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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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 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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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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9 Steps to Help You Prepare to File Taxes
Prepare For Taxes in 2020 We all know that it is mandatory to pay taxes and that tax delinquency can be a costly error. You must also ensure that you pay your taxes on time to avoid penalties. Let’s look at a few things you can do to prepare for filing your taxes. – Check your pay stub for a monthly tax deduction. If you...
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Pay Less In Taxes With These 4 Strategies
Pay Less In Taxes The only sure things in life are death and taxes. For the immortality issue, we have little to do about it. However, with the bothersome bills from Uncle Sam each April, we have tried to find ways to go around it. And hey, we are not talking about tax evasion here. Which is better; throwing some bones to the government or...
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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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Settle Your Commercial Tax Debt With The IRS
How To Settle Your Commercial Tax Debt Tax debt. The word “debt” alone isn’t a desirable situation for anyone to be in. The good news is that there is a chance you can settle for less than what you owe which is known as Offer in Compromise (OIC). You’ll have to contact the IRS to see if you qualify for an OIC, however this option...
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What Should You Do If You Owe Back-Taxes to The IRS?
Do You Owe The IRS Back-Taxes in Minneapolis? If you owe back-taxes to the Internal Revenue Service (IRS) and can’t pay your taxes on time, you will be liable for penalties and interest rates on what you owe. Nonetheless, do not panic. Simply still file your taxes and seek extra time to pay what you owe. To help you understand, we will illustrate what happens...
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