The ultimate goal of an Offer in Compromise or an OIC, is the settlement and eradication your tax debt. In this process, both parties, the taxpayer and the IRS, attempt to reach a mutually beneficial agreement. Applications for OIC are entertained so that taxpayers are given the chance to pay their debts at a lesser […]
Invincible? The IRS extends special treatment to no one. Famous movie star Wesley Snipes was charged with Failure to File Tax Returns from 1999 through 2004. Did he get away with it? No! Even with his fancy expensive lawyers, Wesley Snipes received the maximum penalty for not filing his tax returns – 3 years. Singing […]
Silent Strike: Like a skilled assassin- a Bank Levy strikes without notice. One day your debit card will be working fine, the next day your card will be declined while you’re buying your groceries. The IRS Bank Levy can be devastating and makes normal day to day living impossible. Letter after Letter: If you’re reading […]
A number of people are generally rather afraid of a tax audit. Those who have undergone an audit have circulated horror stories, which many of them are true – no matter how outrageous and terrible they may seem. Both individual tax payers and businesses or companies can be audited at any point by the Internal […]
Times are tough. Our economy seems to be hanging in there, but finances are certainly not as glorious as they were a decade ago! When every bit counts, it can be tough to see most of your income heading to the government. It takes courage to be a contractor and not rely on a steady […]
The tax codes differentiates between 4 types of real property: 1. Primary resident – This will be your principal resident, place where you actually live for most of the year. 2. Secondary home – This will be a place you live in addition to the primary resident (place you spend few weeks every year) 3. […]
I have been in the business of helping those with delinquent taxes for over ten years. My company has solved tax problems for over 10,000 clients. We have interviewed over 50,000 prospects. Even with those big numbers, I am always baffled that people wait for the IRS to garnish their paycheck before taking action. This […]
Do not lose sleep over your mounting tax debt – Internal Revenue Service (IRS) has designed a program to enable willing taxpayers to get some relief from the amount of tax owed by accepting less than their tax debt liabilities or allowing them installment payments or a holiday period from tax. This is known as […]
In simple words, it is basically the submitting of tax forms to the IRS with the aid of the Internet using a website or any other tax preparation software. There are a number of benefits to E-filing taxes instead of submitting tax using the years old conventional paper filing method. E-filing is convenient, easy and […]
Our culture is overflowing with myths. People feel comfortable believing in many myths. They are mainly half truths. And most important, they cost you big money. Here are some of them 1. There is an exemption for students from tax. Please note, there is no tax provision specifically exempting students. All of them are subject to income tax. They get special […]
