Tax Matters - The Top Tax Defenders Blog

You may have every intention of filing and paying your taxes on time each year. However, at some point you may experience an issue that prevents you from being compliant with the IRS. 

The IRS may seem like a scary government entity that wields too much power over your everyday life. In reality, taxpayers like you are given the proverbial upper hand in terms of how you can pay what you owe. When you have an outstanding IRS balance, you should keep these five important facts in mind before you decide what repayment or settlement option you want to use to resolve your federal tax debt.

Federal liens are just like any other form of defaulted financial obligation in the damage they can do to your credit rating. Unlike unpaid medical bills, credit cards, car loans, and other expenses, IRS collection efforts can vary in how long they are reported by the government and stay on your record. You can take the necessary precautions now to protect your rating and record by discovering the full impact that comes with an IRS tax lien.

The IRS expects you to pay your tax bill each year. When this year's debt is more than you can pay, you might wonder how you can settle it without having a lien put on your assets or having a garnishment put on your paycheck. You can pay your tax bill quickly and realistically by following the process of setting up an installment agreement with the IRS.

The IRS is one of the most powerful organizations in the federal government. As much power as it wields, it still must afford you and every other taxpayer full due process according to the law. Learn what your rights are as a taxpayer and at what point you can use them to your benefit.

Filing your taxes could leave you with an IRS bill that you cannot afford right now. Rather than ignoring what you owe or exhausting your bank account to pay it, you may be able to settle your IRS debt through other means. These six options allow you to file your taxes even if you cannot afford to pay your taxes by the yearly April deadline.

The IRS has the obligation to go after tax debts that are owed to the government. When you are delinquent in paying your taxes, you can expect the IRS to contact you and use all legal means to settle your account.

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December is a busy month for the IRS as it gears up for the new year's tax season. Numerous important tax deadlines fall during this month and could impact your finances and the way that you can file your tax returns after the turn of the year. Set yourself up for the most advantageous tax prep season by discovering what important IRS deadlines you should meet during the month of December.

The IRS may be the last agency you think of when you need help during a financial crisis. However, it offers programs that could relieve your monetary hardship and give you extra time to get caught up with your IRS tax debt. When you experience financial challenges because of your delinquent taxes, you may benefit by taking advantage of one of the IRS hardship programs.

Many university students need to take out student loans to pay for their tuition, books, and other school-related expenses. As helpful as these loans are, they also require that borrowers pay them back in due time after graduating or leaving college.

When you fail to make payments or you default on your loans entirely, you invite the federal government to collect on your debt with other means. You can protect your finances and take control of your loans by learning more about student loan garnishments.