A lien vs. levy? Levy vs. garnishment? Understanding the IRS’ various tax penalties and punishments for late fees can be difficult and disorienting, so let’s try straightening them out. First and foremost: liens and levies (of which a wage garnishment is a levy) are relatively nuclear options from the IRS’ point of view. These are …
How Long Can the IRS Collect Back Taxes? If you owe the IRS money, then it may help to know that you are far from alone. Every year, millions of taxpayers miss the mark on their tax return, forget to file, or otherwise incur a debt with the Internal Revenue Service. While the IRS does …
How long are IRS payment plans? It may come as a surprise to most people, but tax debt is not uncommon. Americans owed an estimated $114 billion in back taxes in 2020 alone. Among federal employees alone, about 318,000 people are estimated to owe the IRS taxes, to the tune of a total of $3.3 …
Owning a home is expensive. From mandatory and nondeductible expenses and fixed costs to the rising costs of home improvements – remodeling a bathroom alone cost an average of $13,400 in 2020 – homeowners win the security and legacy of a home of their own for an enormous annual expense sheet. In addition to basic …
Your taxes contain an array of sensitive information, from financial data to your Social Security number or tax ID number. Because of this, there are many scams that unsavory characters attempt to perpetrate by impersonating the IRS or another tax authority. It can be difficult to tell when the IRS is really seeking information versus …