Editor’s Note: This post was originally published in March 2013 and has been updated for accuracy and comprehensiveness.
If you find yourself owing a lot of money to the IRS, you're not alone. But what can you do if you won't have the money you need to pay off your tax bill? One solution is to set up an IRS installment plan. These plans make it possible to pay off your tax balance over time, rather than all at once.
It's that time of year again—tax season. For many individuals and businesses, the looming deadline to file taxes can bring about stress and uncertainty. However, if you find yourself needing more time to gather documents or organize your finances, filing for a tax extension might give you the extra time you need. Let's delve into what a tax extension entails and how you can use an extension to buy yourself a little extra time.
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Editor’s Note: This post was originally published in February 2012 and has been updated for accuracy and comprehensiveness.
While doing your own taxes might be an easy way to save money, some individuals, especially those with complex returns, may need a bit more assistance to make sure everything is in order on their return.
Editor’s Note: This post was originally published in June 2013 and has been updated for accuracy and comprehensiveness.
When you are seriously negligent in paying your IRS tax debt, you put your income and assets at risk of being seized. The IRS uses this extraordinary step to collect on debts when taxpayers have failed after repeated warnings to pay what they owe.
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Editor’s Note: This post was originally published in April 2019 and has been updated for accuracy and comprehensiveness.
No one wants to be audited by the IRS. And while there is no guaranteed way to avoid an audit, there are actions you can take in preparing your taxes to help minimize your chances of being selected for audit.
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Editor’s Note: This post was originally published in February 2023 and has been updated in 2024 for accuracy and comprehensiveness.
The IRS is rarely in a forgiving mood, but under the right circumstances, you might be able to earn their forgiveness for part of your tax debt.
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So you're getting audited. You're not alone. According to USA Today, roughly 2 in every 1,000 tax returns of middle-income Americans was flagged for audit in the last fiscal year (2022). Hiring representation is a smart next step.
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Editor’s Note: This post was originally published in May 2018 and has been updated for accuracy and comprehensiveness.
The IRS expects most taxpayers to file their returns on time every year. When the tax season starts in January, you have close to four months to file and submit your returns before the April 15 deadline.
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We live in the age of the 1099 employee. A recent study found that an estimated 15% of employees are independent contractors. Other studies estimate that number to be ever higher. With cost savings for employers, flexibility and other personal benefits for employees, it is no surprise that hiring practices in many industries are starting to include an increasing amount of independent contractors. But as a self-employed contractor, you should understand your tax obligations and responsibilities to avoid entanglements with the IRS.
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Editor’s Note: This post was originally published in January 2017 and has been updated for accuracy and comprehensiveness.
The IRS can use a host of methods to collect on your back taxes. It can levy your assets, put a lien on your income, and use other means to recoup your government debt.
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