Dealing with debt is never easy, but it can become more complex when your creditor is the US government. The IRS is well-known for deploying multiple collection actions to try and coerce payment. The collections enforce payments down to wage garnishment and property levies. Wherein the IRS claims a portion of every paycheck until your debt is paid or …
You made a mistake. You missed a deadline or had a math error on your return. Perhaps you forgot to report certain income or chose a deduction you didn’t qualify for. Perhaps this year was simply too much, and taxes were the last thing on your mind – leading you to miss Tax Day and …
While roughly a third of Americans don’t know whether to expect tax debt or a tax refund, nearly half of surveyed taxpaying Americans expect a tax refund at the end of the tax year. The IRS claims that as many as 75 percent of taxpayers overpay. Tax refunds can range from a few dollars to thousands of …
The IRS is not an organization you want to be on the wrong side. Even bankruptcy can’t save you from tax debt. And if you decide to wait it out and let your debt expire, the IRS is well within its rights to claim your paychecks and your assets to satisfy the overdue balance on …
The IRS only audited 230,340 tax returns in 2019, accounting for 0.31 percent of all incoming tax returns for that tax year. In contrast, the IRS audited roughly 1.11 percent of all returns as recently as 2010, and audits were even more common. Yet despite historically low auditing rates, the IRS has dramatically expanded its auditing operations …
No one wants to owe taxes to the government. Still, unfortunate circumstances – whether it’s a miscalculation, a missed payment, a forgotten deadline, or financial difficulties – can quickly land you in hot water with the IRS and lead to a black mark on your tax account. Tax debt carries a substantial toll, as it …