Navigating the intricacies of IRS installment agreements can be a challenging task. Many individuals inadvertently make mistakes that can lead to financial consequences. Understanding these pitfalls is important to ensure a smooth and successful resolution with the...
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Steps to take if you have missing IRS refunds
When you realize you have missing tax returns with the IRS, taking prompt action is crucial. Otherwise, you could receive fines, interest and other penalties. Understanding the steps to fix this issue can remove some of the stress from the process. Gather necessary...
The importance of choosing the right tax filing status
Tax season can be a bewildering time for many individuals, as the complexities of the U.S. tax code can seem overwhelming. However, one of the most fundamental decisions you must make when filing your taxes is choosing the right tax filing status. The IRS explains...
Are you responsible for your spouses’ taxes after they pass away?
Losing a loved one brings with it a multitude of emotions and challenges. Among the list of things to navigate during these difficult times is the often complex world of financial matters. One question that may emerge is the responsibility regarding your spouse's...
What currently not collectible means for your taxes
If you owe money to the IRS for taxes, you likely will have to make payments to avoid unpleasant consequences. These negative outcomes include fines, interest charges and perhaps even jail time. In some circumstances, though, the IRS can temporarily suspend your need...
FAQs about IRS penalty abatement
Understanding the details of tax laws can sometimes baffle even the most knowledgeable. One concept that tends to confound many is the Internal Revenue Service penalty abatement. If you owe penalties to the IRS, it could be for a variety of reasons. Perhaps you filed...
How could knowing about errors impact your right to innocent spouse relief?
Innocent spouse relief is an option you may have if your spouse committed tax fraud or made errors when filing a tax return. It is an offer at the federal level managed by the IRS. Not every situation allows you to claim innocent spouse relief. You must qualify, and...
Paying the IRS in installments: an overview
If you believe you might not be able to pay taxes in full or on time, you could have several options available. One of them might be working through a payment plan. There are several potential complications with this approach. Although it is typically less complex...
How does tax debt affect your credit score?
If you are like most Americans, you depend on your credit score. Your credit score controls your ability to borrow money, finance a house, rent an apartment, or purchase a car. If you have tax debt and cannot pay it off in one installment, you may have fears about the...
OIC: What to do when you disagree with the offer
The IRS' Offer in Compromise is a tax settlement agreement offered by the IRS. If you cannot pay your tax bill, you can apply to pay a specified, lower sum that the IRS agrees to. If you feel like you are drowning in tax debt, this is a way that you can get back on...