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Jun 01, 2023

How Tax Repayment Plans Can Help Victims of Tax Scams

Tax scams continue to be a significant concern for individuals and businesses alike. If you've fallen victim to a tax scam, it can be a distressing experience that leaves you facing financial burdens and potential legal consequences. However, there is hope. The IRS offers repayment plans to assist taxpayers, including victims of tax scams, in resolving their tax liabilities while minimizing financial strain. Keep reading to learn more about the importance of tax repayment plans for scam victims, receive guidance on what to do if you've been targeted by a tax scam, and learn the benefits of seeking professional assistance from the IRS Advocates.

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May 29, 2023

How Much Do You Pay in Fees and Interest on Unpaid Tax Debts?

When it comes to taxes, the general rule of thumb is to pay on time to avoid interest and fees. However, sometimes unforeseen and unavoidable circumstances may leave you unable to pay your taxes on time. In such a situation, it's important to understand how much you might end up paying in fees and interest on unpaid tax debt. Keep reading to learn more about the various fees and interest rates you might incur if you don't pay your taxes on time.

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May 15, 2023

Are You Liable for Your Ex's Tax Debts?

When going through a divorce or separation, finances can become a major source of stress and contention. Among the many issues that need to be resolved, taxes may not be the first thing on your mind. However, it's important to understand your tax obligations and potential liabilities, especially when it comes to your ex's tax debts. Are you liable for your ex’s tax debts? What factors impact your liability for debts accrued during your relationship? Keep reading to get the answers to these questions and learn how you can protect yourself.

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May 01, 2023

You Didn't Pay Your Taxes When You Filed: Now What?

Filing your taxes is an important responsibility that should not be taken lightly. However, sometimes life gets in the way and you may find yourself in a situation where you filed your return, but didn’t send in the payment for what you owed. Perhaps you simply intended to submit payment later, after you cleared up some other financial responsibilities, or maybe you simply didn’t have the money to pay your tax bill at all. Whatever the reason, it's important to take action as soon as possible to minimize the impact his will have on your finances. Here’s what you should do if you didn't pay your taxes when you filed.

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Apr 29, 2023

When’s the Best Time to Apply for an IRS Payment Plan

If you owe a significant amount of money to the IRS in unpaid taxes, you may be considering applying for a tax debt relief plan. These plans can help you settle your tax debt for less than the full amount owed or set up a payment plan that is more manageable for your financial situation. However, timing can be crucial when it comes to applying for tax debt relief. In this blog post, we’ll discuss the best time to apply for an IRS tax debt relief plan.

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Apr 15, 2023

Important Things to Know about Being on an IRS Payment Plan

When you’ve been laboring under the burden of tax debt for an extended period of time, finally receiving an IRS payment plan can feel like crossing a finish line. However, in reality, receiving that payment plan is just the beginning. You must continue to effectively manage that payment plan to ensure that you can get your debts settled and avoid future trouble with the IRS. Keep reading to learn what you need to know about being on an IRS payment plan.

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Apr 01, 2023

Tax Extension versus Extension to Pay: What's the Difference?

The tax deadline is only about two weeks away, and many taxpayers are feeling the pressure. Whether you’re not yet prepared to file, or you simply can’t afford the tax bill you know you’re about to get, the impending tax deadline can cause a lot of stress. What can you do if you’re not ready for the tax deadline one way or the other? Can you get an extension to file your tax return? What about an extension on your payment? Are they different, or does one extension cover them both? Keep reading to find out more.

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Mar 29, 2023

Does Your Tax Debt Ever Expire—And If So, When?

A battle with tax debt can feel never ending, and you may be wondering if there is any chance that your tax debt will ever just go away. While the odds of the IRS just wiping your tax debt clean are somewhere in the realm of zero, there is hope for getting rid of your tax debt. Keep reading to learn more about expiration dates on tax debts, and when your overdue taxes will become unenforceable to the IRS.

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Mar 15, 2023

How Quarterly Estimated Tax Payments Help You Avoid Burdensome Tax Debts

For workers who receive a paycheck and file a W-2, paying taxes happens automatically. The taxes you owe are withdrawn from your paycheck before you even receive the money; the only time you have to give your tax payments much thought is when you file your tax return. However, for those who have self-employment income or other income sources that are not taxed in advance, taxes need to be on your mind a bit more often. These individuals are expected to make quarterly estimated tax payments, and failure to do so can result in high tax debts that are difficult to pay off. Keep reading to learn more about quarterly estimated tax payments and how they can help you avoid unaffordable tax debt.

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Mar 01, 2023

What to Do If an IRS Audit Reveals You Owe More Taxes than You Can Afford

Nobody likes to receive that notice saying they’ve been selected for an IRS audit. Even if things work out perfectly, it’s a stressful experience and can take up even more of your time than filing your taxes did in the first place. But sometimes, an IRS audit will review that you owe even more taxes than you’ve already paid—and perhaps even more than you can afford. What do you do when you’ve already paid your taxes, only to discover that you owe more and can’t pay the additional balance? Keep reading to learn more about handling IRS audits and their results.

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