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 […]
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 […]
Do you know that your tax debt has a statute of limitations? Every tax assessment has an expiration date. That is, the debt is completely erased after a certain time. What is CSED? How can you benefit from it? How can you calculate a statute of limitations? What conditions extend the 10-year collection period? All […]
Taxes can be a burden, especially for people with low and moderate incomes. However, the IRS always provides a solution to ease your financial stress. In this article, we’ll talk about tax relief programs offered by the IRS. What is IRS Tax Relief? Many US citizens may be unable to pay their taxes for various […]
You can’t pay your tax. And even you have interest penalties. The IRS payment plans provide options to ease this burden on taxpayers. However, IRS installment agreement isn’t for everyone. First, check if you’re eligible for an IRS tax installment plan, and then find the right IRS installment plan for your financial situation. What happens […]

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