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IRS Lien Vs. Levy – What’s the Difference?
I have taxpayers call or come into my office and tell me that the IRS liened my bank account or levied my house. It can all get very confusing and wanted to take a few moments to discuss the difference between a levy and a...
Realtors – Need a Tax Deduction? Don’t forget about Self-Employed Health Insurance!
Real Estate Agents, as well as Real Estate and Mortgage Brokers, and all other self-employed taxpayers, should utilized all legal deductions to minimize their tax liability. If you are one of those, as you go through the planning and filing process, don't forget...
The Substitute for Return – When You Owe the IRS but Didn’t file a Tax Return!
Did you know that if you don't file a tax return, the IRS can file one on your behalf? Well, they can. I have taxpayers come in who may not have filed taxes in years but now have the IRS attempting to collect from them. It can happen and I'll explain when and how...
The IRS Garnished My Wages? Here’s What To Do!
When a taxpayer owes income taxes to the government, one of the major tools at the disposal of the IRS are levies. Levies and seizures include taking the assets of the taxpayers. Typically, these are bank funds but could include investments, retirement funds, vehicles...
Complete IRS Form 12277 to Withdraw an IRS Lien!
If the IRS has filed a Notice of Federal Tax Lien (NFTL) against you, at this point you probably realize the power of the lien. It can impact your ability to sell assets, get access to credit, and impact your reputation, since it is public information. In prior...
7 Ways to Eliminate Your IRS Debt!
Did you know that there are estimated to be over 20 million taxpayers that are either in some stage of the collection process with the IRS or are believed to be non-filers (and who also owe the IRS)? Unfortunately, if you don't solve your tax problems timely,...
Payroll Taxes and Personal Liability – TFRP
Did you know that when a business hires an employee and becomes responsible for payroll taxes, not only is the business responsible, but the owner(s) and others considered to be "responsible persons", may be personally liable to the Federal Government for the Trust...
IRS Penalized You? Here’s How to Remove Penalties!
The number of taxpayers being assessed IRS penalties continues to increase due to pandemic, the economy, as well as problems experienced by the IRS. I often get the questions as to how to I remove these penalties? The two main methods are using the First Time...
What Do These IRS Notices Really Mean?
When you owe the IRS, you’ll receive a number of notices. Each of these notices provides you with information including where you are at in the collection process, the risks you face, but also some include opportunities and rights that give you an opportunity to...
How Business Owners Save on Taxes Hiring their Children!
As a small business owner, have you considered hiring your children? If not, perhaps that is something you should consider. Hiring your children can help in a number of ways, including helping you to free your time for more important activities, giving your children...