Why Do People Have to Pay Taxes in Minnesota?
Why Do Minnesota Residents Pay Taxes? Every time we receive our salaries, a percentage of money goes to income taxes. At the grocery store, for each product we buy, we pay sales tax. There’s also the property tax, payroll tax, corporate tax, and various other types of taxes we are obliged to pay. No one enjoys giving up a portion of their money for 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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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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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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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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Tax Debts Explained 2016
Everything You Need to Know About Tax Debts If you cannot pay your tax debt and the Internal Revenue Service (IRS) is already putting on the pressure, there is a solution for your problem. You can now pay less than your actual IRS debt by compromising or paying in installments. Tax Debts and How These Are Formed In simple terms, a tax debt is an...
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