Tax Relief Companies

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…

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…

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…

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…

Income tax results from a taxpayer’s earnings, while consumption tax is charged on the products and services that an individual purchases. Even though most countries use income tax, this was not always the case. The United States has a history of principally using consumption tax and favoring it over income tax. Some believe that consumption…

Knowledge about tax laws and the tax code allows individuals to reduce their liabilities while increasing their savings. Along with this obvious benefit, taxpayers also learn to avoid owing back taxes by keeping up with tax policy changes. Sometimes, individuals miscalculate their taxes because they’re not aware of the expiration of a tax break. Even…

When seeking relief from back taxes, it’s important to consider the penalties that the IRS charges on unpaid balances. The penalty starts at 0.5 percent and reaches a maximum of 25 percent. Tax debt amount increases every month because the IRS charges penalties on the total amount due; this, combined with monthly interest, rapidly increases…

The IRS has various payment plans that are specifically designed to help individuals with different financial conditions resolve their back taxes. Taxpayers that are not financially capable of paying their entire tax debt in a single payment may qualify for an Installment Agreement. There are various kinds of Installment Agreements, each with different resolution requirements…

Knowledge of tax deductions and credits help individuals plan their taxes throughout the year. Some tax breaks are time sensitive and if a taxpayer does not take advantage of them before they expire, they lose the chance to save. Everyone can keep themselves current about the latest deductions by subscribing to online resources that provide…

When calculating your taxes, you need to ensure that you do not claim tax deductions and credits that you do not qualify for. If the IRS processes your tax return and finds that you claimed a deduction or a credit that you aren’t eligible for, they will make the correction and send you a notice…