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Avoid Tax Audits

December 24, 2013 by in category Avoiding Audits, irs tagged as , ,

Tax Audit triggers With financial success comes respect, envy, luxury living and an increase in the odds that the United States Internal Revenue Service (IRS) will audit your return. Of all the things that can trigger a tax audit, making more than $200,000 per year is the most common. Of all tax returns filed in […]

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Ridiculous Tax Frauds & Write offs

December 21, 2013 by in category irs, Taxes tagged as , , , ,

Weird Tax Evasions and Tax Frauds Death and Taxes — you’d think people would know by now that those are the only two things you can’t escape. Still, people do some crazy things when it comes to avoiding paying taxes. Let’s look at some of the odd and whacky ways people have tried to commit […]

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First Time Penalty Abatement

December 15, 2013 by in category irs, Taxes tagged as , , , , ,

What is First Time Penalty Abatement? Back taxes owed to the IRS can be overwhelming — particularly when additional penalties and accumulating interest factor into the equation. The IRS assessed nearly 40 million penalties totaling a staggering $27 billion against taxpayers in 2012 alone. Thanks to the little known First Time Abate (FTA) policy, however, […]

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Avoiding Tax Debt

December 14, 2013 by in category irs, Tax Debt tagged as , ,

How to Avoid Tax Debt Many people dread tax time. No one wants to give the government any more money than necessary. And no one wants to owe a big tax bill after their tax returns are filed. Owing money to the IRS causes stress for many. If your bill isn’t paid on time, you […]

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Unpaid Taxes

December 13, 2013 by in category irs, Tax Debt tagged as

What Can the IRS do to Collect Unpaid Taxes? Failure to pay your taxes on time can have dire consequences. If you owe taxes to the IRS and fail to pay on time, you can be held liable not only for the payment of the taxes owed but also for interest. Following is an overview […]

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Fresh Start Offer in Compromise

December 11, 2013 by in category irs, Taxes tagged as ,

What is the Fresh Start Offer in Compromise? What is the IRS’s Fresh Start Offer in Compromise? It’s a new service offered by the IRS through which they have taken their existing Streamlined Offer in Compromise and incorporated it as part of an umbrella investigation of offers for paying tax debt. The Fresh Start program […]

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How to Appeal a Denied Offer in Compromise

December 6, 2013 by in category irs tagged as , ,

Having your offer in compromise (OIC) denied can be frustrating, but it happens since the Internal Revenue Service (IRS) only accepts 90 percent of all offers. Understanding very well why your OIC was rejected is the first step that will help you when you want to appeal an Offer in Compromise that was rejected. You […]

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IRS Collection Policies

December 3, 2013 by in category irs tagged as , , ,

No matter how much you owe to the IRS, you should know that there are limits and strict guidelines to what the IRS can and cannot do in seeking money owed. In other words: you have rights. To be more specific, you have a Bill of Rights. The Taxpayer Bill of Rights III, or the […]

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History of the IRS

November 22, 2013 by in category irs tagged as , , , , , , , , ,

The power of the U.S. Government to tax its citizens has been controversial since 1791 when George Washington signed into law a bill that allowed whiskey to be taxed. The plan was for the revenue to help pay debts incurred during the Revolutionary War. Citizen’s opposed the tax, claiming it was once again taxation without […]

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Filing Head of Household to IRS

November 19, 2013 by in category irs, Taxes tagged as ,

What is Head of Household and when should you file that status with the IRS Head of Household is a tax filing status that allows unmarried individuals to receive numerous benefits ranging from lower tax rates to the ability to receive a higher standard deduction. Before checking the box on your tax form stating that […]

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