The year is almost over, but the time to make financial decisions that could affect your taxes in 2022 and/or 2023 is about to begin. Below are a few tasks and considerations to look into before January 1 arrives.Continue reading “End of Year Tax Planning Guide for 2022”
Every year, the IRS releases its “Dirty Dozen” list of tax scams for taxpayers to watch out for. In this blog post, we identify and explain a few of the more notable scams that have made this list.Continue reading “2022 Tax Scams the IRS Is Warning You About”
If you get behind on your taxes, you will accrue a tax debt. Tax departments and agencies have special tools to make sure you pay unpaid taxes. Two of the most powerful include the tax lien and tax levy. Let’s take a look at what these are and how they work.Continue reading “What Are Tax Liens and Levies and How Do You Get Them Removed?”
The short answer to this question is that one’s bad and the other’s worse. But we’ll provide a more complete answer in this blog post. However, before we provide a more in-depth answer, it’s best to understand what tax liens and levies are.Continue reading “What’s the Difference Between Tax Liens and Levies?”
Tax debts are some of the hardest debts to deal with. There are several reasons for this, such as special treatment during bankruptcy proceedings and the fact that it’s the government trying to collect the debt.
However, another major challenge is that government taxing authorities, such as the Internal Revenue Service (IRS) and the State of California Franchise Tax Board (FTB), can use liens and levies to help collect tax debts.Continue reading “How to Remove Tax Liens and Levies?”
Unlike other debts, a tax debt is one of the hardest debts to deal with. One reason why tax debts are so debilitating is that the tax collecting entities, such as the Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB), can take money directly from a taxpayer’s paycheck. This is often referred to as a wage garnishment or a wage levy.Continue reading “How to Stop IRS and California Tax Garnishment?”
After the tax audit, tax liens and levies are some of the most dreaded actions the IRS can take against a taxpayer. One of the reasons they’re so feared is because they’re not very well understood by most people. Well, we’re going to try and change that by shedding some light on these tax collection tools used by the IRS, including how to avoid becoming subject to them.Continue reading “Tax Liens and Levies’ Ins and Outs”
The threat of an audit is a powerful deterrent and does a good job of motivating taxpayers to pay the IRS what they owe. But sometimes this isn’t enough and taxpayers still forego their legal duty to pay their tax obligation. When this happens, the IRS will reach out to the taxpayer to collect an outstanding tax debt. But when asking nicely doesn’t work, the IRS can impose a tax lien and/or a levy.Continue reading “Getting Rid of an IRS Lien or Levy”
Technically speaking, “tax garnishment” is a misleading term. This is because a person’s taxes aren’t being garnished. When someone uses the term, tax garnishment, they are probably referring to the use of wage garnishment to pay the taxpayer’s back taxes. Not surprisingly, the garnishment of wages is a common tool used by the IRS. Continue reading “What Is Tax Garnishment?”
What’s worse than filing your taxes? Finding out you have an unexpected tax bill due. And what could be worse than a surprise tax bill? Having the IRS place a lien or levy on your property. But why are tax liens and levies so bad? Read on to find out.