How To Pay Back The IRS With Payment Plans and Installment Agreements
If you’re not able to pay the taxes you owe by the due date, the balance is subject to interest and a monthly late payment penalty. By law, the IRS may assess penalties to taxpayers for failing to pay taxes they owe by the deadline. People tend to forget that there’s also penalty...
read moreRemoving A Tax Lien From Your Credit Report in 5 Steps
One black mark on your credit report can ruin your chances of owning a home or getting a car for years. You shouldn’t have to carry a tax lien on your credit report after you’ve already settled your problems with the IRS. Unfortunately, many credit agencies will continue to carry a strike against you...
read moreSeparation of Liability Relief: Who Qualifies?
If you’re dealing with a difficult time in your life, then any added tax burden can just make things worse. Relief by Separation of Liability is a technique offered by the IRS to allocate tax understatement, interest and penalties from a joint return between you and your spouse or former spouse. While you can’t...
read moreSettling an IRS Tax Debt: Step by Step Guide
While the Internal Revenue Service (IRS) doesn’t act like a debt collector for Americans, it can certainly be a beast to deal with. Since the IRS acts on behalf of Uncle Sam, they have a good deal of authority that regular collection agencies don’t. Even though they’re not going to harass you all the...
read moreIRS Tax Brackets Under the New Tax Bill
When the new tax bill was signed into law in December 2017, it seemed like it made instant headlines. Taxpayers who were used to the bracket they may have been in for years were suddenly unsure of how the following year’s worth of income was going to be taxed. Fortunately, there are now a...
read more4 Ways to Know How Much You Owe the IRS
Not knowing how much you owe the IRS can be scary, but there’s a few easy ways to find out for certain. Don’t put off finding out. While you might dread the possibility of learning you owe much more than you though, waiting around won’t make things any easier. You can start to make...
read morePros and Cons of IRS Payment Plans
IRS payment plans can be an excellent way to finally eliminate a tax debt you’ve been carrying for years. On the other hand, they could be more trouble than they’re worth. Just like with anything else, there are both pros and cons associated with filing for one of these programs. Experts from Success Tax...
read moreHow an Underpayment Tax Penalty Can Be Waivered
If you pay estimated taxes and your estimates come up short, then you could get hit with a stiff financial penalty from the Internal Revenue Service (IRS). Taxpayers who collect income that’s not subject to withholding are supposed to pay estimated taxes. This kind of income includes everything from investment dividends and interest to alimony...
read moreHow to Respond to an IRS Notice (Including Sample Letters)
Receiving a written notice from the IRS can be one of the most stressful moments a taxpayer experiences. These letters are much easier to handle than you might think, however. Most letters simply request adjustments to recent returns or ask for additional documentation. You may also receive a letter warning you that a payment...
read moreIRS Repayment Options Explained
Taking no action is the worst thing you can do if you owe any federal tax debt, especially considering that there are options. If you’re not able to pay your taxes by the original filing due date, then the balance is immediately subject to interest and late penalties. You may also be responsible for...
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