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There are various ways to achieve tax debt relief, but for taxpayers that have sufficient finances to pay the entire tax debt, but not in a lump sum can explore Installment Agreement. There are various kinds of Installment Agreements, including Guaranteed Installment Agreement, Streamlined Installment Agreement, and Partial Payment Installment Agreement.Taxpayers can choose an appropriate... Continue reading →

Resolution of tax debt is necessary and resolution of tax debt at the earliest opportunity is most beneficial. Taxpayers under tax debt should make efforts to resolve their tax debt using IRS payment plans if they are unable to pay the entire debt amount in a lump sum. There are various payment plans that allow... Continue reading →

The IRS uses many kinds of collection actions to get taxpayers to resolve their tax debt. Some of the methods to collect back taxes include the sending of notices, federal tax lien, and tax levy. The IRS begins by sending notices to collect back taxes and ultimately places lien and levy to fulfil tax debt... Continue reading →

In cases of tax debt, the IRS begins collection action by sending notices. Initial notices include basic information such as the tax debt amount to be paid and how to pay it. Taxpayers must begin making efforts to pay their tax debt at this stage to avoid aggressive collection actions such as lien and levy.Resolution... Continue reading →

The IRS has many tax debt resolution plans that taxpayers can use to resolve their back taxes. Each tax debt payment plan has qualifying factors that taxpayers must meet to be able to resolve their tax debt using them. Some of the commonly used tax debt payment plans are Installment Agreement, Offer in Compromise, Partial... Continue reading →

Resolution of tax debt must be achieved after carefully considering the various options available. For taxpayers that are unable to pay their entire back taxes in a single payment, various IRS tax debt payment plans are available. They allow taxpayers more time to pay, reduction in tax debt, or postponement of payment of tax debt.Some... Continue reading →

When preparing taxes, many taxpayers forget to claim expenditures such as entertainment expenses, expenditures on business meals, and casualty losses. To bring down tax liability, businesses must calculate their entertainment costs, including business meals.Some businesses make the mistake of claiming personal entertainment expenses as business expenses. If large amounts are claimed as entertainment expenditures on... Continue reading →

Sometimes, unintentional errors such as a miscalculation on a tax return can lead to tax debt. To file an accurate tax return, taxpayers must double check all calculations and information provided in the form. Those taxpayers that get their tax return prepared by a preparer must also re-check the information to ensure it is correct.Before... Continue reading →

Payment of taxes on time is not difficult, but sometimes taxpayers make inaccurate payment of taxes due to errors or lack of knowledge of tax laws. Underpayment of taxes, intentionally or unintentionally, can lead to tax debt. Therefore, tax preparation must be done either by a taxpayer who has deep knowledge of tax laws or... Continue reading →

The IRS has the legal power to collection tax debt within the ten year Statute of Limitations. Although the IRS begins collection actions by sending notices regarding the payment of tax debt, if the tax debt still remains unresolved it can move to aggressive collection actions such as tax lien and levy.Under a tax lien,... Continue reading →