Advice

The possibility of a tax increase has created a great divide between high and low class Americans. The rich are expected to pay higher taxes because of their income. The middle and lower-income groups, on the other hand, cannot pay higher taxes because they cannot afford to do so.Economists state that increasing taxes on the…

Tax debt should be resolved quickly because the IRS may use its collection methods anytime to recover it. Initially, the IRS sends notices regarding paying back IRS taxes, including the amount and how to pay it. However, IRS suggestions regarding the resolution of back taxes are aimed to get the maximum payments possible, while most…

Higher cigarette taxes will not promote health on all fronts. In the state of Massachusetts, where cigarette prices have increased $1 per pack, residents can expect an increase in the cigarette smuggling from low-priced states to Massachusetts. With the cigarette tax rate touching $3.51 per pack in Massachusetts, it has become the second-highest cigarette tax…

Back tax resolution can be simple by making informed decisions from the start. Knowing IRS policies, tax laws, and the details of your tax debt is essential in correctly preparing a tax debt case, and effectively presenting it before the IRS.IRS back taxes can be resolved early and favorably by choosing the most appropriate IRS…

Back tax resolution can be achieved by qualifying for an IRS debt resolution plan. There are many resolution plans designed to allow taxpayers to pay their tax debt comfortably, depending on the various financial factors. Tax debt resolution may involve a reduction in the amount of tax debt if a taxpayer does not have the…

IRS debt reduction plans are attractive to taxpayers, but their presence is there to help taxpayers whose financial condition does not allow them to pay in full, resolve their tax debt affordably. Each IRS reduction plan has strict qualifying restrictions taxpayers must meet.The IRS assesses the financial condition of taxpayers including identifying any assets, retirement…

Taxpayers should avoid getting into IRS debt by staying up-to-date with tax laws and IRS policies. All taxes owed must be paid, along with any interest and penalties before the tax filing deadline. If taxpayers are unable to pay the entire tax amount they owe, they should pay as much as they can in order…

The IRS isn’t flexible when it comes to filing taxes late. The IRS assesses penalties to taxpayer who files their taxes late in order to discourage non-compliance. After the filing deadline, any amount of back taxes that remains to be paid are charged penalties and interest. The amount of penalties and interest depends upon the…

The resolution of back taxes can only be achieved by qualifying for an IRS debt payment plan. Taxpayers who can pay their entire tax debt in a lump sum do not need to apply for a debt payment plan. They can simply contact the IRS and pay back the entire amount. Depending on the gravity…

Tax debt resolution does not always mean a taxpayer must pay back the tax debt. Even though the IRS looks to recover the full amount, under certain circumstances, taxpayers can resolve their tax issue without actually paying the debt. However, taxpayers who have the financial capability to pay their tax debt fully will not qualify…