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Can the IRS Shut Down My Business?


by Shannon McKee on January 11, 2019  0 Comment

Can the IRS Shut Down My Business?
Falling behind on your business taxes can result in the IRS taking steps against your business to recoup the money you owe. The IRS has to follow the rules and protocols in place that can protect your business from being shut down outright. Working with the IRS to solve your business tax debt is in your company's best interests in preventing the forfeiture of your business assets or having to shutter your business. As a business owner, you've put significant resources into your business with long hours and personal sacrifices. The question of whether the IRS can shut down your business can be one that may make you worry that all you've worked for could come to an end. Some circumstances ...

How to Remove a Tax Lien Notice From Your Credit Report


by Shannon McKee on January 10, 2019  0 Comment

How to Remove a Tax Lien Notice From Your Credit Report
An IRS tax lien notice can be removed from your credit report before the full seven years has elapsed. Your IRS tax lien notice is eligible for removal if there was a mistake on the paperwork, you are working on your payments, or you can prove that having it removed will make it easier for you to pay them the money back. There is a set process in place that you can follow to have your tax lien notice removed from your credit report.   When you finally pay off an outstanding debt, that debt should be removed from your credit report, right? You made the payment, and it's no longer something you owe, but the negative debt remains on ...

Tax Debt Relief: Real Help or Only a Scam


by Shannon McKee on January 10, 2019  0 Comment

Tax Debt Relief: Real Help or Only a Scam
Not all of the services available to people with tax debt are created equal as some companies are only interested in the check you write them. When researching tax debt relief services look for red flags that a company may be looking to scam you out of your money. A real tax debt relief service will offer an honest assessment and documentation on helping you with your tax situation.  Imagine the realization that a mistake occurred on your taxes, and you owe the IRS money. You go through your options and turn to a tax debt relief service. Then, you later find out that the company you thought was going to help you turn your tax debt around is an ...

Do You Need U.S. Tax Court Representation?


by Shannon McKee on January 03, 2019  0 Comment

Do You Need U.S. Tax Court Representation?
While you can represent yourself in Tax Court, it can be beneficial to use a Tax Court representative in this process. An attorney or other tax professional can represent you if they have been admitted to practice with the Tax Court. Your experience with Tax Court often starts by filing a petition to negotiate with the IRS regarding your tax debt.  Few situations are as worrisome as dealing with Tax Court. The rules and regulations that make up our tax code are complex, and representing yourself in Tax Court can be difficult to do on your own. The good news is that while you're able to handle your case yourself, you have the option to hire a tax attorney to ...

Understanding Nontax Federal Debt and Its Implications


by Shannon McKee on December 19, 2018  0 Comment

Understanding Nontax Federal Debt and Its Implications
The IRS can reduce the amount of money that comes to you in your income tax return refund check if you have other types of federal debt. Nontax federal debt includes money owed to other governmental agencies for debts such as unemployment overpayments, back child support, or late student loan payments. The Financial Management Service will send you a letter if your refund check will be garnished to pay toward your outstanding nontax federal debt. For many people, the reward for going through the motions of filing your federal taxes for the previous year is a tax return refund check. This money is often seen as a bonus that many utilize for big purchases, like a down payment on a new car, or ...

Handling Tax Debt in Your Divorce


by Shannon McKee on December 02, 2018  0 Comment

Handling Tax Debt in Your Divorce
Tax debt is considered part of your marital assets and liabilities during a divorce. The state you live in will determine how your marital assets and debts are split among the two parties going through the divorce. You may have to file this current year's taxes with your future ex if your divorce isn't finalized before the year is up. The end of a marriage can be a sensitive situation to handle. When a couple separates, they have decisions that have to be made, such as custody of children. The property gathered over the time of the marriage has to be divided between the spouses. All of the debt that a couple has together is also required to be divided ...

Credit Cards and Tax Forms: Understanding Deductions and Taxation


by Shannon McKee on November 28, 2018  0 Comment

Credit Cards and Tax Forms: Understanding Deductions and Taxation
When you think about your credit cards, you probably don't think about taxes. However, there can be some tax implications when it comes to your credit cards. For some of us, the way that we use our credit cards could add to the amount that we're able to deduct from your tax return. For others, credit cards may increase your yearly income and cause a tax debt. You may not realize this fact until you receive a tax form for your credit card in the mail. Interest and Deductions There are some interest deductions that you're able to take off of your taxes. Interest on your mortgage, student loans, and similar debts may be written off depending on if it's ...

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