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enrolled agent

What is an Enrolled Agent?

October 15, 2014

It's often a good idea for those facing an IRS tax debt to seek professional assistance. Many imagine this means a powerful tax attorney or a high-level accountant. Not everyone with a tax issue considers using an enrolled agent; many people have never even heard of one before. An enrolled agent is often the best tax professional to work with regarding IRS problems. Many tax firms are eager to hire enrolled agents because they have ...

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substitute for return

What is a Substitute for Return?

October 08, 2014

There are typically two kinds of people in this world: people who can’t wait to file their tax returns and those who’d like to avoid tax season altogether. Generally, it’s the people who are expecting a nice refund check who rush their income tax returns to the IRS as soon as they receive their W2s. Everyone else hears “taxes” and envisions piles of boring and complicated paperwork, as well as the sizable check they’ll have ...

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irs-filing

Choosing the Right Filing Status

October 07, 2014

One of the most important pieces of information to get correct on a tax return is the filing status. Fortunately, choosing the correct status is simple when you have a full understanding of the benefits and drawbacks, as well as the qualification requirements for each. There are five filing statuses to choose from: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) with Dependent Child. The Single filing status is fairly ...

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business-man

Businesses, Hobbies, And Taxes

October 06, 2014

These days, it’s becoming remarkably easy to make a little money doing something that a person usually enjoys as a hobby. For instance, a person who likes knitting can sell all sorts of creations on popular craft selling sites or even at street fairs. Unfortunately, just because someone decides to make a little money on something they enjoy doesn’t mean that they are operating a business. In fact, the IRS views many activities as hobbies. ...

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innocent spouse relief and the irs

Innocent Spouse Relief and The IRS

October 03, 2014

Separation and divorce can be made even more difficult when an IRS debt is involved. Some spouses find out long after a marriage ends that they owe a joint tax debt with their former husband or wife. This shock is often compounded by the number of high-pressure notices they receive from the IRS. Those individuals who are aware of a tax liability during a divorce often try to obtain a judgment from a court regarding ...

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bank levies

The Truth About Bank Levies

October 02, 2014

A bank levy is a seizure of liquid assets from a financial account by the IRS on an individual who has either ignored their tax debt or is delinquent with a formal payment agreement. The amount seized can be up to the full amount of the debt owed and can be taken from any financial account that has the debtor’s name on it. If, for instance, the taxpayer’s name is on a parent’s bank ...

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