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Taxpayers who are dealing with tax debt often seek assistance from a professional, such as an enrolled agent (EA). By working with an EA, you may be able to lower your tax burden so you can clear your debt and get back to enjoying your life.
Enrolled agents have the option to join professional organizations at the state level and the National Association of Enrolled Agents (NAEA). Learn more about the purpose of the NAEA and find out why working with an enrolled agent may be your best choice if you're struggling with tax debt.
What is an Enrolled Agent?
Before learning more about the NAEA, it's a good idea to learn more about who enrolled agents are and what ...
Omni Financial is one of the leading tax debt relief companies in the nation.
They offer services to both individuals and businesses, and they work to settle tax debt in several ways.
While they can help with most tax problems, they don't have any lawyers on staff.
Many people who find themselves dealing with tax indebtedness turn to a debt relief company for help. Debt relief companies can work with the IRS on your behalf and help you to clear your obligation once and for all. If you've been thinking about hiring a debt relief company to help you with your tax burden, it's important to research these companies so that you choose the one that's right for you.
Getting a car loan while you're under a tax lien is difficult, but not impossible.
While dealing with a tax lien, any car loan that you're approved for will usually require a large down payment and carry high interest rates.
Clearing a tax lien before applying for a car loan is usually the best idea if you want the best loan terms possible.
When the IRS places a tax lien, it can interfere with your financial standing in several ways, including lowering your credit score.
If you're currently dealing with a lien, you might have a variety of questions, including whether or not you can get a car loan while your lien is still in place.
Luckily, it may be ...
Subordination is one solution for dealing with a federal tax lien.
With subordination, the IRS lowers its priority on your property, which can let you get a new loan so that you can pay your debt.
Subordination does not remove a federal tax lien, but it may give you the ability to pay your debt.
If you've been in debt to the Internal Revenue Service for quite some time and haven't made any effort to pay your back taxes, the agency has several methods it can use to get what it's owed, including placing a tax lien on your property. When the IRS places a tax lien, they are staking a claim against your property in order to recover your ...
A Virginia offer in compromise is one solution for settling your debt for a smaller amount than your actual tax burden.
Before accepting an offer in compromise, the IRS examines your finances to make sure they cannot collect the full amount that you owe.
Offers in compromise are the best option for taxpayers who do not have the money to enter into an installment agreement without creating a financial hardship.
Getting out of tax debt can seem impossible, especially if you owe the Internal Revenue Service a large amount of money. Fortunately, there are several different ways that you can pay off your tax debt, including something known as an offer in compromise.
Essentially, an offer in compromise is a ...
Tax relief can either mean lowering your tax burden or finding a way to pay back your tax debt.
Deductions, credits, and exclusions are three of the most common forms of tax relief for lowering your burden.
Tax relief options to help you pay back your debt include installment agreements and offers in compromise.
One of the reasons that so many people find taxes confusing is that some terms used to discuss taxes aren't immediately clear. For instance, when you see the term tax relief, it could mean one of two things: finding ways to lower your tax burden or solutions meant to help you pay off existing tax debt. If you're currently dealing with tax debt, or you simply ...
The IRS can garnish your wages if you fail to pay your back taxes in a timely manner.
Although a certain portion of your income is exempt from garnishment, a substantial amount can be seized.
You can stop wage garnishment in several ways, such as by requesting an installment agreement from the IRS.
When you owe back taxes and haven't made any steps to pay off your debt, the IRS has several methods it can use to collect the debt, including wage garnishment. IRS wage garnishment means that the agency will take a certain portion of your paychecks until your back taxes have been paid in full. If you want to avoid having your wages garnished, it's important to learn ...
Tax liens issued by the IRS may eventually appear on your credit report and can damage your credit score.
If a tax lien appears on your credit report, it will remain until you've paid your back taxes and made a request for the lien to be withdrawn.
After a lien is released, you can file a dispute with the three major credit bureaus to clear the lien from your credit report.
If you owe money to the IRS and haven't made any efforts to pay your back taxes, you could possibly face a tax lien. Essentially, a tax lien gives the U.S. government the right to seize your personal property to cover your debts. The government can seize the assets ...
The IRS provides several forms of tax relief for deserving Americans who are struggling with tax debt.
Some of the most common forms of tax relief include installment plans and an offer in compromise.
Taxpayers who are not able to pay their taxes or their living expenses can defer collection by requesting a Currently Not Collectible status.
Dealing with tax debt brings its share of stress. When you owe money to the IRS, paying back what you owe and getting your finances back in order may seem impossible. Fortunately, with several available options for tax relief for deserving Americans, you may finally be able to get out from under tax debt and get back to enjoying your life. We'll explore ...
For those with significant debt problems, a debt management plan from a credit counseling agency can be a useful option for improving finances and becoming debt free.
However, choosing a poorly run or unprofessional credit counseling agency for a debt management plan can be detrimental to your financial future and credit goals.
Find out more about how to consolidate accounts using a debt management plan and how to choose the right agency for your needs.
What Is a Debt Management Plan?
A debt management plan consists of a payment schedule for you to use to pay off your debts. You agree to deposit funds with your credit counseling agency each month, which they use to pay your creditors. When you've ...