What is an IRS Wage Garnishment?
An IRS wage garnishment is one of the more powerful and perhaps, most preferred method of collecting tax debts. The Internal Revenue Service or IRS has the authority to encumber any property that may lawfully be applied as payment for delinquent back taxes owed by the taxpayer. Understanding the amount to be deducted in the taxpayer’s paycheck in an IRS wage garnishment can be very complicated. This is why many taxpayers will seek the help of a qualified tax attorney to lift the wage levy. Read More Here…
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What is an IRS Bank Levy?
One of the ways the Internal Revenue Service can collect tax debts is through an IRS bank levy. This is but one of the types of collection methods the IRS uses in order to nudge taxpayers back into compliance. The IRS is very aggressive in hunting down taxpayers with back tax debts and the agency has a variety of strong-arm methods to make them pay.
An IRS bank levy is similar to other levies. The IRS will usually fist try sending a number of notices to the taxpayer about the back taxes they owe to the federal government. If the taxpayer takes no action the IRS may put a tax lien to the taxpayer’s properties as security that the tax debt will be paid. The tax lien will be followed by a levy of personal property. An IRS bank levy falls under this personal property category. Read More Here…
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Tax Settlement: Getting Help From The IRS
The IRS has programs that offer tax settlement to taxpayers who want to clear their tax liability. These programs can be availed of by those who have a hard time paying their tax debts as long as the IRS can see that they want to settle their delinquent taxes. There are different types of options that taxpayers can choose from. In most cases there should a convenient program applicable to their situation. The IRS wants taxpayers to pay their IRS back taxes in full but they are often willing to make an exception for those who are economically distressed. Read More Here…
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IRS Help For Those Who Can’t Pay Back Taxes
There are a lot of people who can’t pay back taxes to the IRS. If you think you are the only one who cannot remit payments, think again because it is estimated that more than ten thousand people owe taxes to the IRS every year. As your unpaid taxes pile up annually, the interest and penalties also increase. The more you run away from this problem, the more money you owe the government, and the more the IRS will have grounds to run after you. But did you know that if you coordinate with the IRS to solve your unpaid taxes, they will gladly help you out and find a way for you to pay your tax debts?
The IRS is also concerned about the citizens’ welfare, and they do have solutions to offer people who can’t pay back taxes. One advice the IRS gives to their clients is to pay the whole tax debt at one time. This will avoid additional delays and interests caused by procrastination. If you have a huge tax debt, one strategy is for you to apply for a home equity loan for you to pay the whole amount. The monthly amortization of this will be a lot lower than the extra fines and penalties incurred by the debt. Read More Here…
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Posted in
Back Taxes
Five Tips For Avoiding An IRS Tax Audit
Some taxpayers inadvertently raise a red flag making them more likely to be the subject of an IRS tax audit. In particular, home businesses, small business owners and other self-employed taxpayers seem to be more likely to face an IRS tax audit. But the risk of being audited can be reduced with proper planning. Here’s 5 tips that may help:
1. File your income tax returns on time even if you cannot pay the full amount: While interest and penalties may accrue, not filing your tax returns will get you in hot water and may even lead to criminal charges. If you have not been filing your tax returns promptly you should consult with a tax attorney before the problem gets worse. Read More Here…
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What is the alternative minimum tax?
The alternative minimum tax, frequently referred to as the AMT was first introduced over 40 years ago. The authors of the alternative minimum tax designed is so the AMT rates would target a certain class of taxpayers that were eligible for tax benefits such that they ended up owing very little or no tax. The alternative minimum tax scheme has been criticized over the years and as a result has undergone many changes, for instance in 1980 and the year 1990, but after nearly a half a century it remains part of our tax system. Read More Here…
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Why Risk An IRS Criminal Investigation?
…A Tax Attorney Can Help
Taxpayers facing an audit may unwittingly trigger an IRS criminal investigation. A taxpayer who is not represented by a tax attorney or other qualified tax representative may innocently provide the IRS auditor with otherwise unnecessary records and information that could raise suspicion sufficient to start an investigation.
Furthermore, your innocent ramlings and zeal to be cooperative may acctually be used against you.
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There is an excellent article by CPA, Walter Wotman the underscores in detail the troubles unrepresented taxpayers sometimes face during the tax audit process. We think it well worth reading… Read More Here…
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Owe Delinquent Taxes? Learn 5 Ways a Tax Lawyer Can Help
If you owe unpaid delinquent taxes you may be wondering about the best way reduce your tax bill and to pay them off, etc. A tax lawyer can guide you through the process.
Here are five ways a tax lawyer can help with tax problems:
1) You can actually save money and avoid overpaying your delinquent taxes when you use a tax lawyer. Tax attorneys know which deductions you are entitled and they know legal strategies that may significantly reduce your delinquent taxes. In addition, the legal fees paid to your tax lawyer are generally tax deductable. Read More Here…
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