Want to learn more about solving debt?

sign up for news and insight here
by signing up, you agree to our Privacy Policy.

Top debt relief companies

Let us match you with the best tax debt relief company

Let us match you with the best credit card debt relief company

Who Are Enrolled Agents?


by Andrea Miller on March 21, 2019  0 Comment

Who Are Enrolled Agents?
Certified public accountants (CPAs) who have been approved by the federal government to represent taxpayers in official IRS proceedings are known as enrolled agents (EAs). If you're facing an IRS collection, lien, appeal process, or audit, an EA may be able to advocate on your behalf as well as prepare your tax returns and advise you on your situation. The title of “Enrolled Agent” has been recognized as a profession since 1884 and is authorized by the Circular 230 regulations of the Department of Treasury. EAs are required to maintain expertise in the ever-changing world of tax law. It is the highest professional credential awarded by the IRS. Many former IRS agents obtain the credential and continue on to private ...

What Type of Interest Charges Are Tax Deductible?


by Andrea Miller on March 21, 2019  0 Comment

What Type of Interest Charges Are Tax Deductible?
When you file your annual tax return, you may be able to save money by deducting the interest you pay on certain types of debt. Here's what taxpayers need to know about the various kinds of tax-deductible interest. Credit Card Interest In most cases, credit card interest is not tax-deductible. The IRS allows interest tax deductions for actions the government wants to encourage, such as purchasing homes or attending college. However, in certain circumstances, you may be able to deduct credit card interest from your taxable income. The deductions include allowable business expenses and the credit card interest associated with these expenses. For example, if you use your credit card to buy a computer for business use, the purchase itself ...

What Is a Good Credit Score?


by Andrea Miller on March 21, 2019  0 Comment

What Is a Good Credit Score?
Your credit score influences everything from whether you can qualify for a mortgage to the interest rate on your auto loan. Landlords will look at your credit when deciding whether to rent you an apartment. In some states, it even factors into the hiring process. Here's what you need to know about what is considered a good credit score and how you can take steps to boost your rating. How FICO Credit Scores Are Categorized The most common type of credit score is called the FICO score, which ranges from 300 to 850. Anything at or above 670 is considered a good score. Specifically, the numbers break down as follows: 300 - 579: Very Poor 580 - 669: Fair 670 ...

How Does a Charge Off Affect Your Credit?


by Andrea Miller on March 21, 2019  0 Comment

How Does a Charge Off Affect Your Credit?
When a creditor attempts to collect a debt for several months without resolution, this amount is considered a "charge off." This term means that they have closed your account to future charges and written off the unpaid debt as a business loss. Although you remain responsible for the debt, the business does not expect to be able to collect. However, it can continue to report the past-due balance to the credit bureaus. How Does a Charge Off Affect Your Credit? A charge off usually occurs when you haven't made a payment on the debt for at least six months. This negative mark on your credit report will remain for seven years, counted from the date of your first missed payment ...

How to Deal with a Tax Lien in Maryland


by Andrea Miller on March 06, 2019  0 Comment

How to Deal with a Tax Lien in Maryland
If you do not pay your Maryland state taxes, the comptroller may issue a tax lien. This is a legal claim on your property. A tax lien allows the state to seize accounts, wages, and property to resolve your tax debt. A tax lien may damage your credit score and can only be released when the tax debt is paid in full. Taxpayers who owe past-due state taxes may be able to qualify for a Maryland tax lien release. A tax lien gives the state tax agency a claim to your property, including bank accounts, earnings, real estate, vehicles, and other assets. If you do not make arrangements to pay your taxes, these items can be seized to resolve your ...

Can IRS Resolution Services Help You Get Out of Tax Debt?


by Andrea Miller on March 06, 2019  0 Comment

Can IRS Resolution Services Help You Get Out of Tax Debt?
Tax resolution services can help negotiate with the IRS on your behalf if you owe back taxes. It's important to choose a firm that has the necessary experience and credentials to assist you, including the ability to practice before the IRS. Costs for these services vary based on the amount of taxes you owe, your financial situation, the complexity of your tax situation, and other factors. IRS resolution services are designed to help taxpayers eliminate a portion of their tax debt. If you're struggling with past-due taxes that you can't afford to pay, working with a legitimate resolution company can help you avoid staggering penalties and interest. What Are Tax Resolution Services? If you already owe money to the IRS, ...

How Much Will the IRS Settle For? A Guide to Offer in Compromise


by Andrea Miller on March 06, 2019  0 Comment

How Much Will the IRS Settle For? A Guide to Offer in Compromise
The IRS may settle your tax debt for less than you owe. This is called an offer in compromise. Your offer must consist of the highest amount the IRS can reasonably expect to collect from you over the next ten years. Applying for an offer in compromise requires documentation of your assets, income, and expenses. Tax settlement is a possibility if you owe more than you can afford to pay in back taxes. The IRS will consider whether paying your taxes would create a financial hardship by reviewing documentation about the value of your assets, your income and projected future income, expenses, and ability to pay. Your offer will be accepted if it represents your reasonable collection potential (RCP). This is ...

How Can I Get a New York State Tax Lien Removed From My Credit Report?


by Andrea Miller on March 06, 2019  0 Comment

How Can I Get a New York State Tax Lien Removed From My Credit Report?
New York can place a lien on your assets if you owe taxes to the state. This allows the state to seize your property to recover the debt. Making arrangements to pay your tax debt can preserve your credit rating by preventing a lien. You can request a withdrawal of the lien to have it removed from your credit report once the debt is repaid. If you owe taxes to the state of New York and ignore repeated attempts to collect this past-due tax debt, a lien may be placed on your property. This means the state can seize your assets and funds to pay your taxes. Because a lien is a public record, it also negatively affects your credit ...

Fresh Tax Help Through the Fresh Start Program


by Andrea Miller on March 06, 2019  0 Comment

Fresh Tax Help Through the Fresh Start Program
The IRS Fresh Start Program is a group of initiatives that make it easier for taxpayers to qualify for relief. You can apply for an installment agreement, an offer in compromise, or penalty abatement, as well as avoid a tax lien if you owe less than $10,000. You must meet all requirements, including filing outstanding tax returns and making necessary payments. The IRS Fresh Start Program is designed to provide tax relief help for individuals who owe up to $50,000 in past-due taxes. Fresh Start expands the availability of streamlined installment agreements and offer-in-compromise programs. It also increases the amount of tax debt that will result in a tax lien. Streamlined Installment Agreements With Fresh Start, taxpayers who owe less ...

Understanding IRS Abatement of Tax Penalties


by Andrea Miller on February 28, 2019  0 Comment

Understanding IRS Abatement of Tax Penalties
First-time penalty abatement for failure-to-file and failure-to-pay penalties is available for taxpayers who are in "good" standing with the IRS. You can also request penalty abatement in the case of hardship, such as a natural disaster or death or illness in the family. If your penalty abatement is not approved by the IRS, you have 60 days to appeal this decision. If you do not file or pay your taxes on time, the associated penalties can be expensive. This expense is compounded by the fact that monthly interest is assessed on both your past-due balance and the penalties. However, in some cases, taxpayers may qualify for IRS abatement programs. First-Time Penalty Abatement The first-time penalty abatement program is an administrative ...

You may also like