What Are The Dangers Of Filing Your Own Taxes?
September 15, 2023
A lot of people decide to hire a tax professional to file their taxes because they worry that if they don’t, their risk of getting audited by the IRS may increase. There is another risk of filing taxes on your own that everyone should be aware of. The U.S. tax code contains credits and deductions…
Consequences Of Tax Debt
September 15, 2023
Owing the IRS and state revenues is extremely stressful. Both the IRS and state revenues have protocols and collection activities to collect past due balances. Being aware of such consequences may inspire you to take care of your tax debt sooner than later. Here are a few consequences to expect Interest and Penalties– Interest is…
What Happens If You Don’t File Taxes Or File Taxes Late?
September 8, 2023
If you owe taxes and you don’t file or you file late, the IRS and state tax revenues will most likely apply a penalty. These penalties are known as the late-filing penalty or the failure-to-file penalty. The penalty for not filing taxes is usually 5% of the tax owed for each month or part of…
Understanding Tax Debt
September 2, 2023
Being in debt with the IRS is a stressful situation to be in. When you owe money to the IRS you are at risk of the IRS placing a lien or levy on your assets or property. It’s safe to say that if you are in debt with the IRS, you are not alone. Every…
IRS Tax Levy Vs. Lien
August 30, 2023
Both the International Revenue Service (IRS) and state tax agencies use levies and liens when taxes are unpaid. Both Levies and Liens are unpleasant to deal with. Ideally the tax debt should be dealt with before a tax levy or lien is in effect. What is the difference between a Levy and a Lien? Both…