Any tax debt, no matter the amount, puts a heavy burden on you. Aware of this, the IRS arranges alternative payment plans to help you settle your tax debts as soon as possible. If you can’t pay part of your tax debt, the IRS offers the IRS Fresh Start Program 2024. In this article, you’ll […]
You’ve finally saved up money to travel to your daughter’s wedding abroad. However, you need to renew your passport. When you were at the application process for renewal, you came across a shocking truth: you have unpaid taxes. Is this an obstacle to renewing your passport? Having tax debt may cause travel restrictions as well […]
Tax planning and preparation is like a puzzle where every piece is a bit of your financial information. If you put these pieces together correctly, you can file your taxes in a stress-free way. Of course, this process isn’t only for big companies, it’s a must-do for everyone. What earnings should you report? What expenses […]
Are you losing sleep over unpaid taxes? You’re not alone. Every year, many taxpayers get in trouble because of back taxes. If you don’t get this situation under control soon, you might get in trouble. Nobody wants to get into hot water with the IRS. However, now, put your worries aside because this guide is […]
The US Internal Revenue Service (IRS) estimates that around 3 percent of eligible taxpayers in the US don’t file tax returns. This amount equals roughly 14 million taxpayers who owe more than $130 billion to the US government. When this failure to pay takes place, the IRS is entitled by federal law to issue a […]
Let’s talk about 401(k) plans. We know it’s a big part of the picture for many Americans because you can save and invest money for your retirement. However, what happens to this money if you run into financial trouble? Can 401(k) be seized or garnished? In this article, we’ll explain whether your 401(k) is safe […]
When you owe a delinquent tax to the IRS, you’ll receive a notice or letter about seizing your property or property rights. If they’re LT11 notice or Letter 1058, it’s a serious matter. That’s indicating that previous attempts to resolve the debt have been ignored or unresolved. At this point, you need to contact the […]
“Will I go to jail for not filing taxes?” is a pressing concern that many citizens cope with, especially when they’ve missed the tax deadline. You may have valid excuses for not paying or filing taxes. Regardless of the reasons, you should take action to avoid penalties and interest. What Happens If You Don’t File […]
We have an exciting announcement. Precision Tax has been honored as the Winner of the Better Business Bureau (BBB) Torch Awards for Ethics. It’s demonstrated our unchanging commitment to integrity, respect, and ethical business practice. At Precision Tax, ethics isn’t just a buzzword; it’s the base of our daily operations. Our team is always attentive […]
Congratulations on starting your own business. As a new business owner, you have many responsibilities, including keeping track of your finances and paying your taxes. This article won’t hire you a bookkeeper, but it will provide a basic overview of how to pay taxes on self-employed income. Why is this important? In a nutshell: you […]

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