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IRS Tax Attorney: When and Why to Hire a Tax Lawyer


by Anna Kuehl on December 06, 2019  0 Comment

IRS Tax Attorney: When and Why to Hire a Tax Lawyer
If you're struggling with tax matters like outstanding bills, IRS liens, or wage garnishments, it's easy to feel like you're drowning as the tax debt issues continue to pile up. However, it's important to remember that you aren't alone. Hundreds of thousands of taxpayers deal with serious tax debt issues every year, from overdue returns to tax levies on their property. Fortunately, there could be a straightforward solution to your problem. Tax attorneys have the knowledge and experience to assist with everything from appealing IRS audit decisions to negotiating tax settlements and navigating tax forgiveness programs. Not sure if a tax attorney is what you need? We'll walk you through the basics of what a tax lawyer does and how ...

All About Income-Based Repayment Plans for Student Loans


by Anna Kuehl on April 02, 2019  0 Comment

All About Income-Based Repayment Plans for Student Loans
Whether you have one student loan or many, you may be able to take advantage of an income-driven repayment plan for loan management. Income-based repayment plans offer some of the best options for borrowers with relatively low incomes, but these plans aren't for everyone. Find out which borrowers and which loans are eligible for income-based repayment plans and learn how these plans compare with income-driven repayment plans for student loans. What Are Income-Based Repayment Plans for Student Loans? An income-based repayment plan, or IBR for student loans, is one of the many options that the U.S. Department of Education offers. This federal student loan repayment program is designed to make your loans easier for you to pay off. Since the ...

Filing Bankruptcy and IRS Debt


by Anna Kuehl on April 02, 2019  0 Comment

Filing Bankruptcy and IRS Debt
Dealing with tax-related debt from the Internal Revenue Service (IRS) can feel overwhelming, especially if you're struggling financially and you're on the verge of declaring bankruptcy. If you're wondering, “Does bankruptcy get rid of tax debt?” it's important to know when taking this step is a smart option and how bankruptcy can affect both your IRS debts and your overall financial situation. Find out whether filing for bankruptcy is the right choice for you and learn the appropriate steps to deal with IRS debt. When Does Bankruptcy Eliminate IRS Debt? As a general rule, you can't depend on bankruptcy to clear IRS debt, but it may offer some form of debt relief for back taxes. First, you'll want to familiarize ...

How Does Debt Relief Work?


by Anna Kuehl on April 02, 2019  0 Comment

How Does Debt Relief Work?
If you're dealing with outstanding debt, you aren't alone. Many people struggle to manage debt, and in some cases, late payments and overdue bills can lead to owing even more. Fortunately, debt relief programs can help you put that stack of bills behind you and take back control of your finances. If you're wondering, “How does debt relief work?” this article has all the information you need to get started. Find out what your options are for credit card debt relief, how to access the most effective resources, and how long debt relief can take. Know When to Seek Debt Relief Help When you first realize that you're in debt, you might be tempted to resolve it on your own. ...

What is the IRS Penalty Abatement Form?


by Anna Kuehl on February 27, 2019  0 Comment

What is the IRS Penalty Abatement Form?
You could be eligible for one of three types of tax penalty relief: first-time abatement, reasonable cause, or statutory exception. You can use IRS penalty abatement Form 843 to request most types of relief. You may be able to appeal a penalty abatement denial if necessary. Filing your tax returns is rarely easy, and receiving one of over 150 possible Internal Revenue Service (IRS) penalties makes the process even harder and more expensive. Fortunately, receiving a penalty notice doesn't necessarily mean the IRS has made a final decision. In many cases, you can apply for relief from steep fines through penalty abatement. Learn what the IRS penalty abatement form is and find out when and how to use it to ...

What Happens if You Get Audited by the IRS?


by Anna Kuehl on February 05, 2019  0 Comment

What Happens if You Get Audited by the IRS?
You can complete most audits by mail, but some require in-person interviews. An IRS tax audit can involve several years of tax returns. Ignoring an IRS audit can lead to substantial charges and penalties. If the idea of getting audited by the Internal Revenue Service (IRS) makes your heart race or your brow sweat, you might be surprised to learn that this process isn't usually as scary as it seems. You can respond to the majority of IRS audits by answering a few simple, straightforward questions. Find out what happens if you get audited by the IRS and how to make the process go as smoothly as possible. You May Have Been Randomly Selected When you receive an audit notice ...

IRS Audit Penalties: What They Are and How Much Do They Cost


by Anna Kuehl on January 29, 2019  0 Comment

IRS Audit Penalties: What They Are and How Much Do They Cost
As an individual or business taxpayer, you could receive up to 150 different penalties after an IRS audit. The most common IRS audit penalties relate to errors on your tax returns, failure to file your return, and not paying your taxes. While most cases result in civil penalties, others can result in criminal charges, substantial fines, and prison sentences.   If you're one of the many individual or business taxpayers that the Internal Revenue Service (IRS) audits every year, there's a good chance that you'll end up with an even bigger tax bill. Since the IRS can levy over 150 different penalties, most audits result in penalties, no matter how carefully you completed your tax return. Before you start worrying ...

Do Banks Report Check Deposits to the IRS?


by Anna Kuehl on January 29, 2019  0 Comment

Do Banks Report Check Deposits to the IRS?
Financial institutions have to report large deposits and suspicious transactions to the IRS. Your bank will usually inform you in advance of submitting Form 8300 or filing a report with the IRS. The Currency and Foreign Transactions Reporting Act helps prevent money laundering and tax evasion.   When you're filing your tax return, you want to make sure it's as complete and accurate as possible to avoid Internal Revenue Service (IRS) audits and penalties. If what you report on your tax return doesn't match your bank's records, however, you might be concerned about raising red flags or triggering an audit. Find out when and why banks report deposits to the IRS and learn what types of transactions could put you ...

How to Check Your IRS Tax Balance and Pay Back Taxes


by Anna Kuehl on January 29, 2019  0 Comment

How to Check Your IRS Tax Balance and Pay Back Taxes
You can check your IRS tax balance online, over the phone, or by mail. You'll need to call or log in for the most up-to-date balance information. You can pay the amount due immediately or request a payment plan.   Whether you suspect that you owe the Internal Revenue Service (IRS) a payment or you aren't sure how to pay past-due tax bills, it's important to address your IRS tax balance before it gets out of hand. Find out how to check what you owe and learn how to pay your IRS tax balance. How to Check Your IRS Tax Balance If you misplaced your tax bill and can't remember what you owe or if you want to access an ...

Should I Get a Loan to Pay Back Taxes to the IRS?


by Anna Kuehl on January 10, 2018  0 Comment

Should I Get a Loan to Pay Back Taxes to the IRS?
Finding out that you owe back taxes to the Internal Revenue Service (IRS) isn't unusual, as it's increasingly complicated to file even a basic tax return Getting a bill for back taxes is never pleasant, however, because you'll typically have to pay quickly without having much time to assess your options fully. If you can't afford to pay your bill, your first thought might be, “Should I get a loan to pay back taxes?” Find out whether you should take out a loan to pay IRS debt and learn more about alternative options for handling back taxes. Image via Flickr by 401(K) 2013 Why You Should Get a Loan to Pay Back Taxes to the IRS Getting a loan to ...

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