Posted on February 12, 2024

A levy is the final collection action of the IRS to recover a tax debt. Under a levy, the IRS uses the seized asset or garnished wages, bank accounts, etc. to satisfy the tax debt. The IRS can levy property or a taxpayer’s right to property. This may include the individual’s house, vehicle, bank accounts,... Continue reading →

Posted on February 11, 2024

In order to have enough set aside for your retirement, you should begin planning as early as possible. Obviously, the earlier you begin to make contributions to your retirement plan, the more you will have during your retirement years. Savings in your retirement account such as 401(k) or Roth IRA will grow due to interest;... Continue reading →

Posted on February 10, 2024

Planning your finances with respect to your savings and taxes can help you to get more out of your investments, while allowing you to save more in taxes. Most working Americans save for their retirement by making regular contributions to their 401(k) accounts or individual retirement plans. Smart tax planning is about knowing the withdrawal... Continue reading →

Posted on February 9, 2024

IRS collection actions are important to avoid because they can be damaging to a taxpayer’s financial stability. The IRS can, if back taxes remain unpaid, seize an individual’s assets or garnish wages to satisfy the balance due. Collection actions can cause stress and serious financial problems if they’re not handled early on. The quickest method... Continue reading →

Posted on February 8, 2024

Back taxes are a constant complication until they’re completely resolved. Even if the IRS is not taking collection action, penalties and interest will continue to accrue each month. Resolving your tax debt early is always considered the best resolution. The IRS will send out notices to inform you of any tax debt. The notices contain... Continue reading →

Posted on February 7, 2024

The IRS phone scam continues in spite of efforts made by the IRS and law enforcement agencies. Before the IRS phone scam, fraudsters had been using the IRS name and logo in phishing attempts; sending fraudulent emails to taxpayers to extract sensitive information. Scammers also began calling people over the phone, presenting themselves as IRS... Continue reading →

Posted on February 6, 2024

Tax scammers use the IRS name and logo to make themselves appear legitimate to taxpayers. In a recent tax scam, fraudsters pretend to be the IRS and send unsolicited emails to foreign financial institutions (FFIs) to extract clients’ private information. Scammers are exploiting the new rule that requires FFIs to report their U.S. clients’ financial... Continue reading →

Posted on February 5, 2024

There are various ways in which tax debt can be resolved. If you have the financial ability to pay your entire tax debt in a single payment, you can prevent the penalties and interest that the IRS charges each month. Another method of resolving back taxes is through making installment payments. Paying in installments is... Continue reading →

Posted on February 4, 2024

Most taxpayers believe that a tax debt is a true burden if they don’t have the financial capability of paying it in full. Even though IRS tax debt reduction payment plans are difficult to qualify for, taxpayers with a verifiable inability to pay may qualify for some type of settlement. In order to resolve back... Continue reading →

Posted on February 3, 2024

Tax planning involves a lot of paperwork. From receipts and bank records to previously filed tax returns, many important papers need to be collected and then stacked away securely. When it comes time to file a return, having receipts of expenditures and income statements allows you to calculate taxes quickly and accurately. Many times, due... Continue reading →