Tag: tax relief


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...

Read More


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...

Read More


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...

Read More


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...

Read More


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...

Read More


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...

Read More


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...

Read More


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...

Read More


Page 1 of 212