Back taxes can be a difficult problem to deal with. If you are dealing with back taxes, it is important that you explore the cause of your unpaid tax liability to ensure there isn't an underlying issue causing these issues. Things like bankruptcy or fraud could make it so that you owe back taxes; however, sometimes, even innocent mistakes can lead to back taxes as well. If you're one of those unlucky folks who ended up in this situation, there is hope in clearing and relievin

Whether you are a business owner or an employee, it's important to prepare for any upcoming tax seasons. There are many issues that can arise during those times of year, and they can have serious consequences if not dealt with properly. Some of the most common mistakes people make when preparing their taxes are not to be taken lightly and may result in facing costly penalties! Who Prepares Taxes? Typically, the taxpayer themselves or a professional tax preparer will prepare t

Tax season is a time of year that many people dread. The stress of preparing all your tax documents can be overwhelming. One thing you may not have even considered before filing your taxes are the various penalties, fees, and interest charges that can accumulate if you don't file on time or at all. These costs add up quickly and could wind up costing more than just the amount owed! Eliminating these pesky charges are crucial for you to get back to enjoying life without worryi

What is the IRS Fresh Start Program? A topic that is not commonly discussed due to its nature is Tax Debt. Americans owe $131 billion worth of back taxes, fines, and interest to the IRS. Most taxpayers do not know of a program that reduces their tax debt, which is the IRS Fresh Start program. The IRS Fresh Start Program' entire objective is to assist people who owe the IRS money. Taxpayers may be able to have a part or the entirety of their federal tax debt forgiven under cer

Did you know that there are a few differences between state and federal taxes? You may think that they are the same, but as it turns out, there is more to it. Great, you just filed your taxes to the IRS! But now you have state taxes coming your way. In consideration of the inevitability, it's crucial that you understand both federal and state taxes as much as you can in order to reap the most benefits, so you never have to dread them every year. Why State & Federal? You might

Did you just receive an IRS Notice? If so, you may be wondering what to do. You are not alone! The IRS sends out millions of notices each year and the volume is only increasing. With this in mind, it can feel beyond overwhelming when your notice arrives in the mail. Your Notice Read your notice carefully and identify what the subject matter is. More likely than not, the notice may contain the following information within your notice: You are entitled to a greater or smaller r

If you're in the middle of a tax levy, it's time to start considering how to get out. The effects of a tax levy are not only financially devastating but also emotionally crippling. If this is your situation, help is not too far away! Get relief from your tax levies and regain control over your life easily! What Is A Tax Levy? A tax levy is the act of a government or other taxing authority to impose an involuntary assessment against property and personal incomes. The process,

It is important to remember that tax delinquencies are an unfortunate reality for many businesses. Tax delinquency can have serious consequences and lead to a number of other issues such as back payroll taxes, penalties and interest. Tax delinquency can also lead to a denial of a business loan, being shut down, and jeopardizing your company’s finances What Is Payroll Tax? Payroll tax imposed by the IRS are taxes that are required on an employer’s payroll. Tax rates vary depen

It's no secret that the IRS has a vested interest in ensuring compliance with the tax code. For many taxpayers, this means filing an accurate and timely return each year. But for others, it can mean something much worse: an audit. If you're worried about receiving a notice from the IRS that you will be audited, there is a way out! What Is An Audit? An audit is the IRS' process of reviewing a taxpayer's return for accuracy and compliance with the Internal Revenue Code. The IRS

Do you want to save more money on your taxes this year? If so, then it is inevitable that you know what deductions are available for you. Tax deductions will lower your taxable income and will put money back in your pocket every year, so there should be never a reason to not claim deductions. The only issue is that many Americans are not aware of what type of deductions they qualify for. Student Loan Interest Student loan interest deductions may just be the biggest money save

The IRS has a lot of power. If you owe money, they will come after you to get it in one way or another. This includes seizing your assets and garnishing your wages. They can also seize any refunds that are due to you if they deem the amount owed is too high for them to wait for payment. Taxpayers are often encouraged negotiate with the IRS and reach a settlement. This way, your tax liabilities become the thing of the past. What Is Tax Settlement? A tax settlement is an agreem

The United States is in the middle of a tax lien nightmare. The number of liens filed with the U.S. Treasury Department has projected to increase even more as duration of the pandemic proceeds. The root of the issue is mainly due to the abundance of back taxes that has been accumulated over the years. These tax liens that have been a major threat to the homes of taxpaying families and individuals. Don't fret, there is a way out. What Is A Tax Lien? A tax lien is a claim made

If you owe taxes, then chances are that the IRS is going to try and garnish your wages. This may happen under extreme conditions, but nonetheless, this can be a stressful situation if you have other bills to pay or want to save up for something big in the future. If you're reading this, chances are you might have already fallen on the IRS' radar, and are looking for some advice on how to get a wage garnishment release. Three Main Ways Taxpayers Use To Stop Wage Garnishments T

The time is drawing near when unemployment benefits are going to run out for many Americans. The fall months will be the crunch time, as you have to get your resume together and start applying for jobs in order to keep yourself and your family afloat. If you're looking for a job now, or even in the next few weeks, here's what this deadline may mean for you. September 6th People who had been out of work throughout the epidemic could breathe a sigh of relief when the American R

Yes; as silly as it sounds, there are bad taxpayers in this world. Taxes are a necessary evil that we all have to deal with. In order to make sure you're doing everything right, here are some things and traits that a good taxpayer does. Filing On Time The most important thing to do is file your taxes on time. There are penalties for filing late, and you may not even be able to get a tax refund if the deadline has passed. Not to mention, serious drawbacks may occur if you don'

Ignoring your tax obligations is a serious issue. You may think it's not worth the time and effort to get them paid off, but you could be missing out on some major drawbacks that will affect your life in more ways than one. Here are five of the most serious drawbacks associated with ignoring your tax obligations: Your Tax Debt Grows Higher Every Day Yes, your balance compounds daily. Penalties and interest will be imposed, and the amount of tax owed will rise. You'll have to

The IRS is set to release the Advance Child Tax Credit payments on July 15th, 2021. These payments will be made in advance of filing taxes for the 2020 tax year and can help offset costs of raising children. It's important that you know how these payments work and when they are expected to disburse so you can plan accordingly. Advance Child Tax Credit The new advance payments are part of President Joe Biden's American Rescue Plan, which he signed in March. They supplement the

For all of the tax novices, it is essential to understand the important tax terms that are often used during tax season. These definitions will help you better understand your income and deductions, which will be helpful when filing taxes with a professional or preparing them on your own. Adjusted Gross Income - This refers to an individual's gross taxable income minus any adjustments they are eligible for such as contributions to qualified retirement plans like 401(k)'s or I

Under a new budget proposal presented by the state's Democratic governor, Gavin Newsom, and passed by lawmakers this week, an estimated two-thirds of California's nearly 40 million residents are anticipated to get a $600 stimulus check. The initiative, which is worth $8 billion, is one of the measures proposed by Governor Newsom as part of the California Comeback Plan. Who Qualifies? The bill passed on Monday provides for the distribution of a $600 check to all residents in t

The United States has been experiencing a steady increase in employment rates, but this does not account for the high tax debt that many Americans still owe. The IRS is sending out more letters to taxpayers who are delinquent on taxes owed, and they have taken "aggressive steps" to collect unpaid debts. With so many Americans with outstanding back taxes, how can you make sure that you or your company isn't among those who are behind? Good News In June, the United States added