Chapter 7 Bankruptcy Forms: Everything You Need To Know
Bankruptcy is a word that nobody wants to hear regardless of their current financial situation or their occupation. The status can wreck your finances and credit, potentially ceding them to the courts. No matter what sort of condition you’re in at the moment, you probably don’t want to even consider the possibility of personal...
read moreWhat is a Private Letter Ruling When It Comes to Taxes?
A private letter ruling or PLR might sound complicated, but it’s a straightforward set of facts. A PLR is an official letter of advice from the Internal Revenue Service (IRS). They ideally provide a favorable ruling. It’s a piece of suggestion that you are highly advised to take! If you’ve received a PLR, it’s...
read moreIRS Penalty Abatement Sample Letter
Contrary to what you may have heard, the IRS does not want to penalize everyone who misses their taxes. They would rather make arrangements to reduce tax debt and receive what you owe for a given year. You often have to pay a penalty first, and several more, before the IRS takes drastic action....
read moreHow to Set Up a Payment Plan with Georgia’s Department of Revenue
If you are currently in debt to the Internal Revenue Service (IRS), there are certain steps you need to take to ensure them that you have every intention of paying your debt. So, IRS needs to see that you have a payment plan for your taxes. Otherwise, the IRS will have no other choice...
read moreCan the IRS Seize Your Bank Account Without Any Notice?
“IRS took money from my bank account. Can it do that?” If you owe the Internal Revenue Service (IRS), and they have attempted to contact you about this issue multiple times, and you’ve not responded, then yes, the IRS can seize your bank account. But the real question is: “Can they do this without...
read moreThe Difference Between Tax Relief and Tax Break: Why Get Tax Relief Now Instead of Later
Tax Relief is defined as any type of program designed to reduce the amount of taxes that an individual or business owes. As a result, it is one of the most coveted things taxpayers salivate over during the tax season, hoping they qualify. Definitions: Tax Relief and Tax Break Yet, tax relief is more...
read moreIRS Form Guide: Form 2210 – Underpayment of Estimated Tax
Certain forms of income require that you pay an estimated tax on them. These include rent, alimony, contest winnings such as the lottery, dividends, and interest on bonds, or self-employment income. Thus is you are divorced or an entrepreneur, you may need to determine your estimated tax payments if they are equal to or...
read moreHow To Stop An IRS Tax Levy
The dreaded letter has arrived in the mail. Or several of them are piling up, and you know it’s a levy from the bank. You may lose your house or the money in your bank account. Time to act, and to prevent the bank from seizing your property. Failing to pay your taxes tends...
read moreHow to Successfully Get Out of Tax Debt in 1 Year!
If you realize that you owe a significant amount of money to the Internal Revenue Service (IRS) this year, your attention may quickly turn to how into getting out of debt as quickly as possible. Thinking ahead and developing a specific plan about how you will settle your debt to the IRS is an...
read moreWhat Happens If You Have Unfiled Tax Returns?
If you find yourself in a situation in which you have a few (or many) years of unfiled tax returns, you may be worried that one day the IRS is going to catch up with you. And, in all honesty, you would be right. The IRS is always keeping track of what you need...
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