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 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 pay. There is no escape [...]

PAID INTEREST ELIGIBLE FOR TAX DEDUCTION There 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 [...]

Getting A Tax Refund if You Owe The IRS 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 hasn’t [...]

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 [...]

Understanding your IRS Notice of DeficiencyIt is important as a taxpayer to understand the IRS Notice of Deficiency since it could lead to financial and legal consequences if ignored. The IRS Notice of Deficiency is also referred to as the 90-day letter, Statutory Notice of Deficiency, Deficiency Notice, Notice CP2319A, CP3219A, and Tax Deficiency Notice. [...]

IRS NOTICE OF DEFICIENCY The IRS Notice of Deficiency, also known as an IRS 90-day letter, is a formal written claim by a government agency, usually the Internal Revenue Service—that has found out you owe income taxes, and often interest and penalties. Receiving notices from the IRS can be worrying and anxiety-inducing. This notice informs [...]

What You Need to Know on IRS Tax Declaration During the year, taxpayers all over the country face concern about their taxes. The IRS may seem like a threatening entity working against the taxpayer, but in fact there are many resources that the IRS makes available to help taxpayers maintain their status and pay debts. [...]

IMPLICATIONS OF OWING BACK TAXES TO THE IRS Owing back taxes to the IRS can complicate your chance of getting a dream home. Although you may still be approved for a mortgage with unpaid federal tax debt, you immediately become a riskier borrower because of it. In order for a home lender to approve it, you will [...]

THE IRS REQUIREMENTS ON OFFER IN COMPROMISE Life can be really expensive—student loans, mortgage payments, buying a car, food, clothes, insurance. With all of these bills summing up, paying taxes to the IRS can be really difficult. While falling behind on your taxes is never a perfect scenario, it might be your reality. Fortunately, you [...]