Advice

The IRS isn’t flexible when it comes to filing taxes late. The IRS assesses penalties to taxpayer who files their taxes late in order to discourage non-compliance. After the filing deadline, any amount of back taxes that remains to be paid are charged penalties and interest. The amount of penalties and interest depends upon the…

The resolution of back taxes can only be achieved by qualifying for an IRS debt payment plan. Taxpayers who can pay their entire tax debt in a lump sum do not need to apply for a debt payment plan. They can simply contact the IRS and pay back the entire amount. Depending on the gravity…

Tax debt resolution does not always mean a taxpayer must pay back the tax debt. Even though the IRS looks to recover the full amount, under certain circumstances, taxpayers can resolve their tax issue without actually paying the debt. However, taxpayers who have the financial capability to pay their tax debt fully will not qualify…

Marriage brings many changes and one of the important changes is in your taxes. After you are married, you can enjoy tax credits that are only allowed for married couples. You may need to consult a tax professional to know the tax credits you can get and the adjustments you need to make. In case…

Those who are getting married soon or those who are newly married should review their tax information for changes and consider the tax benefits they qualify for. Married couples can file their tax return jointly or separately. In most cases, those filing “married filing jointly” receive benefits that are not available to those who file…

Marriage can change many things in your life, including your taxes. If you recently were married, it is essential that you review your tax filing information and the tax credits that are only available to married couples, as well as update your tax information. After marriage, it is important to check that your Social Security…

The payment of tax debt, if not made early, can increase the total amount of back taxes because of the interest and penalties the IRS charges monthly. Taxpayers who are unable to pay their entire tax debt amount can reduce their back taxes by paying as much as they can before the filing deadline. Even…

Taxpayers look to reduce their back taxes, but not every taxpayer can qualify for the tax debt reduction plan Offer in Compromise. Only taxpayers whose financial situation is such that any collection of back taxes can push them into a financial crisis may qualify for an Offer in Compromise. Under this IRS program, taxpayers have…

Apart from the efforts of the IRS to make tax debt resolution simpler by introducing the Fresh Start initiatives for the Installment Payment Agreement plans and the Offer in Compromise program, taxpayers can also make tax debt resolution simpler by making informed decisions when choosing tax debt help. Many taxpayers submit a request for tax…

Taxpayers with tax debt look to resolve their debt fast and smoothly even if they cannot get their total debt amount reduced. It is important for taxpayers to consider their financial condition, their ability to pay, and the duration of unpaid taxes to prepare their tax case appropriately. Taxpayers must know the broad particulars of…