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The IRS provides taxpayers with very few options for complete debt forgiveness. One of these options is something called Innocent Spouse Relief, which can be enormously helpful for those who have a partner who got them into tax debt without their knowledge or consent. Are...
Can you be forced to make a payment? Well, if you are behind in your payments, creditors are given a powerful collection option by bank levies. Does that equate to you being powerless, however? It is possible, in some situations, to prevent a levy. This...
In many cases, a mortgage lender will establish an escrow account through which property taxes are paid. This means that additional funds are paid by the borrower to the lender for property taxes in addition to interest and the principal – all this equates to...
Millions of dollars every year are charged to taxpayers by the IRS. Over time, that adds up to literally billions. Tens of billions. Should you, however, have a history of following the rules, certain penalties can be removed (abated), or waived by the IRS. There...
Most taxpayers have a tendency to panic when they receive a letter from the Internal Revenue Service (IRS). Upon receiving an IRS notice, they get all panicky and unsettled as they try to recall everything they did with the financial documents from the previous year....
Owing the IRS back taxes is an entirely different thing. It is nothing like owing your friends or a bank money. Creditors usually get help from a court whenever they have to garnish your income, for what you owe them. In the case of the...
The IRS says you owe them money. How do you know if it's true? Even if it is, what will you do? Whether it is to reduce tax debt or simply get to the bottom of a tax related problem, your best bet is to...
Have you ever experienced problems with your taxes or the IRS? Have those problems resulted in you having to pay additional money in the form of extra taxes, penalties, fees, etc.? If it looks like you might be additionally taxed or penalized, it's time to...
Can tax debt be reduced by an Offer In Compromise? For that matter, what is an Offer In Compromise? This is a program that lets a taxpayer settle, for only a portion of their owed tax liability, their tax debt. Just a couple of years...
Debt, in and of itself, can be life altering. For many, it is constantly in the back of their mind and effects everything they do. Tax debt, in particular, can hang over a person's head for a long time. But there is hope on the...