Less than 1 in 4 Americans learn about paying taxes through personal finance education in high school. But everyone needs to pay taxes.
Unfortunately, financial ignorance about how to pay the IRS and what you’re allowed to deduct can cost a hefty fee over time. Tax laws are complicated and sometimes change from year to year.
Fortunately, the articles below breakdown Uncle Sam’s jargon into plain English. Read more below to learn how you can keep more of your hard-earned money every tax season.
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The IRS can remove money from your bank account(s) if you owe back taxes. But they typically won’t take this step unless you haven’t made any effort to resolve your…
When it comes to back taxes, the IRS doesn’t let an unpaid debt go easily. In truth, there are very few ways to qualify for tax debt forgiveness – even…
Whether you are currently married, separated, or divorced, if the filing status you used was married filing joint, then both of you could be held liable for the tax debt. In…
A federal tax lien is the IRS’ legal claim to your property and assets because of delinquent tax debt. When you don’t pay your taxes, the IRS can file liens…
Currently Not Collectible (CNC) is a status that the IRS assigns to tax debt cases that the agency believes it can’t reasonably collect on. If paying anything toward your tax…
What are back taxes? Back taxes are any taxes that you owe that remain unpaid after the year that they are due. Basically, if you let an entire filing year…
Yes, it is possible to settle tax debt for less than you owe with the IRS. You use a solution known as an Offer in Compromise or OIC. This is…
When you have tax debt, it’s possible that the IRS will garnish part of your wages in what is known as “continuous levy.” If you don’t respond to their request…
When you don’t pay your taxes, the IRS can file a tax lien, which is a legal claim to your property. This is different from a levy, which would mean…
Tackle what you owe before the consequences and balance grow.
Looking for ways to slash your tax bill? Laura reviews seven legitimate ways to eliminate your entire tax bill or increase your tax refund and keep more of your money.
Learning a new country’s financial system can be a nightmare. Luckily, we’ve put together this guide to help get you up to speed on the United State’s financial system and…
Filing cabinet overstuffed? It’s time to get clarity on which documents you can safely toss, what records you should save, and for how long. Laura reviews five tips for keeping…
No one wants to fork over their hard-earned money to Uncle Sam. Follow these tax strategies to keep more of what you made this tax season.
A new study shows residents in states with the lowest income taxes pay less to the IRS.