Blogs

Tax scams appear in full force during tax season. Filing fraudulent tax returns using stolen identities to receive large refunds is one of the most common tax scams. Because this tax crime is conducted remotely, it is difficult to track down the scammer. This tax season, make sure that you stay protected from identity thieves... Continue reading →

Taxpayers should prepare their tax returns as early as possible to avoid making mistakes. Filing returns in a hurry at the eleventh hour can lead to simple errors such as forgetting to sign the return and miscalculations. If you have the opportunity, it is advisable to prepare and file your returns earlier in the year... Continue reading →

Filing errors made by taxpayers can often lead to unfavorable IRS corrections. Claiming deductions and credits that a taxpayer does not qualify for can lead to a tax debt. If there is an understatement of income that the IRS believes might be intentional, then they may conduct an audit.The most common errors taxpayers make come... Continue reading →

Often, taxpayers wait to resolve their tax debt, especially when the IRS has not initiated aggressive collection actions. Even if the IRS is not yet threatening collection efforts, taxpayers are at a disadvantage if they allow their tax debt to remain unpaid. The IRS adds penalties and interest to the debt, which can substantially increase... Continue reading →

In the recent past, many fraudulent tax resolution services were exposed. These services used unethical business practices such as hidden fees, distorted advertisements, and exaggerated upfront fees to take advantage of unsuspecting clients.In many cases, fraudulent companies were exposed after the Federal Trade Commission (FTC), the Better Business Bureau (BBB), and other consumer protection agencies... Continue reading →

Successful financial and tax planning will allow you to lower your tax liability and to gain the most from your investments. How you use your income is of primary significance. The more you spend and invest, the lower your adjusted gross income (AGI) becomes. The AGI is your income from all sources after adjustments. The... Continue reading →

Individuals that owe back taxes can gain time from the IRS to pay back their liability if they fulfill certain criteria. The first requirement is that the taxpayer’s present financial situation must not allow him or her to pay any amount in tax debt. The taxpayer’s income from all sources must only be sufficient to... Continue reading →

You can either resolve your entire tax debt with a single payment or break the debt into installments, if necessary. Paying in a lump sum is more advantageous in terms of saving money. The IRS charges penalties and interest until the amount due is paid in full.A good way to avoid incurring substantial penalties and... Continue reading →

The IRS can use both reminders (notices in the mail) and aggressive collection actions (lien and levy) to collect back taxes. Although initially the IRS only sends notices to individuals to remind them to pay their tax debt, if the notices are ignored or avoided and the debt remains unfulfilled, then the IRS moves on... Continue reading →

The IRS does not require permission from the court to levy a taxpayer’s assets and income if back taxes are owed. However, the agency is required to follow certain procedures when executing seizures. Before placing a levy, the IRS must inform the individual about the tax debt. They are also required to inform the taxpayer... Continue reading →