What is a Notice of Deficiency? A Notice of Deficiency is a formal written letter by the IRS indicating that they believe you owe additional income tax. This letter is sent after the IRS reviews tax returns and determines that the amount of tax reported doesn’t match with their records. This notice officially informs you [...]
IRS Wage Garnishment Tables How much can the IRS Garnish? The amount the IRS will garnish from your wages are dependent upon different factors like your marital status and other personal financial obligations. If you’re single, married or have a family to support, your garnished amount will vary. Why Is It Important To Understand the [...]
Injured Spouse vs Innocent Spouse Tax Relief for Spouses Receiving a notice indicating that you owe additional tax on a joint return can be a bit scary. Fortunately, when the IRS mails out this notice, commonly known as the Notice of Offset, it includes clear instructions and enough information to help you understand whether you [...]
What’s the Offer in Compromise pre qualifier? IRS has a direct site directly to prequalify a taxpayer and asks for status, basic information, assets, income, expenses, proposal. We will be helping you get started, but first you will need to schedule a consultation and understand more about your situation. 4 reasons the IRS will pre [...]
What are the qualifications for the Fresh Start Initiative? The qualifications of the Fresh Start Program initiative are as follows, and you must at least meet one:You must have experienced a 25% income reduction if you are self employed.Earning less than $100,000 in income and must be single. Earning less than $200,000 in income for married [...]
Debt Settlement with the IRS - will it go away? Tax debt occurs when taxpayers do not pay the full amount of taxes they owe on their income. If taxpayers do not address their tax debts promptly, they can face penalties and interest on the unpaid balances, or even have their assets seized. Thus, the [...]
What is the Fresh Start Program with the IRS? If you are considering the IRS Fresh Start Program, this is a good starting point. We will help you guide you and give you a clear idea if you will be qualified. As of 2020 the number of applications towards the IRS program increased due to [...]
What is the Fresh Start Program with the IRS? Most taxpayers after Covid-19 are more likely to face overwhelming tax liabilities due to the economy. A resolution to a taxpayers' debts and regaining financial stability is the IRS Fresh Start Program by the IRS.The Internal Revenue Service (IRS) Fresh Start Program was started back in [...]
What is Right for Your Taxes in 2023? Do you have a job, are you self employed, or are you a real estate investor? Whatever career job you currently have, taxes will be complicated no matter what. However, if you are single and have a regular nine to five job, you only need to understand [...]
