Tag: tax debt help

How Your Tax Rate is Determined

IRS Tax Debt Help! [adsenseyu1] Could you be a 15-percenter? A look at factors that determines your tax rate It seems everyone is talking about the huge disparity between the tax rates that the rich pay as opposed to the rest of us.   Why is it that many, if not most of the wealthy people pay not much more than 15%   while the rest of us pay upwards of sometimes 35%.   Are there ways to reduce your taxes…

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The 5 Ways to Settle Your Tax Debt Problem

IRS Tax Debt Help Know that if you are dealing with an IRS tax debt can be a very stressful problem. I have had many clients over the years where it has just been too much to actually deal with it. Here is one case study. "Jim from Las Vegas:   I owe the IRS about $35,000 for the last five years of my tax returns. The returns are already filed, but I am considering amending the return to take advantage of more tax…

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IRS Tax Debt Help – Why You Must File Your Tax Returns

[adsenseyu1] IRS Tax Debt Help IRS Tax Debt Help Most people know the IRS adds penalties and interest to their tax debt. What they don't know is that penalties and interest can be almost 50%. Don't believe me? That's because when you hear "penalties and interest" your mind thinks well how bad can the interest rate be? The interest rate itself isn't that awful although the IRS compounds the interest rate daily at a variable interest rate. BUT, it's the penalties that are brutal. In addition to the…

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Completing Form 656 – Offer in Compromise

Dealing with a tax debt problem can be a nightmare. Yes it can be a lot of work but if you are diligent and put in the work there is a light at the end of the tunnel. If you are going through the ordeal of trying to deal with your tax debt problem by your self, this is a video of how to complete an Offer in Compromise application Form. These forms will lead you through a series of…

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Stop IRS Levy Tips: 3 Quick Ways

  stop irs levy   Meant to get your attention, an IRS levy is an aggressive action by the IRS. It is a legal seizure of your property to satisfy a tax debt. The IRS can levy your bank account, your wages and virtually any third party account or personal assets. Wage levies and bank levies are the most common type of levy that the IRS will issue. Typically three requirements must be met before the IRS can levy: 1. The IRS sends…

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Lost Your Home to Foreclosure? You May Owe The IRS Money!

Getting a tax bill after you have gone through a foreclosure is like pouring salt on the wound. You've lost your home and you probably don't have much money so why would you owe the IRS anything? Here's why: The IRS treats forgiveness of debt as taxable income. For example, if you owe $300,000 on a home, it goes into foreclosure and the bank sells it for $200,000 and writes-off the rest of the loan, under the tax code the…

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Understand, Then Stop IRS Levy Action

  stop irs levy   An IRS levy is a lawful seizure of your property by the IRS to satisfy a tax liability. It generally comes as either a bank levy or wage levy. Knowledge of which sort of levy is in effect is the first step in moving towards releasing it.   STEP #1 -  Take a look at the Notice the IRS has sent.   The IRS sends the following types of notices before they issue a levy.   CP501 – This is a Reminder…

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Tax Debt Problems – IRS Tormenting Taxpayers Who Are Struggling

IRS Tax Debt Help: Do you feel that the IRS is actually targeting you because of your tax debt problems? Your not alone. The IRS has really stepped up it's collection practices this year and it will only continue to get worse.  Nina E. Olsen is the national taxpayer advocate and says that the IRS is increasingly using what she calls, "hard-core" tactics.   This is creating needles misery for taxpayers. IRS Tormenting Struggling Taxpayers Originally posted in Politico |…

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IRS Tax Debt Help – Expert Tax Preparation Services

IRS Tax Debt Help.  Here's why I always have professionals prepare and file my tax returns.  As a self employed individual, I have to think about taxes throughout the year. From keeping meticulous business records and receipts to making predicted payments to Uncle Sam every quarter, it appears that I am almost always doing something related to my taxes. While I don't mind handling this day-to-day documentation, there's no way that I could prepare my very own returns correctly. The rare…

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IRS Tax Debt Help – Attempt A Penalty Abatement And IRS Assist If You Want To Eradicate Penalties

Here is good information from IRS Tax Debt Help.  Try a Penalty Abatement and IRS Tax Help If You Want to Eradicate Tax Penalties In the instance that you are struggling with penalties from the IRS simply because you fell behind on your taxes, you are not the only one. You occur to be amongst 100's of taxpayers who might have the same precise predicament. Do you know if the IRS sticks you with penalties you've got recourse? One particular such…

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