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When you owe a large amount of money to either a private debtor or the Internal Revenue Service (IRS), this debt can interfere with your financial stability. If you stop making payments to your debtors, they have the ability to pursue what they are owed by requesting a bank levy. This guide will walk you through the steps of the bank levy process.
Bank levies are extremely common, and issuing one is a method for the IRS and private creditors to recoup money that they have not been paid.
If you're in debt and cannot make timely payments on that debt, then a bank levy is a possible outcome. Here are a the steps of the bank levy process:
Tax debt is a complex issue. If you underpaid on your taxes or failed to file them properly, you may owe money to the IRS or your state or local tax agency. These collectors are diligent in pursuing their debtors. If you fail to address your tax debt, you could face a lien or levy that can result in garnished wages or the loss of major assets like your home. It's important to address tax issues as quickly as possible, which is where a tax relief company like Community Tax can help.
Many potential clients are concerned about a Community Tax tax relief scam. However, this is a legitimate business that's equipped to help you manage your taxes. If you're ...
When you run a business, you probably have a lot on your mind every single day. In addition to making sure that your company is successful, you want to be certain that your employees and customers are happy and you're meeting all legal requirements for your business, including correctly filing your taxes.
Filing taxes can be difficult for even the most experienced business owner, and unless you're a large corporation with a dedicated tax department, it's likely that you'll be handling your business taxes on your own. Fortunately, managing your business taxes isn't as difficult as you might imagine, especially if you keep a few important facts in mind.
Learn how to file business taxes correctly so that you can ...
The Ohio state taxing authority has the ability to place a lien on your property in order to collect back taxes.
Liens appear on your credit report and stay there until the lien has been removed.
If you have a lien on your credit report, it can interfere with your ability to get a loan and your overall financial security.
If you live in Ohio and owe taxes, a tax lien can be filed to collect the outstanding tax debt. Liens were created to give the government the right to claim your property if you don't pay your taxes, When a tax lien is filed, it becomes public record, which means that credit reporting agencies can see it.
Find out ...
Dealing with the IRS can be complicated, which is why the agency offers several resources to assist taxpayers.
You can get information about tax issues directly from the IRS by visiting their website, calling a representative by phone, or mailing a letter.
Taxpayers can also get assistance from paid tax professionals such as tax attorneys and tax resolution specialists.
Tax season is a stressful time, especially if you have a lot of information to sort through. If you're not an expert on taxes, the tax process can be overwhelming, but the IRS is there to help.
If you need guidance completing your tax return, need to check on your refund status, or have questions about another tax issue, you can ...
Wage garnishment is one of the many ways that the IRS can collect back taxes.
Hiring an experienced tax attorney is the most effective solution for ending wage garnishment.
A lawyer can challenge garnishment on several grounds, including that too much money is being garnished.
Being subjected to wage garnishment — a process that allows a creditor to hold a portion of your wages to settle the debts you owe — can be stressful. You may be wondering if you're better off challenging the garnishment on your own, hiring an attorney, or simply enduring.
With many states legally allowing up to 65 percent of take-home pay to be withheld in the case of wage garnishment, a lawyer may be the ...
Wage garnishment occurs when the IRS automatically takes money from your paycheck to collect back taxes.
The IRS provides a wage garnishment calculator to determine the correct amount of wages to be withheld from an employee's paycheck.
The IRS can take as much as 70% of your wages until your debt has been repaid.
Each year, the IRS mails millions of wage garnishment notices and collects millions of dollars in back taxes. Wage garnishment is a way for the IRS to collect the back taxes you owe by withholding a specific amount from your wages.
Many other types of creditors can use wage garnishment to collect a debt owed to them, but IRS wage garnishment doesn't follow the same regulations ...
When you hire a tax resolution specialist, you may need to pay a variety of fees.
While some specialists charge a flat rate, others charge fees based on the services they perform.
Fees for businesses tend to be higher than fees for individual taxpayers.
If you have tax debt and need to hire a tax professional to help, you may be wondering how much your tax resolution is going to cost you. The quotes from different firms can vary widely, so it's important to know what to expect.
Before you hire a tax resolution firm to provide tax relief services, take a look at your tax resolution options and their requirements.
Tax Transcript and Compliance Check
In many cases, a ...
A tax resolution specialist is a professional that helps taxpayers deal with problems with the IRS.
You can hire a tax resolution specialist for almost any issue, including audits, levies, and liens.
When hiring a tax resolution specialist, you should look for a professional with experience, fair pricing, and the right certifications.
If you find yourself in tax trouble, you're not alone. According to the IRS, one out of every 15 taxpayers has a tax problem of some kind, which can be a time-consuming and intimidating experience.
While taxpayers are free to represent themselves before the IRS regarding their tax problems, this isn't always the best course of action. The IRS tends to be inflexible in dealing with people who ...
If you own a business, you may benefit from tax-deductible expenses that will lower your tax liability. While some tax-deductible expenses are common and obvious, you may be unaware of others.
What Are Tax-Deductible Expenses?
The Internal Revenue Service (IRS) defines tax-deductible business expenses as “ordinary, necessary, and reasonable” expenses needed to earn your business income. These expenses are subtracted from your business income before they're subjected to taxation, in turn giving you a lower tax liability.
“Ordinary, necessary, and reasonable” expenses are any expenses that are considered helpful and appropriate for conducting business, according to Section 162 of the Internal Revenue Code. These may include:
General and administrative expenses
Travel and Entertainment
Many of your ...
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