The IRS can generally seize your assets when you fail to pay your tax debt and the IRS has sent you the proper notices in the mail. Even if you owe tax debt and have received these notices, you can still protect assets if you negotiate a resolution to your tax problems.
If you’re having tax problems
Tag: IRS installment agreements
~~~~~~~~~~~~~~~~~~~~~~ What we are going to cover: The IRS has many tools at their disposal for recovering a delinquent tax debt Among those tools, is the tax levy A tax levy is when the IRS seizes a taxpayer’s assets (monetary or otherwise) to pay off a tax debt 8 Ways to get an IRS tax… Read more »
There are several ways to avoid an IRS levy without paying your full tax liability. You’ll need to request a Collection Due Process (CDP) hearing before the appropriate deadline if you want to stop the bank levy, wage garnishment, or another type of IRS tax levy. The most common ways to stop a levy are:… Read more »
Are you unable to pay your taxes before the fast approaching filing deadline? Are your tax bills amounting to an outrageous sum that you cannot be able to clear in time? Whatever the case, pending bills, more so taxes, can be quite the headache because failure to pay up can damage your credit score, cost… Read more »
If you want to pay off your installment agreement faster, you have a few different options. The flexibility offered by IRS payment plans allows you to pay more if you are able to, which allows you to cut down your balance and minimize penalties and interest.
How to Stop an IRS Levy When the IRS is about to levy your assets, you should look for any possible opportunities to stop or delay the levy. Once the levy happens, it’s very difficult to get that property back, but there are several ways to stop a levy before it takes place.
3 Most Common Mistakes People Make On Installment Agreements….and How to Avoid Them If you the IRS back taxes, an installment agreement may be the way to go. They are easy to set up, easy to get approved for, and if you set them up right – easy to stay compliant with. However, in spite… Read more »