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Posts Tagged ‘back taxes’

What To Do When Your Wages are Garnished

February 05, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

When back taxes go unpaid, the IRS can place a levy on a taxpayer’s wages, property, right to property, and bank accounts. Worse, the tax agency does not need a court order to do so. When it comes to your wages, you may want to review some basic steps to avoid a garnishment: File Back Tax Returns If you did not file a return for any year, you should ...

When the IRS Seizes Property

January 22, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

If a taxpayer owes back taxes and did not make satisfactory efforts to resolve them, the IRS can ultimately seize the individual’s property. The government can seize the property, bank account, wages or a taxpayer’s assets to recover unpaid taxes. Typically, seizing physical property is a last resort method. IRS Collection Action When the IRS seizes property, they will sell the taxpayer’s interest in the property and ...

Common Deduction/Credit Errors

Making errors in deductions and credits can ultimately result in having to pay back taxes. Additionally, after the filing deadline, any taxes owed will be compounded by penalties and interest. In order to avoid an IRS issue, taxpayers should avoid errors in deductions and credits, such as: 1. Claiming Charitable Contributions A large number of taxpayers deduct charitable contributions on their return. Only contributions to charities ...

Six New Year Tax Resolutions That Work Every Year

Procrastination can be more than a bad habit when it comes to taxes. It can lead to back taxes, paying penalties, or facing collection action by the IRS. Practical tax routines followed throughout the year can keep you compliant with tax laws and help you to save more in taxes. Forbes shares six resolutions that will help keep you stress-free and your taxes simple. “1. I Will Pay Attention to Each Form 1099. It’s almost ...

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