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It’s often suggested to structure your withholding so that you do not owe anything to the IRS or get a large tax refund. However, most family’s tax situations are in constant flux, and it can be hard to determine how much to have withheld from their paycheck. At some...
When addressing your taxes, the IRS may send you certain forms or notices. One of these is the CP2000 form. It’s important to know why you would get this and what it means moving forward. First and foremost, this is a notice for underreported income. It essentially...
If you’re facing outstanding debt with the IRS, you may be looking into options to resolve it. At first, the IRS will simply ask you to pay the back taxes. However, if the amount is significant, you may not be able to afford a one-time payment. There are other options...
The United States Internal Revenue Service (IRS) will open up tax filing for the 2024 tax year on January 27, 2025. While this comes with trepidation for some filers, others may find that knowing what to expect in this filing season helps to reduce the stress they’re...
Those who have a significant amount of debt may consider using bankruptcy. They want to eliminate their debts or consolidate them into a repayment plan. Top causes for bankruptcy include issues like credit card debt or medical debt. But what if you owe back taxes? You...
When you have problems with the Internal Revenue Service (IRS), it’s never easy. However, when you find yourself owing more taxes than you can pay at once, the IRS does offer some forms of relief. One such option is a “guaranteed installment agreement.” It’s one of...
The Internal Revenue Service (IRS) usually sends taxpayers notices and letters to provide an update or remind them to take a particular action. The CP259 notice is one of them. You will receive this notice when the IRS requires you to file a business tax return for...
When the IRS issues a Statutory Notice of Deficiency, commonly known as a 90-Day Letter, taxpayers face a critical juncture in their financial lives. This document is not just another piece of mail to be filed away; it demands immediate attention and careful action....
Individuals and businesses that make an income must pay taxes. Generally, tax returns are expected by the IRS in April every year. Nonetheless, as a tax-paying business, there are several specific dates that you need to remember. Here is what you should know. W-2...
It’s very common for people to worry about making mistakes on their taxes. Whether you are filing for personal reasons or as a small business owner who is filing on their own, you may be concerned that an error is going to open the door for criminal charges. You worry...