What is Offer in Compromise? (OIC)
There may be times when you’re unable to pay your taxes in full. But don’t be fearful if you find yourself in this situation. If the IRS imposes a Notice of Tax Levy (seizing of your assets) against you, there are various methods available to you to prevent the seizure of your assets. An offer in compromise (OIC) is an arrangement between the IRS and...
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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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How to Avoid Tax Scams
There are several ways scammers try to con people out of their money. They especially love to prey on people during tax season. So it is important to remain alert. Here are some popular strategies scammers use. 1. Asking for credit or debit card information over the phone or via email If you owe taxes, the IRS sends a paper bill in the mail before...
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Possible IRS Challenges during the 2020 Tax Season
Acting National Taxpayer Advocate Bridget T. Roberts reported that the IRS is among the lowest-performing federal agencies in providing a positive customer experience. In her 2019 Annual Report to Congress, she noted several issues affecting the IRS in providing a positive consumer experience and outlined some of the issues taxpayers can look out for in the coming 2020 tax season. We’ve highlighted the top five...
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What Should You Do About Back Taxes?
What are Back Taxes and What Should You Know About Them? Paying your taxes on time is very important. You’re expected to file for a specific amount of money in taxes every year. When these taxes are not paid during that year, you’re considered to be owing ‘back taxes.’ If you’re currently owing back taxes, it would be wise to clear off that debt as...
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Why It’s Important To File Your Taxes On Time?
The Importance of Filing Your Taxes Nothing beats the feeling of having your taxes filed early enough. You may opt to pay someone to do the tax returns for you. Alternatively, you can still decide to file your taxes by yourself. Regardless of the method you use, filing tax returns is probably not one of the favorite chores you look forward to. You can avoid...
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Why Paying Your Commercial Taxes Is Important
Commercial Tax Relief Every year like clockwork, the taxman appears. Then you ask yourself, why is it important to pay commercial taxes? There are many reasons why paying taxes are necessary, but most importantly, it’s the law. If you neglect to pay your fees within the stipulated period, you can face many consequences. Your Commercial Taxes Pay Salaries Paying commercial taxes is more beneficial to...
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What Happens When You Pay Your Business Taxes Late?
Why Paying Your Business Taxes Late is a Problem Are you late with paying your business taxes? Are you wondering what’s going to happen now? Paying your taxes late can lead to numerous consequences, from high fees and interest to the possibility of losing your property and even jail time. High Fees and Interest When you don’t pay your business taxes on time, fees and...
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