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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 →

Businesses need to fulfill various tax responsibilities. Often, it is the lack of knowledge rather than the intention to evade taxes that leads many small businesses into tax non-compliance. Along with paying taxes on their income, estimated taxes, etc, small businesses also need to withhold taxes from their employees’ wages and pay them to the... Continue reading →

Small businesses are often charged with tax evasion. Even though both large and small businesses use legal means to reduce their tax liability, small businesses often do not have the resources to gain information about every tax law that may affect them. Sometimes, lack of knowledge also leads to the unintentional evasion of taxes.Often, small... Continue reading →

Any amount of taxes that remain unpaid after the filing deadline are treated as back taxes. Having a tax debt means collection actions by the IRS such as lien and levy, and the assessment of penalties and interest on the tax debt amount.After the filing deadline, the IRS reviews tax information to identify the taxpayers... Continue reading →

Tax debt amounts increase every month, due to the penalties and interest the IRS charges. For each month that taxes remain unpaid after the filing date, the IRS charges 0.5% in penalty. The maximum amount of penalty the IRS can charge for a month is 25%.Along with that, interest also keeps accumulating on the back... Continue reading →