Before hiding your IRS letter about your $10,000 plus bill or simply paying, you can try to reduce your debt to a more manageable amount. There are several tax relief programs offered by the IRS for which you may qualify that can reduce your debt by a significant amount and may even leave you with […]
Living with federal tax debt leads to stress, fear, and financial difficulty, but you can still enjoy a vacation abroad to get away from it all. However, if a new bill becomes a law, then you may have to put that vacation on hold. A proposal attached to a highway bill aims to allow the […]
Owing more than $10,000 in debt can lead to severe consequences. You may face wage garnishment, levies, or liens, all of which put you into a severe financial crisis. Although the easiest way to get out of it is to simply pay your debt, this is hard for most people owing such a large sum. […]
Every political cycle, a new candidate comes out promising tax reform and changes to the tax code to help them get elected. Most of these candidates never follow through with their promises, or if they do, the bill changes so much in Congress that it barely looks like the original plan. As the 2016 presidential […]
I Just Lost My Job, so I Cannot Pay My Tax Debt. Can I Apply for Currently Not Collectible Status?
Although the IRS has a scary reputation, it actually offers taxpayers several solutions for resolving their tax debt. The IRS tries to work with the taxpayer when possible and understands that at times certain circumstances make […]
Come tax time, everyone hopes to end up with a refund, and for 8 out of 10 taxpayers, the hope turns into reality. However, you are not alone in owing money that you cannot pay. Many of the 20 percent who owe money when they file their taxes struggle to pay their tax […]
Although you will be affected by your spouse’s tax debt, the severity of the impact depends on several factors. You may be fully culpable for helping to pay off the debt, or you may be free and clear of any responsibility. However, some of your assets may be used for collective action, even […]
Although you have plenty of reminders every April to file your federal income tax, it can be easy to forget. Approximately 7 million taxpayers omit to file their return every year, whether on purpose or by accident. If you are one of the roughly 5 percent of the population that failed to file, you may […]
An Offer in Compromise attracts many taxpayers who owe a significant amount of money to the IRS. This tax relief solution allows you to pay the IRS a one-time bulk payment fee that fits within your means, and the IRS forgives the rest of your tax debt. This tax resolution option may be highly sought […]
What happens if you fail to file a tax return this year?
Nothing, at first. Even though it’s a misdemeanor, you won’t get arrested. We don’t have a debtor’s prison here and at least for now, there are no tax police looking to arrest non-filers. But, eventually, bad things will happen, and get worse over […]