Am I Eligible for a NYS Tax Payment Plan?


by Andrea Miller on April 01, 2019  0 Comment

Am I Eligible for a NYS Tax Payment Plan?
Taxpayers who cannot afford to pay the state taxes they owe to New York can apply for a payment plan. The state has several types of installment programs depending on your circumstances. Taxpayers who enter this type of agreement must abide by its terms or risk defaulting.If you owe income tax to the state of New York, you could be eligible for an NYS tax payment plan. This arrangement is provided by the state's Department of Tax and Finance (DTF) and allows you to repay your tax liability over time. DTF has a range of programs with various options for taxpayers who cannot afford to pay the taxes they owe. Types of New York Installment Agreements Installment agreement options currently ...

Can I Arrange a Maryland Tax Payment Plan?


by Andrea Miller on April 01, 2019  0 Comment

Can I Arrange a Maryland Tax Payment Plan?
A Maryland tax payment plan may be available if you have a state tax liability that is beyond your means. Taxpayers can apply for this program online or when responding to their state tax bill. In most cases, the balance must be repaid within 24 months, although longer payment plans may be available if you provide documentation of financial hardship.If you are a Maryland resident and have a tax balance you cannot afford to pay, you might be eligible for an installment agreement. A Maryland tax payment plan lets taxpayers make monthly payments until the debt is satisfied. However, the balance is subject to accruing penalties and interest. How Can I Apply for a Payment Plan? Maryland residents have three ...

Can I Apply For a California Tax Payment Plan?


by Andrea Miller on April 01, 2019  0 Comment

Can I Apply For a California Tax Payment Plan?
If you cannot afford to pay your California tax liability, you can apply for a monthly payment plan. You must owe less than $25,000 in state income tax and meet other requirements. Taxpayers who cannot afford to make a monthly payment can seek hardship status from the Franchise Tax Board.California taxpayers have several options when it comes to repaying past-due tax debt. If you cannot pay your state taxes, you should work with the state Franchise Tax Board (FTB) to arrange a California tax payment plan, ask for an extension, or make an offer to settle your tax debt. A qualified tax professional can help you explore available options to resolve your California tax issues. Enroll in a Monthly Payment ...

How To Handle a Federal Tax Payment Plan Balance


by Andrea Miller on April 01, 2019  0 Comment

How To Handle a Federal Tax Payment Plan Balance
A federal tax payment plan lets you repay tax debt over time in monthly installments. You can receive automatic approval from the IRS if you owe less than $10,000 and are otherwise in compliance. Taxpayers who cannot afford to pay their Federal payment plan balance must explore other settlement options to avoid collection actions.If you owe the IRS, you're not alone. Making arrangements to pay your taxes can protect you from federal income tax collection actions, up to and including seizing your assets, wages, or property.If your IRS tax bill is more than you can pay at one time, you may be able to set up an IRS payment plan. Your IRS payment plan balance indicates the full amount ...

What Is the IRS Tax Payment Plan Interest Rate?


by Andrea Miller on April 01, 2019  0 Comment

What Is the IRS Tax Payment Plan Interest Rate?
You may be eligible for an installment agreement to pay your federal taxes over time if you cannot afford to pay your full balance. The IRS tax payment plan interest rate is currently 6 percent and is updated each quarter. The only way to avoid accruing interest on your tax balance is to pay in full by April 15 for the previous tax year.If you enter into an installment agreement with the IRS to repay your past-due tax balance, the full amount (including penalties), will be subject to interest. The IRS payment plan interest rate equals the federal short-term rate, which is established by the agency as a minimum interest rate for loans, plus 3 percent, rounded to the nearest ...

How Long Does an IRS Tax Lien Last?


by Andrea Miller on April 01, 2019  0 Comment

How Long Does an IRS Tax Lien Last?
An IRS tax lien lasts for 10 years, or until the statute of limitations on your tax debt expires. You can take other steps to get the lien removed, such as repaying the debt or entering into a payment plan. If you do not resolve your tax debt once you have received a notice of lien, your property could be seized to satisfy your IRS liability.The IRS places a federal tax lien on your property if you do not attempt to resolve unpaid tax debt. The lien is a public record that allows the agency to seize bank accounts, wages, homes, and other assets to settle your balance.How long does an IRS tax lien last? This document automatically ...

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 ...

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 Back Taxes?


by Andrea Miller on March 06, 2019  0 Comment

Can IRS Resolution Services Help You Get Out of Back Taxes?
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, ...