Injured Spouse vs Innocent Spouse Tax Relief for Spouses Receiving a notice indicating that you owe additional tax on a joint return can be a bit scary. Fortunately, when the IRS mails out this notice, commonly known as the Notice of Offset, it includes clear instructions and enough information to help you understand whether you [...]
IRS Notice of Deficiency: What It Means and How to Respond The IRS notice of deficiency is a legal willpower by the IRS of a taxpayer’s tax deficiency. It is an authorized written claim that a taxpayer owes additional income tax (and often interest on that amount, as well as additional penalties). It is issued [...]
Receiving an adjusted refund Notice by the IRS Can Be Confusing Receiving an adjusted refund of $0.0 can definitely be confusing and raise questions. Don’t worry, this doesn’t mean you are in trouble. When the IRS makes an adjustment like this, it can mean the IRS made a math error, there is an outstanding debt, [...]
Understanding Tax Liability and IRS Tax Obligations Having a full understanding of the basic underpinnings of your taxes gives you the opportunity to develop better financial literacy. In this regard, you can more precisely expect what taxes you will owe at the end of the year, instead of being met with an unpleasant shock in [...]
Appealing IRS Tax Penalties and Requesting Relief Any kind of mail received from the IRS, with the exception of your long-awaited tax refund, can be a disturbing experience. It could likely be that you didn’t file your taxes on time, or maybe you have an outstanding tax bill that needs immediate payment. Either way, the [...]
What to Do If You Owe the IRS and Can't Pay The IRS would prefer working with you to ensure you’re meeting your legal obligations than punish you regardless of their status as a federal institution that instills fear and collects debt. If you’re in a state where you’re unable to pay your tax debts, [...]
Filing Taxes When You Owe the IRS: What You Need to Know When you encounter a tax debt, it is important that you act on it as soon as you can. If you don't meet the terms of the IRS, you run the risk of accumulating interest and fines that you will be forced to [...]
PAID INTEREST ELIGIBLE FOR TAX DEDUCTIONThere are a number of common tax debts that accumulate interest. Paying interest is a certainty that most of us deal with, whether we like it or not. Be it your student loans or home mortgage. The longer interest accrues, the more expensive repayment becomes, and when you’re dealing with [...]
Can You Receive a Tax Refund While Owing IRS Debt? One best part of tax season is receiving your tax refund. It’s usually like a gift to yourself after having money taken out of your paycheck all year long. But have you been checking your bank account or the mail weekly wondering why your refund [...]
Injured Spouse vs Innocent Spouse Tax Relief for Spouses Receiving a notice indicating that you owe additional tax on a joint return can be a bit scary. Fortunately, when the IRS mails out this notice, commonly known as the Notice of Offset, it includes clear instructions and enough information to help you understand whether you [...]
