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Dawn Allot is a full-time freelance writer and content marketing expert specializing in finance, real estate, and technology. In addition to her work at Solvable.com, Dawn regularly writes for The Motley Fool’s Millionacres website, LoopNet, and Bankrate.
With more than 20 years editorial experience, her work has appeared on prestigious sites that include Forbes, LendingTree, Money.com, and the award-winning Chase News & Stories website. A former trade magazine editor, Dawn specializes in taking complex topics like taxes and technology and simplifying them for today’s internet readers. She lives on Long Island with her husband, two kids, two cats, and two lizards.
If you have a complex tax return, many deductions, or receive 1099s forms as an independent contractor, you may want to enlist the help of a tax prep company for filing your taxes.
Companies like H&R Block, Liberty Tax Service, Jackson Hewitt, and PWC offer tax prep services for anyone. We researched tax prep services to compare their offerings. Keep reading to see our reviews of the top four tax prep services in the U.S.
Choosing the Best Tax Prep Companies: The Solvable Process
We evaluated consumer reviews, the services offered, the companies’ overall reputation, certifications and education required for the tax preparers, pricing, availability, special programs like rapid refund services, and each company’s longevity to compare the top tax ...
Case study reports are not necessarily representative of typical results that consumers may achieve. Individual results vary based on circumstances. Please read the important disclaimer at the end of this document.
Making the right phone call turned Nick’s life and finances around
“You’ve gotta help me! “They’re threatening to take my whole paycheck! I’m a truck driver and I can’t afford to pay them all that money right now!”
With these words – and one very smart phone call – Nick set himself on a path that would preserve his livelihood and settle his tax debt.
It was the evening of March 14, 2014. A night Nick will remember forever. He shut his P.O. box, hands trembling with anger and ...
An LT11 form is a final warning from the IRS that they can issue a levy against your assets and file a Notice of Federal Tax Lien against your property if you don’t pay your tax debt.
Chances are, you’ve received several IRS notices before the LT11 notice lands in your hands.
If you cannot pay your delinquent tax debt, do not ignore the notices; contact a tax professional to assist you with tax debt relief.
Unpaid tax debt is no joke and it’s not something you want to ignore. If you don’t respond to the IRS by paying your tax bill or calling to negotiate a payment plan when you receive your first tax bills for unpaid taxes, the ...
If you miss a payment on your IRS installment agreement, you’ll receive form CP523 – Intent to Levy & Intent to Terminate Your Installment agreement.
It’s important to address this notice by making a payment by the deadline printed on the letter, usually within 30 days from when you received the letter.
If you can’t make the payment, contact the IRS. You may be able to negotiate to have your installment agreement reinstated to avoid further collections action.
The IRS often provides installment agreements or payment plans for taxpayers in arrears. You can pay off your tax debt in manageable monthly payments, based on your income and expenses.
But sometimes, financial difficulties arise and you can’t make the monthly payment ...
A CP501 Standard IRS Bill is the first notice of unpaid tax debt.
It's essential to pay your bill by the due date listed on the CP501, otherwise your tax debt will continue accruing interest and penalties and you’ll receive a CP502 Balance Due Reminder.
If you can’t afford to pay your bill by the due date, contact a tax professional to help you negotiate a viable payment plan with the IRS.
If you have a federal tax bill you have forgotten to pay, you owe taxes that you can’t afford to pay, or you have unpaid federal taxes for any reason, you may receive a CP501 – Standard IRS Bill (1st Notice). The IRS usually sends these bills ...
The IRS has a specific process if they are trying to collect unpaid tax debt from business owners or individual taxpayers. The CP504 – Intent to Levy State Tax Refund or Other Property should be the fourth notice you receive regarding delinquent taxes.
Before you receive a CP504 notice, the IRS will send a:
CP501 – IRS Standard Tax Bill (First Notice)
CP502 – Balance Due Reminder Notice
CP503 – Second Reminder About Unpaid Taxes
The IRS delivers all correspondence via registered mail with a signature required.
If you somehow missed all these notices, decided to ignore them, or just don’t have the money to pay your tax debt and are now in a panic, don’t worry. Yes, a CP504 ...
If you have unpaid federal taxes and you did not respond to IRS form CP501, your first notice about past due taxes, you will receive CP503 – Second Reminder About Unpaid Taxes.
To avoid further IRS action, you should take care of the CP503 within 10 days.
If you can’t pay your delinquent taxes, consider consulting a tax professional to negotiate a payment plan or reduce your tax debt.
What is IRS Form CP503?
If you receive a CP503 – Second Reminder About Unpaid Taxes from the IRS, it’s imperative you address the tax bill immediately.
A CP503 is a letter the IRS sends via certified mail to inform you that you have an unpaid tax debt. The year from ...
