How Often Does the IRS Seize Property?
Tax debt is stressful enough without the prospect of losing your home. However, if tax debt builds up, there’s a real possibility the IRS may try to seize and sell your property. Can the IRS take your home, though, and is there any way to stop the process? We answer these questions and more below. […]
Read MoreWhen Does the IRS Pursue Criminal Charges?
Paying your taxes can be stressful. If you have a salaried job, your income taxes are deducted from your paycheck. This in and of itself might seem pretty cut and dry. However, there are independent professionals who might pay their own income taxes, and have more to consider. Filing your tax return comes with many […]
Read MoreCan the IRS Garnish Social Security?
There is a lot of confusion when it comes to this topic. Most creditors cannot garnish federal benefits. This includes social security benefits. The federal government has a different set of rules than most creditors. Only the federal government can garnish your social security and other federal benefits. Throughout my time in this industry, I […]
Read MoreAn Introduction to the American Jobs Plan
In a previous article, we discussed the Child Tax Credit and the major enhancements to that credit through the American Rescue Plan. This plan not only provided funding for this credit it also laid out the spending of all together $1.9 Trillion towards the recovery of America. Today I am going to discuss the next […]
Read MoreFAQs about the Internal Revenue Service
How do I contact the IRS? What is their phone number? You can get in touch with an IRS representative over the phone from Monday to Friday (7 am- 7 pm local time). Now, depending on your case, you can call any of the following numbers: 800-829-1040 For IRS errors & individuals (main IRS number […]
Read MoreFAQs: IRS Collection
What can the IRS do if you owe them money? According to the IRS, their job is to find ways to recuperate their money. In doing so, they may seize (levy) your assets, such as retirement income, social security benefits, bank accounts, and wages. They may even seize your real estate, boat, car, and any […]
Read MoreIRS Notices: What They Mean and What You Should Do
If you have received a notice from the IRS, don’t panic. Yes, it can derail your plans and throw you off balance both in your personal and business life. However, in most cases, there are solutions to help make the IRS offer you a reasonable way out of the unwanted situation you have found yourself […]
Read MoreCan You Go To Jail For Not Paying Taxes?
Can the IRS Arrest You? Cheating on your taxes is a crime. No doubt about that. However, only 0.002% of all taxpayers are convicted of tax crimes. Even though roughly 16% of Americans are found to be evading taxes every year, in one way or another. As for the number of convictions for tax crimes, […]
Read MoreHow Form 1099-C Affects Your Taxes
If your liability has become too overwhelming for you to repay, you could contact your lender and negotiate liability forgiveness. Unfortunately, you will probably be called to deal with a huge tax bill if the lender eventually decides to delete your liability and send you a Form 1099-C. This is because you are required by […]
Read MoreTax Deductions for Truck Drivers
Understanding how you and your trucking business are taxed is one of the biggest challenges for any owner-operator and truck driver. Using good planning and record-keeping all year round, though, can help you avoid any headaches in April. This guide will shed some light on truck driver taxes, deductions, and more. How Much Tax Does […]
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