The most common method used to pay off old IRS debt is the Monthly Payment Agreement or Installment Agreement. If you owe the IRS $50,000 or less, you can only get a 72-month installment...
Posted by Pat Raskob on 07/12/2022
Suppose you have tax debts this year. It is less than ideal - if you're struggling to pay off your tax debt, as it can have a lasting impact on your finances. But does tax debt...
Posted by Income Taxes and Bookkeeping LLC on 05/22/2022
A payroll garnishment is one of the many ways the IRS can collect on your tax debt. Although levies and liens are also used, IRS wage garnishment is more common. So if you owe the...
Posted by James Financial Services Inc on 02/08/2022
You might need to report the canceled amount as income on your tax return if you could get a debt write-off or forgiveness. You should know what to expect so you don't end up with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 09/20/2021
It is possible to estimate how much you owe without getting in touch with Uncle Sam. The process of knowing if you owe Uncle Sam back taxes is a factor of what the tax relates...
Posted by Rosovich & Associates, Inc. on 05/24/2021
Carrying minimum essential health insurance coverage has a requirement that came with an increasing penalty each year. This started since the ACA was implemented in 2014.As an additional...
Posted by BEST FINANCIAL GROUP LTD on 08/23/2019
While most people are used to being in debt when purchasing cars, homes, and other things, being indebted to the IRS is a whole different matter. Since the government does not appreciate...
Posted by SG Quality Accounting Corp. on 06/10/2021
For people having difficulty settling a debt with Uncle Sam, there is the opportunity for an installment agreement every Month. For instance, people with a deficit of $50,000 or less...
Posted by Cypress Tax Solutions on 02/11/2021
Owing Uncle Sam a sum of money could be overwhelming. There could be a time when you do not have enough to take care of your tax debts. In this case, you can have a tax payment plan...
Posted by Flynn Financial Group Inc on 12/07/2020
