Let’s start by getting right to the meat of it – the IRS never fully forgives a tax debt. Tax debt forgiveness does exist in cases of medical debt, consumer debt, and particular student loans – and although it was much easier before bankruptcy laws were massively altered in 2005, most debts could be significantly …
Do you owe the IRS money? One way of finding out is by going through any old mail they might have sent you. If you missed it the first time, a second look would help you find any notices and letters sent by the IRS explaining that you owe them money. If you haven’t received anything from …
If you have ever heard of the “death tax,” you’ve heard of the estate tax. Yet, despite the media coverage it has seen over the years, the federal estate tax is one most Americans will never have to worry about. However, if you have to worry about it, it’s important to understand gift and estate …
Federal tax debt is a serious issue. The government possesses a few more tools than the average creditor, and unlike some debts, the IRS doesn’t easily forgive tax debt. The IRS expects you to pay back what you owe to the best of your abilities, whether a few hundred dollars or several hundred thousand. The …
Federal tax liens are one of the IRS’ collection actions used to enforce payment for tax debt. Unlike a levy, a federal tax lien is not an actual claim of your property or assets. And unlike a levy, the IRS issues a federal tax claim on everything you own, all at once. The IRS will …
The federal government requires you to report all income, calculate your total tax liability, and subtract the standard deduction (or any qualifying itemized deductions). However, most states also require you to pay additional state income taxes, which can be complicated. If you live in one state but work in another, you’ll need to fill out …