Tax Relief Companies

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…

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…

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…

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…

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…

Tax debt should be resolved only after carefully reviewing all options. It’s important to be thorough in considering the resolution choices the IRS offers. The IRS has various resolution plans which are appropriate for different financial situations. Some plans allow individuals to make installment payments, while others allow tax debt reduction. A resolution plan may…

A levy is the final collection action of the IRS to recover a tax debt. Under a levy, the IRS uses the seized asset or garnished wages, bank accounts, etc. to satisfy the tax debt. The IRS can levy property or a taxpayer’s right to property. This may include the individual’s house, vehicle, bank accounts,…

In order to have enough set aside for your retirement, you should begin planning as early as possible. Obviously, the earlier you begin to make contributions to your retirement plan, the more you will have during your retirement years. Savings in your retirement account such as 401(k) or Roth IRA will grow due to interest;…

Planning your finances with respect to your savings and taxes can help you to get more out of your investments, while allowing you to save more in taxes. Most working Americans save for their retirement by making regular contributions to their 401(k) accounts or individual retirement plans. Smart tax planning is about knowing the withdrawal…

IRS collection actions are important to avoid because they can be damaging to a taxpayer’s financial stability. The IRS can, if back taxes remain unpaid, seize an individual’s assets or garnish wages to satisfy the balance due. Collection actions can cause stress and serious financial problems if they’re not handled early on.The quickest method of…