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 …
One of the functions of the IRS is to ensure that taxpayers adhere to their tax liability. To that end, the IRS attempts to combat the so-called “tax gap”, an estimated gap in the nation’s total tax liability and the money the IRS is pooling together from estimated payments and withheld taxes. To reduce that …
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 …
Tax debt can cause significant stress, and dealing with it can be a very daunting process. Here’s how to pay back tax debt with IRS payment plans. Tax debt is special in the most insidious way – it follows you everywhere, is almost impossible to get rid of, and can continue to grow at rates …
Small business tax deductions can help your business continue to run smoothly. Here’s what to know about relief options for your small business. The IRS defines small businesses – within the context of tax relief and deduction options – as any business with assets under $10 million. These businesses, including self-employed professionals and independent contractors, can …