Understanding the Effect of Chapter 7 Bankruptcy on Tax Liens

Effect of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most commonly preferred type of bankruptcy for most taxpayers as it is a fast process and taxpayers do not need to pay back any debts they owe to the IRS. It takes about four to six month to process from the date of filing a chapter 7 bankruptcy. As of December 2020, the cost of filing was $330, and you usually need to visit the courthouse only once to file and get it processed. Who Can File Chapter 7 Bankruptcy? Not everyone is eligible for a chapter 7 bankruptcy discharge. If your gross income is

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All You Need to Know About Payroll Taxes in 2021

5 Ways to Handle Unpaid Payroll Taxes

Most people have substantial knowledge about federal and state income tax provisions but very little understanding of payroll taxes. Payroll taxes are the taxes that are applied to earned income such as wages, salaries, and bonuses or any income from a business in which you actively participate. Employers withhold these taxes from employees’ salaries and pay them to the government. Payroll Taxes are used to finance government funded public programs and social insurance programs. In this blog post, we will discuss some major aspects of payroll taxes. Read on. Types of Payroll Taxes There are two main components to the

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Why 2021 Will Underline the Importance of IRS Tax Attorneys?

Understanding about IRS Tax Levy

Tax practitioners expect a very busy year for tax attorneys in 2021. There are many factors that fuel this speculation including the new government and economic slowdown due to the COVID pandemic. Corporate clients are still working through the changes they have faced during the last one year of the pandemic and there have been several tax reforms that are keeping both the clients and tax attorneys busy. Continuing on the topic, let’s take a look at the factors that will underline the importance of IRS tax attorneys and how they will affect taxpayers as well. Read on. Change in

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A Look at Tax Liens, Levies, and Garnishments

Understanding a tax lien

The IRS can take serious actions to collect unpaid taxes. Unpaid taxes, if left unresolved, can invite some serious financial consequences. The IRS can impose a tax lien, levy, or garnish your wages to recover the debt you owe the government if you fail to respond after receiving the notice. In this blog post we will discuss the IRS tax levies and liens and how to handle them properly. Read on. Identifying Tax Debt Issue Before the IRS takes any action against a taxpayer for unpaid taxes, it must serve them with a notice of action. Some of the common

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4 Key Tips for Filing Your Tax Returns

How to file tax returns correctly

A tax return is the bunch of forms that you file with the Internal Revenue Services or IRS to report your income, expenses and other relevant information related to tax. It allows you to schedule your tax payment, calculate your liabilities and request a refund if you made an overpayment. Tax returns need to be prepared scrupulously as any mistake when filing unfiled tax returns can lead to hefty fines and even prison time in some cases. In this blog post, we will discuss 5 key tips that will help you file your tax returns correctly. Read on. 1. File

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All You Need to Know About Tax Audits

All You Need to Know About Tax Audits

The simple mention of an IRS investigation or audit can disturb even the most honest taxpayers. Even if you have done your best to get your taxes right, you may still find yourself facing an IRS audit. If you ever find yourself in such a situation, it is important to understand the process as well as know your rights, responsibilities, and what you need to do if you are accused of any wrongdoing. In this blog post, we discuss all you need to know about IRS audits. Read on. An Audit is Not an Accusation It is important to understand

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Common Consequences of IRS Debt

Serious consequences of IRS debt

It may feel tempting to ignore tax debts but the IRS can eventually force you to pay using various tools such as liens, levies, and wage garnishments. Ignoring your tax debts can lead to serious consequences. The good news is that with professional IRS debt help, you can apply for IRS debt relief options such as a simple extension of the time you have to pay or entering into a monthly payment plan. In this blog post, we will discuss some common yet serious consequences of ignoring IRS debt. Suspended Tax Refunds This is the first action taken by the

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A Look at the New 2021 Income Tax Brackets

Income Tax Brackets for year 2021

The 2021 tax season is here and now is the time you start planning your taxes. For Texas residents, the filing deadline for your 2020 federal tax return is now Tuesday June 15, 2021. You should plan your taxes in advance to avoid the rush during the last days and prevent potentially costly mistakes. It also remains important to stay updated about any changes to the tax code or tax guidelines, so that you do not attract unwanted attention from the IRS. A progressive tax bracket means that you pay a set tax rate for a specific range of income.

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5 Ways to Handle Unpaid Payroll Taxes

5 Ways to Handle Unpaid Payroll Taxes

Back payroll taxes to the IRS can land you and your business in some huge problems. The IRS considers unpaid payroll taxes serious business and ignoring them can put you and your business in great jeopardy. The government agency will take every action possible to recover the outstanding amount including taking legal action against you and your business. The result can be imprisonment, hefty fines, and, in the worst case scenario, you can lose your business entirely. To avoid such a situation, you need to address unpaid payroll taxes immediately. Here are several ways you can successfully handle unpaid payroll

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What You Need to Know about the 2021 Tax Season

What You Need to Know about the 2021 Tax Season

Given that the world has taken a massive hit from the coronavirus, a lot has changed for the 2021 tax season. As always, it remains important to keep abreast with any changes to the tax code or filing guidelines so as not to fall aowl of the IRS. The tax day this year is Tuesday June 15, 2021, and it is recommended that you file your 2020 tax return by then. An IRS tax attorney can help you with all your filing requirements including things such as IRS installment agreement. Let’s have a look at everything you need to know

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