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You have various options to choose from when resolving tax debt. Depending on the amount of tax debt you owe and your ability to pay, you can choose a payment plan to pay your tax debt over time if you cannot pay the entire debt in one payment.The IRS has various tax debt resolution plans... Continue reading →

When saving for retirement, you first must determine how much will be enough for you to continue your present lifestyle after retirement. This may be difficult because many factors will have changed by the time you reach retirement age, including the tax rate. Even though we cannot be absolutely sure of the figure that will... Continue reading →

When you are planning for your retirement you must take taxes into consideration, because they heavily impact your savings and income. Your income is taxed when you save it for retirement. As long as you do not withdraw from your retirement early (before the age of 59 ½), your withdrawals will typically not be taxed.Experts... Continue reading →

The federal tax lien is an aggressive collection tactic of the IRS. Under a tax lien, the IRS claims right to the property and/or asset of a taxpayer under tax debt to secure its payment. The IRS moves to the placement of a tax lien if their notices regarding the payment of IRS back taxes... Continue reading →

If you are in tax debt and cannot pay your entire tax debt amount in a single payment, you can consider paying it in monthly installments using IRS payment plans, known as Installment Agreements. There are many kinds of Installment Agreements based on the paying ability of taxpayers.When taxpayers have tax debt of under $10,000,... Continue reading →

Even though preparing and filing taxes in itself takes much of our time and effort, we must review the tax filing details that impact our tax liability every year or every few years, depending on how much our income and expenditures fluctuate. Reviewing tax information such as filing status, tax credits, tax deductions, and the... Continue reading →

If you are withholding more taxes than required and receiving large refunds because you are paying too many taxes over the year, it may be time to review your withholdings. Even though receiving a refund is pleasant and is often seen as savings by individual taxpayers, overpaying every time you file means that your money... Continue reading →

Reviewing your tax situation, especially after you file your taxes, can provide you with insight into ways to save your money, time, and effort in the future. If you are running a business or paying estimated taxes, you should review your withholdings to avoid paying too much in taxes and then receiving a refund. Although... Continue reading →

When you are looking for tax debt resolution, you may be able to achieve reduction in tax debt if you cannot afford to pay your full tax debt amount. The IRS will require you to share your financial information with them, which may include a financial statement. Therefore, apply for Offer in Compromise only if... Continue reading →

Resolution of IRS tax debt does not necessarily mean payment of the entire tax debt. IRS payment plans are designed to assist in the resolution of tax debt for taxpayers that cannot pay the full or partial amount of tax debt.For payment of the tax debt in installments, there are various Installment Agreement plans available.... Continue reading →