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 […]

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 (Internal Revenue Service), you will receive a notice or letter about seizing your property or property rights. If they are IRS LT11 notice or Letter 1058, it is a serious matter. This indicates that previous attempts to resolve the debt have been ignored or unresolved. At […]

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 […]

Struggling to pay your tax bill? You are not alone. The IRS payment plans ease this burden on taxpayers. However, not everyone qualifies for these plans. The first step is to understand if you are eligible for an IRS installment agreement, and then choose the right plan for your financial situation. Here is a clear […]