If you’re filing taxes late this year, you may be wondering if there’s still time to get your paperwork in while remaining under the radar. You may also be wondering what the regulations are regarding getting current if you’re several years behind on taxes. The truth is that taxpayers have a surprising number of options …
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If you owe the IRS money, you may be wondering how to untangle the confusion regarding the amount of back taxes owed. While plenty of options exist for rectifying a tax issue stemming from unpaid taxes, it’s important to begin working with the IRS right away to avoid messy issues with interest, wage garnishments, tax …
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Filing taxes for deceased loved ones is one of the unexpected tasks that can go along with managing final affairs. Many people are uncertain about what goes into filing taxes for a deceased person because they aren’t sure where the responsibility falls. The first thing to know is that the IRS does not cancel tax …
Determining What You Owe the IRS: What Is the Minimum Income To File Taxes? If you had a relatively low income this year, you might be wondering if you have to file taxes. First, don’t assume that making a modest income means the IRS isn’t expecting a tax return from you. If you skip tax …
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How Giving Impacts Your Taxes: Are Political Contributions Tax Deductible? If you gave to political candidates last year, you might be wondering if campaign contributions are tax deductible as you gear up for this year’s tax preparation. If you routinely deduct contributions made to charities on your tax returns, you may assume that the process …
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What does owing back taxes really mean for your finances? Nobody wants to get a letter from the IRS about back taxes, but trying to close your eyes until it all goes away will make things much worse. As a taxpayer, you should know that the IRS offers many tax relief options that will get …
If You Owe the IRS, Can You Buy a House? Are your dreams of owning a home dashed if you have tax problems? The answer can depend on your particular situation. The short answer is that owing the IRS money won’t automatically prevent you from qualifying for a home loan; a tax debt doesn’t equal a blanket …
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Do you want to know if you owe the IRS money? You actually don’t have to wait until you receive a letter from the IRS to figure out your IRS tax balance, because all taxpayers have the right to look at their balances directly. The IRS provides four options for doing this: Check your balance …
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If you’ve received the IRS letter CP14, you probably have some questions. The good news is that there’s still a lot you can do before it becomes a problem that impacts your finances or credit. However, the reality is that you probably do owe the IRS unpaid taxes if an IRS notice CP14 has arrived in your …
