Your filing status, income, choice of deduction, and any eligible exemptions, tax credits, and applicable refunds usually determine your tax liability. But with so many variables, there’s always the possibility that mistakes are made and additional taxes are owed. That, amongst other reasons, necessitated the calculated collection state expiration date (CSED). Whether it was a …
Let’s say you owe the IRS a significant tax debt but no longer earn an income or barely enough to afford room and board while possessing no significant assets. Can the IRS force you to pay? Or can they take the shirt off your back? Can they take every penny you earn and leave you …
Taxes are close to the last thing on anyone’s mind come to New Year, but the truth is that setting goals for your new tax year are crucially important, especially if you run a business of your own or are self-employed. Taking the time to consider what mistakes you’ve made over the past year, refine your …
The IRS might need more personnel to audit every taxpayer who files a return with an error or a slight mistake, but it does try to investigate as many returns as possible. This results in hundreds of thousands of audited returns each year, representing a fraction of a percent of all taxpayer returns. Thus, your chances of getting audited …
The IRS can be a scary creditor. With the full might of the government behind it, the IRS can issue federal liens and levies against delinquent taxpayers, claiming paychecks and even taking homes. However, for most taxpayers, a debt with the IRS is far from the world’s end. There are a few ways to resolve your federal tax liabilities …
Getting into tax debt is a serious problem – especially when you have no idea how you ended up owing the IRS money. Unfortunately, that is the case for thousands of Americans who find themselves on the other end of frightening notices and warning letters indicating that they might face financial penalties and growing tax …