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 …
Tax liens are one-way state and federal tax authorities can pressure taxpayers into paying off their debts. But what if a taxpayer is at the end of their rope financially, and decides that the best thing to do is file for bankruptcy? Can tax liens be wiped out in bankruptcies? Well, bankruptcy can resolve most …
According to the IRS – and tax law – paying your taxes is not optional. Failing to do so means the government can utilize certain methods to coerce payment and downright take your money before it even lands in your account. This is wage garnishment. Other commercial creditors can also garnish wages if certain conditions …
The California Middle Class Tax Refund is a tax refund issued by the California Franchise Tax Board for taxpayers who sent in a 2020 tax return to provide financial relief during unprecedented inflation. An estimated 32 million Californian taxpayers have already benefited from the MCTR. Here’s what our team at Rush Tax Resolution recommends you …
Should you owe the IRS substantial back taxes, they will likely begin to levy collection actions against you and your tax account. In rare cases, this goes so far as to result in the collection and seizure of paychecks and existing assets – yes, the IRS even has the authority to claim the home you …
The money you earn is not necessarily one-to-one with the money you pay taxes on. The IRS provides taxpayers with several means to reduce their tax liability through so-called tax deductions on their income tax return or Form 1040. Of these, there are two kinds: Above-the-line tax deductions, also known as adjustments to income and; Below-the-line tax …