An IRS tax levy results in the takeover of your bank accounts, property, and even your paycheck if it comes down to it. Unfortunately, the IRS assesses a tax levy without considering the financial implications that led to back taxes in the first place. Explaining your finances to the IRS is the best way to stop […]
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Dead Stop: How Do You Stop an IRS Tax Levy?
The Internal Revenue Service (IRS) has the legal authority to seize your assets and property when you owe back taxes. Unlike other creditors, the IRS can enact its power when it sees fit. Not only can it use whatever power and means it wishes, but it doesn’t need to get a court order to do […]
IRS Tax Relief Options for Seniors
Are you a senior citizen who owes money to the IRS for years of unpaid taxes? With little earned income when you retire, it can be even more difficult to pay your tax debt. The money you currently earn from your social security check and retirement funds can feel like it’s not enough to sustain […]
How Far Can the IRS Go Back to Collect Unpaid Taxes?
Every year, 30 million people end up owing money to the federal government for taxes. If you’re one of those people with unpaid taxes, you might forget about it and let it fall off of your plate. However, it’s unlikely the IRS is going to forget and they could come after you years after you file for […]
What Is an IRS Tax Lien and How Do You Handle It?
What Is an IRS Tax Lien? So what exactly does a federal tax lien entail? The answer is that an IRS tax lien is different for everyone. They can be complicated and often vary in form depending on what your individual situation is. Essentially, an IRS tax lien is the government’s claim against you as a result of […]
What Happens if I Owe Taxes? The Possibilities & What to Do Next
The IRS collects over 3 trillion dollars in taxes from individuals and businesses over the course of any given year. All of this money comes from roughly 245 million filed returns. What happens though if filing your return this year slipped your mind or if you don’t have the money to pay the balance on a return […]
Tax Debt Scams: How to Avoid Becoming a Victim When You Owe the IRS
Tax Debt Scams: How to Avoid Becoming a Victim Tax debt relief scams prey on people who owe money to the IRS. Find out how to avoid becoming a victim here! Are you overwhelmed by your tax debt? Discovering you owe thousands of dollars is terrible – especially if you don’t have the money to […]
The Ultimate Guide to Dealing with Unpaid Back Taxes
If you owe the IRS unpaid back taxes, there are several options for dealing with it. Read on to find out more. If you owe back taxes that you aren’t prepared to pay, you’re not alone. Falling behind on taxes happens to the best of us – in fact, millions of Americans owe the IRS. […]
Understanding the Difference Between an IRS Levy & an IRS Lien
What if a simple misunderstanding brought the IRS to your door? The truth is that plenty of IRS terms are downright confusing. And mistaking some of these concepts could get you in hot water. For instance, many people do not understand the difference between an IRS levy and an IRS lien. And knowing the difference […]
Do You Qualify for Tax Forgiveness? Eligibility Guidelines & Steps to Take Next
For some people, tax season is a scary time. If you get hit with a bill that you can’t pay, not paying at all might seem like the only thing to do. However, if you don’t pay your taxes, the penalties will soon stack up on top of the original debt — and the IRS […]