You could receive IRS Form LT16 if you have unpaid tax debt and also failed to file your tax returns on time.
You have just 10 days to respond to an LT16 notice.
Consider seeking help from a tax expert if you are missing tax returns and also owe back taxes to the IRS.
The IRS will send you Form LT16 if you have overdue taxes and are also missing tax returns from recent years. Receiving a form LT16 almost always requires a call to the IRS to straighten out the situation.
Unlike many IRS collections notices, IRS Form LT16 – Your Account Has Been Marked for Enforcement Action, comes with a very short deadline. Instead of the usual 30 ...
If you work full time as a W-2 employee and file your taxes by April 15 every year as you’re supposed to, you probably never expect any trouble from the IRS.
You pay your tax bill on time. Or maybe you even get a refund. Statistics say nearly 70 % of Americans did in 2019.
Just like one Arizona resident, Guy.
Guy had always gotten a modest tax refund. As a single male, he declared 0 dependents on his W-4 so the IRS would take out the maximum withholding taxes. “When my friends asked why I don’t declare '1' to take home more of my paycheck, I told them I didn’t want to owe at the end of the year,” ...
A CP2000 Notice of Proposed Adjustment for Underpayment does not automatically mean you are in trouble with the IRS.
If you receive a CP2000, your tax returns may not match the income information reported on your W-2 and 1099 forms.
CP2000 forms are also called under-reporter inquiries. The IRS is asking you to verify that you reported your income and deductions accurately.
What Is an IRS CP2000 Letter?
An IRS CP2000 notice is a form automatically generated by the IRS if it seems that the income you reported on your federal tax return doesn't match the income reported on W-2 and 1099 forms issued by third parties, including employers and organizations you did business with.
When you are a W-2 ...
Solvable is a for-profit company that helps customers resolve their tax problems, but a free service for consumers. Partners cannot pay us to guarantee favorable editorial reviews or ratings. We do not publish favorable (or unfavorable) editorial reviews or assessments at the direction of an advertiser or partner. We always work to put consumers first and do our best to provide value in meaningful ways, but our reviews are subjective.
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Solvable is compensated by some of the companies seen on our website. Most often, Solvable receives fees when one of our readers clicks, fills out a form, applies for, or receives a financial product from one of our partners. We also earn fees for capturing consumer stories and writing about them, displaying advertising, having our partners sponsor certain parts of the site, and writing content that may be relevant to our partner and their audience. This compensation may impact where products appear on this site, including article pages, comparison listings, the order in which they appear or if they will even appear on a given page, and our matching recommendations. Solvable has not written about, reviewed, or rated all financial products available to consumers.
In addition, we may be compensated in the following ways:
Referrals to consumers who use the online form or locator line that may provide expert answers to questions;
Marketing tax resolution, tax preparation, tax audit help and general tax assistance.
Referrals to services that help consumers with tax resolution, tax preparation, tax audit help and other tax issues.
We do recommend that you shop around and compare services and costs with other companies while performing your own due diligence, especially since people’s experiences with companies can change over time.
Free Solvable Services
The offers that you are matched up with are from companies or attorneys/law firms that we may receive compensation from. Based on our initial review of such companies or individuals, we feel comfortable introducing them to our readers. We won’t recommend something just because we’re offered payment to endorse or promote it. However, we do recommend that you shop around and compare services and costs with other companies while performing you own due diligence, especially since people’s experiences with companies can change over time.
We are not attorneys and we don’t provide legal advice. As always, we encourage you to do your homework and check out individuals and companies before you hire them. If you are already working with an attorney, we urge you to ask them your questions. After all, they will be familiar with your situation and the laws in your state.
We hope that you find Solvable helpful in your efforts to get a fresh start.
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Potential savings may vary based on the interest rates, balances and remaining repayment term of the loans you are seeking to refinance. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Variable rate options will fluctuate over the term of your loan with changes in the LIBOR (or other index utilized by the lender) rate, and will vary based on applicable terms and presence of a cosigner. Fixed interest rates may be based on applicable terms and presence of a co-signer. Additional terms and conditions, and rates are subject to change at any time without notice and may not be available in all states or for all types of current student loans. Such changes should only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Lenders are required to provide every potential borrower with disclosure information before they apply for a private student loan. The Lender you select is required to provide you with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan. solvable is not a lender or creditor, it does not offer, extend or alter credit terms. Only participating lenders can perform the full application and deliver the required disclosures, please ask your lender about rates, terms, fees, and potential discounts that may be available for each product.
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Certain consolidation/refinance plans may result in higher monthly payments or negative consequences (i.e. prepayment penalties).
Consolidation/refinance may lead to other negative results, such as loss of grace periods.
Loans in default generally cannot be consolidated until completion of a repayment trial plan so tell your lender if you are in default and determine relevant options (be wary of those asking for upfront fees as well)
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