February 2024

Taxes can be complex and overwhelming. When back tax debt comes into the picture, things can get a bit more complicated and stressful. If you fail to pay your back taxes, two terms often surface: “lien” and “levy.” These terms have specific meanings and consequences in the realm of taxation, and understanding the differences is…

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Facing an IRS audit is a daunting experience. The idea of having your financial records scrutinized by the most feared collection agency, the IRS, can shake anyone to their core. The cost in both time and money can seem never-ending. Understanding the top reasons taxpayers get audited by the IRS can help you avoid common…

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Taxation, while a civic duty that keeps our country running, can sometimes become a hefty burden for individuals and businesses, especially during challenging economic times. Fortunately, the tax code provides several forms of tax relief to help people who might find themselves unable to pay the IRS. Understanding the different forms of tax relief and…

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When filing your taxes, one misstep and you might find yourself facing tax penalties and interest that can quickly accumulate, adding strain to your financial situation. This article aims to demystify tax penalties, how they accumulate, and ways to minimize or avoid them. One thing to note is that the IRS charges interest (currently at…

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Tax filing season is a source of stress for just about everyone. That extra stress and uncertainty ramps up and up, and you never know if you must write a check to the IRS. You also do not know which threats will loom, and that lack of knowledge could put you at real risk. Tax…

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As the shift from traditional employment to self-employment and business ownership continues, many workers are finding themselves in a brand new situation. The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand new small business owners. The audit rate for ordinary individual…

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Neglecting to pay your taxes can lead to serious consequences, and one of the most severe repercussions is the federal government filing a legal claim against all your current and future property through a federal tax lien. In this article, we’ll break down what a federal tax lien is and provide guidance on what steps…

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Dealing with tax debt can be incredibly intimidating. It’s natural to feel overwhelmed and powerless in such a situation, but it’s important not to let fear and helplessness paralyze you. Every day you delay taking action, interest and penalties continue to accumulate, potentially causing your liabilities to skyrocket and wreak havoc on your financial stability.…

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Proper tax planning is a crucial aspect of financial management that should be addressed throughout the year. Waiting until April to assess your tax liability is a risky move. To ensure you keep more money in your pocket, it’s essential to be aware of factors that can unexpectedly raise your taxes. Today we will explore…

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Filing your tax return accurately is crucial to avoid unnecessary tax troubles. However, it’s not uncommon to discover errors or overlooked information after you’ve already filed. Fortunately, the Internal Revenue Service (IRS) allows taxpayers to amend their returns using Form 1040X. In this blog post, we’ll explore how amended tax returns work, the importance of…

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