How Can an Installment Agreement Help Me With Tax Settlement

What is an Installment Agreement?

An Installment Agreement is tax debt settlement program the IRS/ state uses to allow taxpayers with delinquent tax debt the ability to make monthly payments so that he or she may bring current their tax debt. For those who owe the IRS, there is a recently updated Installment Agreement program that makes it a little easier on the taxpayer. It is known as the Fresh Start initiative. The two primary Fresh Start updates are: (1) The repayment period is extended from 60 months to 72 months and (2) the amount owed for which the taxpayer does not have to submit his/her current financial information is now $50,000, up from $25,000.

How to Qualify For an Offer-In-Compromise to Resolve a Delinquent Tax Debt

Tax Resolution and How the Offer-In-Compromise Can Help You

The Offer-In-Compromise (OIC) is a program used by the IRS and many states to assist a struggling taxpayer with tax debt settlement. The program allows qualified individuals with unpaid tax debt the ability to resolve their tax debt for a fraction of the amount owed. This program takes into account what you are able to payback now, not what you owe. While what you owe does play a role in the process, how much you are currently able to pay plays a much greater role.

How To Stop An IRS Wage Garnishment

 

                                                       

What is a wage garnishment?

A wage garnishment, also known as a wage levy, is a tool the IRS uses to seize a portion of your wages to satisfy a delinquent tax debt. The IRS will send you a Letter of Intent to levy and a Notice of Right to a collection-due process hearing. The hearing provides you an opportunity to prevent the IRS from garnishing your wages. The IRS can begin wage garnishment 30 days after sending you the Letter of Intent to Levy and the Notice of Right to a collection-due process. There are some forms of income that are protected from garnishments: unemployment benefits, certain types of annuities and pension payments, workers compensation, child support, certain military disability payments, and certain public assistance programs. Most other types of income, wages, payments you receive will be garnishable.

What Is A Bank Levy

What Is the Levy Process and How to Stop Bank Levies

 A Bank Levy is collection tactic that the IRS or state taxing authority can use to try and obtain a partial or completed payment on a delinquent tax account. Typically the IRS or state uses this tactic to attempt to collect when they have not had any luck collecting from the taxpayer. The IRS or state can levy up to 100% of what is owed to them.

A levy can be compared to snapshot of your account. The money that is available for withdraw from that account at the time the bank receives the levy is what can be taken by the IRS or state. Future deposits are safe and deposits that have not available for use are safe as well. The levy can be placed on most types of accounts such as checking, savings, money market, etc. If you have joint account all the money can be taken out of that account even if the other account holder does not owe taxes.

I Didn't Pay My Taxes

April 15th Came and Went and I Didn't Pay My Taxes... Now What?

Tax Debt Settlement
Many of us dread April 15th. If we haven’t paid our taxes, we dread April 16th even more - the first day you owe arguably one of the most powerful collection companies in the world –the IRS. Until April 16, it was a worry in the back of our minds. Now it is reality.

How Much Do I Have To Pay Back

Owe a lot in back taxes? Nervous the IRS or state is going to take all your money and leave you with nothing for expenses like food, housing, cars, insurance, etc.?

Hiring a Professional and What to Watch Out For

Hiring a tax professional to assist you with your delinquent taxes may sound like the responsible and logical thing to do, but here are a few issues why many people regret this decision.


There are 4 main issues to be aware of when hiring a tax professional to represent you in the hope of settling your tax bill for the least amount possible:
     1. Lack of Transparency
     2. Do these so called experts have your best interest at heart
     3. Lack of Experience
     4. Excessive Fees and Costs