some people sweat at the idea of preparing for an IRS audit, there's good news: the chances of getting audited are lower than they've been since at least the 1980s.

Budget cuts and new responsibilities are limiting the Internal Revenue Service's (IRS's) resources and ability to police tax returns, so this year, the agency is only going after the "worst of the bad guys," according to the Associated Press.

Although the audit risks are lower this year, it doesn't mean all taxpayers are off the hook. Here's how to prepare for an IRS audit.

Top 10 Tips for Tax Procrastinators

Attention tax procrastinators: You're now just days away from the tax-filing deadline of April 15.

While it probably wasn't the best idea to wait until the very last minute to get your taxes together, there are still some tricks and surprising deductions that can potentially pay off for you.

Here are our Top 10 tips for tax procrastinators:

Legal How-To: Paying Your Taxes in Installments

If you owe the IRS money, the April 15th deadline is fast approaching.

It's important to note that even if you get an extension to file your taxes, you still need to pay the taxes owed by the deadline or else you'll get charged interest on any unpaid amounts.

For those unable to pay the IRS in one lump sum, however, there are a few types of installment plans offered. Here's a general overview:

Filing Taxes Late: What Are the Penalties?

Just like not being tardy for the party, taxpayers shouldn't be filing their taxes late because latecomers are subject to penalties.

These penalties are monetary and fall under either the "failure to file" or "failure to pay" category, or both, the IRS says.

Here's what you need to know about late filing and payment penalties:

The IRS has news for Bitcoin holders: The virtual currency isn't considered currency for tax purposes -- it's property.

The Internal Revenue Service announced Tuesday that since Bitcoins and other virtual currencies have no legal tender status in any jurisdiction, they cannot be classified as "currency," reports Reuters. Instead, the IRS explained that Bitcoins can be treated like taxable property.

With Tax Day looming, how will Bitcoin holders need to report their virtual riches?

Legal How-To: Getting a Tax Filing Extension

For most individuals filing taxes, April 15 is the deadline. However, if you're a procrastinor -- or if you were unable to file your taxes by the deadline for other reasons -- the IRS may give you an extension.

If you're running late, here's how to get a tax filing extension, along with a few words of caution:

5 Legal 'Spring Cleaning' Tips That Can Pay Off

Rejoice! The first day of spring is finally here. Besides tidying up your home or office, you may also want to consider some legal "spring cleaning" tasks as well.

As seasons change and time moves on, so will your legal needs -- especially when it comes to updating your important legal documents.

With that in mind, here are five legal spring cleaning tips that can potentially pay off:

5 Questions to Ask a Tax Lawyer

When it comes to choosing the right tax attorney for you, what are five questions to ask a tax lawyer?

Hiring a tax lawyer who's a good fit for your case and personality is important because you'll be entrusting them with your legal issues -- and we all know that Uncle Sam doesn't play around when it comes to taxes.

So what questions should you ask a tax attorney? Here are a few you may want to consider:

Spousal Support and Taxes: 3 Reminders

Divorcing couples are often surprised by the interplay of alimony and taxes. Though many couples don't realize it, spousal support carries a number of tax implications.

For starters, spousal support can be either taxable or tax deductible, depending on whether you're receiving support payments or making them. And there may be other considerations as well, depending on your circumstances.

Here are three reminders to keep in mind about spousal support and taxes:

Who Doesn't Have to File Income Taxes?

With tax season upon us, you might be wondering who doesn't have to file federal income taxes.

Whether or not a taxpayer is required to file income taxes depends on your age, filing status, and gross income. It doesn't matter if you're unemployed; what matters is if your income (from all sources) is above a certain amount as specified by your age and filing status (i.e., married, single, etc.).

So who must file? And is it a good idea to file taxes, even if you aren't required to?