One of the most uncomfortable and serious consequences of having a conflict with the IRS is wage garnishment. You may be wondering if the IRS can come after your wages if you owe back taxes. Unfortunately, the answer is yes; the IRS can and will collect money from every paycheck until your debt is satisfied …
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Nothing about dealing with the IRS is easy when you run a business, but figuring out your obligations for payroll taxes can be especially difficult. The situation can get even more complicated when we’re talking about unpaid payroll taxes. The IRS takes payroll taxes very seriously. In fact, 70 percent of the annual revenue collected …
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If you’ve been notified of an impending tax lien by the IRS, the last thing you want to do is ignore the problem. What does a tax lien mean for your future? What happens next will depend largely on your ability to act quickly. What Is a Tax Lien? A tax lien refers to the …
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An IRS audit can be an anxiety-producing event. One factor that makes the idea of being audited by the IRS so intimidating is uncertainty, as the average taxpayer isn’t very experienced in dealing with the IRS. What’s more, it can feel like the IRS holds all the cards when it comes to what you must …
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The IRS frequently earns “bad guy” status in the eyes of the public, but it does provide a path to a fresh start if you’ve hit some bumps. What’s more, you can and should take advantage of this option once you gain access to the tools and guidance you need to move forward. If you’re …
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It’s never a good day for an Internal Revenue Service (IRS) audit, and it’s normal to feel nervous if a letter arrives from the IRS. However, there are two important things to know if you have audits on your mind. The first is that you do have options to help you avoid fines and penalties …
Nobody wakes up in the morning hoping that a notification letter from the Internal Revenue Service (IRS) is waiting in the mailbox. However, the reality is that IRS data shows that close to one million Americans are subjected to tax examinations each year. The good news is that understanding how the audit process works can …
There are very few sure things in life. Taxes cannot be avoided. Despite the definitive, many people still find themselves owing the government thousands of dollars. They might go for years without paying a single, tax dollar. Penalties and late charges add up into astronomical figures. It’s only natural to ask why people fall behind …
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Every year, Americans must submit an income tax return along with any taxes that they may owe. However, there may come a time when you can’t afford to pay a balance owed for any variety of reasons. For instance, a sudden job loss or an unexpected medical bill could make it impossible to pay the …
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How Student Debt Affects Your Taxes Americans owe over $1.3 trillion in student debt, a number that continues to increase as the cost of education rises. Nearly 40% of adults under 30 have student loan debt with two-thirds of college seniors taking out a loan to pay for their education, according to the Pew Research …
