A delinquent tax is a tax that hasn’t yet been paid to the IRS, which includes various types of federal taxes, such as income tax, payroll tax, or excise tax. Whether you’re an individual or a business, failure to file your taxes will lead to delinquent status once you have missed the filing deadline, and […]
Haven’t filed your tax return yet? If not, sooner or later, the IRS catches up with you. More importantly, not filing your tax return will end up costing you more. Filing your returns on time is the only way to avoid tax-related nightmares. Do I have to file taxes? Not everyone is required to file […]
Various tax relief options can resolve many tax issues, but when we talk about tax evasion or tax fraud, the things are different because the IRS may refer your case to federal courts. If you’re deliberately evading taxes, you should know that the result may end in prison. Still no need to panic. To make […]
Dealing with the IRS can feel like you’re in a labyrinth, where every turn brings a new complex rule or deadline. The possibility of an audit can be scary, or an unexpected tax bill can cause anxiety. Even so, understanding the IRS’s statute of limitations can be your guiding light. What Is a Statute of […]
Any tax debt, no matter the amount, puts a heavy burden on you. Aware of this, the IRS arranges alternative payment plans to help you settle your tax debts as soon as possible. The IRS Fresh Start Tax Program is one such tax relief option. Should you qualify for this program, you stand to gain […]
You’ve finally saved up money to travel to your daughter’s wedding abroad. However, you need to renew your passport. When you were at the application process for renewal, you came across a shocking truth: you have unpaid taxes. Is this an obstacle to renewing your passport? Having tax debt may cause travel restrictions as well […]
Tax planning and preparation is like a puzzle where every piece is a bit of your financial information. If you put these pieces together correctly, you can file your taxes in a stress-free way. Of course, this process isn’t only for big companies, it’s a must-do for everyone. What earnings should you report? What expenses […]
Are you losing sleep over unpaid taxes? You’re not alone. Every year, many taxpayers get in trouble because of back taxes. If you don’t get this situation under control soon, you might get in trouble. Nobody wants to get into hot water with the IRS. However, now, put your worries aside because this guide is […]
The US Internal Revenue Service (IRS) estimates that around 3 percent of eligible taxpayers in the US don’t file tax returns. This amount equals roughly 14 million taxpayers who owe more than $130 billion to the US government. When this failure to pay takes place, the IRS is entitled by federal law to issue a […]
Let’s talk about 401(k) plans. We know it’s a big part of the picture for many Americans because you can save and invest money for your retirement. However, what happens to this money if you run into financial trouble? Can 401(k) be seized or garnished? In this article, we’ll explain whether your 401(k) is safe […]

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