Trouble with the IRS? You may be tempted to deal with it yourself – but before you get in over your head, it would be wiser to consider professional tax resolution services. While the IRS works through a code of conduct that holds the taxpayer’s rights in high esteem, it can still be a daunting …
If you face a substantial tax debt without the means to pay it off, even in a few years’ worths of monthly installments, you may want to consider an offer in compromise (OIC). An offer in compromise is a process through which you can negotiate a lower total tax debt with the IRS. However, it isn’t …
When preparing a federal tax return, you can choose between a standard deduction or several itemized deductions. In either case, a tax deduction is designed to reduce a taxpayer’s tax liability. This is primarily to reimburse losses, incentivize investment, and reduce the tax liability for low-income households. Your standard deduction depends on your filing status, while …
How much do you owe the IRS, and at what rate will your debt grow? These are critical questions, especially when dealing with the IRS. Tax debt is a few types of debt that can’t typically be avoided even with bankruptcy, and the IRS is a powerful creditor. Let’s look at what penalties the IRS …
A letter from the IRS can mean anything, from a harmless notice of a minor automated change in your return to something more significant, such as a reminder of an overdue balance. Dealing with the IRS when you receive any correspondence from them is a priority, as the agency has more than enough tools to gain …
The IRS is never someone you want sitting opposite you at the negotiation table. But sadly, there are times when we don’t have a choice. Difficult financial circumstances, personal tragedies, or even simple clerical errors can lead to tax debt and unwanted calls. And when the IRS decides it’s time to turn up the heat, …