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How To Do Your Taxes in Saint Paul, MN

Struggling with your taxes in Saint Paul, MN? If you’re confused and don’t know where to start, you’re certainly not the only one. Doing your taxes is not simple unless you’re excellent with numbers and have a background in accounting or bookkeeping. Others have to figure it out on their own. Fortunately, there is plenty of useful information online to help you manage your taxes....

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What Happens If You Owe The IRS and Can’t Pay?

Basically, with a few exceptions, if you owe money in the United States and make a good faith effort to reconcile with your debtor in a reasonable amount of time; whether that reconciliation takes the form of a payment-plan agreement, a lump-sum payment, or a declaration of indigence, you can remain relatively safe from prosecution that results in jail time or worse. It’s when you...

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Does The IRS Forgive Tax Debt After Ten Years?

According to the Tax Code (5.1.19.1.1), “Each tax assessment has a Collection Statute Expiration Date (CSED). Internal Revenue Code section 6502 provides that the length of the period for collection after assessment of a tax liability is 10 years.” But hang on. There are some circumstances which allow the IRS to ignore the ten-year statute of limitations on tax debts. For example: If you weren’t...

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What is an Installment Agreement (IA)

Do you have an outstanding tax debt? Are you struggling to pay in on time? If paying your tax debt in full is not possible, the most common payment plan is the monthly Installment Agreement (IA). There are 4 types of installment agreements: guaranteed, streamlined, partial payment, and non-streamlined. If you owe $50,000 or less, you may be eligible for an IA payment plan for...

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What is Innocent Spouse Tax Relief

Innocent spouse relief allows you, the taxpayer, to be relieved of the responsibility for paying tax, interests, and penalties if your spouse (or former spouse) incorrectly reported or omitted items on the tax return. This responsibility would be both joint and individual for any tax, interests, and penalties that do not qualify for relief. Therefore, the IRS can collect these outstanding payments from you, your...

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The 4 Most Common Tax Scams to Be Aware Of

Are people contacting you, making demands, saying they want their money now? Don’t be the one to fall for these tactics. At MWB Tax Solutions, we know that scammers are lurking particularly during tax season. Here are four ways they try to take advantage of innocent taxpayers like you. 1. Fake IRS Agents If you receive a call filled with threats of arrest, deportation or...

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4 Ways to Avert Fraudulent Taxes

These simple steps can save you from scammers and protect you from getting hacked. 1. File Early Everyone wants to get a refund as soon as possible. The only way to get refunded is to file early. In that way, it’ll be very difficult for scammers to get to your funds before you do. 2. Be Meticulous with Passwords Avoid passwords that include your birthday,...

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Common Challenges for Taxpayers

It’s tax time again and there are a lot of factors that can impact your tax returns. If you haven’t filed yet, don’t wait for March or April. Now is the time to start the process. There are some challenges that taxpayers can run into especially if they are new freelancers or self-employed. Read on for some common challenges to be aware of and possibly...

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