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Category: tax collection

What to Do If You Need to File But Can’t Pay Your Taxes

Unfiled tax returns

Unpaid Taxes, Unfiled Returns If you owe taxes to the IRS, you owe the tax whether or not your file. Some taxpayers avoid filing because they can’t pay their tax bill, but this doesn’t do anything to eliminate the tax debt.

Understanding the Difference Between Tax Evasion and Tax Avoidance

difference between tax evasion and tax avoidance

What Is The Difference Between Tax Evasion and Tax Avoidance? Usually, the payment of taxes is a lackluster affair, as nobody ever enjoys fulfilling this constitutional obligation. Nonetheless, since it is an essential source of any country’s revenue, failure to pay taxes usually has severe implications, most of which are significantly adverse.

5 Repercussions of Failing to File Tax Returns

don't file tax returns

What Happens If I Don’t File My Tax Returns? The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax… Read more »

How to File for Innocent Spouse Relief

How to file for innocent spouse relief

Steps to File For Innocent Spouse Relief The IRS requires taxpayers to follow two steps to apply for innocent spouse relief: Submit a completed Form 8857, Request of Innocent Spouse Relief Attach a statement explaining why you qualify for relief However, meeting these requirements is anything but simple. Form 8857 is long and requires detailed… Read more »

What Is An Offer In Compromise

Offer in Compromise

Offer in Compromise – Defined An Offer In Compromise (OIC) is essentially an agreement you come to with the Internal Revenue Service (IRS) in order to settle your tax debts. Not everyone who owes a tax debt is eligible for an OIC; it’s specifically made for those who are not going to be able to… Read more »

7 of the Most Common Issues Americans Overlook in Their Personal Tax

Tax issues

Death and Taxes Ben Franklin’s quote on taxes is well known among Americans, ‘in this world nothing can be said to be certain, except death and taxes’. But for all the certainty around the first, there is far less confidence among average tax-payers when it comes to the second. Sure, Americans know they need to… Read more »

What to do When You Can’t Afford to Pay Your Taxes

Unpaid taxes

Options for dealing with the IRS on your back taxes You can’t hide from the IRS. If you owe back taxes, the IRS will find your assets and use their mighty collection powers against you. Being proactive is the best strategy for avoiding painful bank account levies, wage garnishments, or tax liens. When you owe… Read more »

How to Stop an IRS Bank Account Levy

Seizing money from bank account

Actions you can take to prevent the IRS from levying your bank account The IRS bank account levy is one of the most powerful debt collection methods permitted by law. Imagine trying to withdraw funds from your bank account at an ATM only to discover that all of your money is gone. This can happen… Read more »

How Does An IRS Bank Account Levy Work?

Some Common IRS Bank Levy Issues In most states, bill collectors can bully and threaten, but that is about it. Alas, the Internal Revenue Service is no ordinary bill collector, so it can do a lot of things that private debt collectors cannot do, and that includes an IRS bank account levy.  This all begs… Read more »

IRS Jeopardy Levies: The Silent Killers

How Can a Jeopardy Levy Place You In Jeopardy? As we have discussed in some previous posts, IRS levies are usually attention-getting tools as opposed to collection tools. The Service almost always cancels bank and other levies if the taxpayer enters into a repayment or other plan. But if the IRS suspects that it will… Read more »