Cory Lowe

Recent Posts

Federal Tax Liens: Release vs. Withdrawal

By Top Tax Staff

[Editor's Note: This article was originally published in September 2013 and has been updated for accuracy and comprehensiveness.]

What is the difference between a tax lien withdrawal and a tax lien release?

A tax lien withdrawal removes the IRS Notice of Federal Tax Lien from public record as if it never existed. A tax lien release shows the debt was paid, but the lien remains in public record as “released.” Withdrawals offer a cleaner outcome and are available after payment in full or sometimes through a direct debit installment agreement.

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Understanding Failure-to-File Penalties: What You Need to Know

By Top Tax Staff

What happens if you fail to file your tax return?

The IRS charges a failure-to-file penalty of 5% of unpaid taxes per month, up to 25% of your balance. If your return is over 60 days late, you may owe a minimum penalty of $485 or 100% of your unpaid tax. Filing as soon as possible reduces penalties, even if you can’t pay in full.
 
If you would like more information about failure-to-file penalties, read on.
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Tax Credits vs. Tax Deductions: What's the Difference?

By Top Tax Staff

{Editor’s Note: This post was originally published in September 2013 and has been updated for accuracy and comprehensiveness.}

When tax season rolls around, many people look for ways to reduce their bill—and rightly so. But understanding how different tax breaks work can make a big difference in how much you actually save. Two common tools in your tax-saving toolbox are tax credits and tax deductions. While they might sound similar, they work in very different ways. Let’s break it down.

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I Didn't File My Taxes in Time - Now What?!

By Top Tax Staff

{Editor’s Note: This post was originally published in April 2015 and has been updated for accuracy and comprehensiveness.}

The IRS requires that you file your taxes by midnight on April 15. Even with this deadline set in stone, you may still be unable to get your taxes filed in time. If that is the case, you are not alone. According to a study by IPX, roughly 31% of Americans procrastinate filing their taxes. So if April 15 has passed and you haven't filed, here are a few things you can do to minimize the consequences of late filing.

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My Identify was Stolen - Now the IRS Is after Me!

By Top Tax Staff

how_to_protect_yourself_from_identify_theft

Identity thieves prey on unsuspecting victims throughout the entire year. However, as tax season approaches, these criminals ramp up their efforts to steal your identity and your money.


While you should always remain on guard against this threat, you should heighten your awareness and be ready to act during tax season. You can keep your identity, your money, and your future secure by understanding why and how these thieves operate, as well as what you can do to stop them.

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Will the IRS Ever Call Me?

By Top Tax Staff

Will the IRS Ever Call Me

Scammers and identity thieves are always on the lookout for easy targets. However, they are at their busiest during tax season. During this hectic time of year, these criminals launch realistic scams that aim to steal money and identities from unknowing individuals.

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How Long Can the IRS Continue Wage Garnishment?

By Top Tax Staff

From start to finish, an IRS levy can take months, if not years to complete. After it notifies you of its intent to levy your earnings, the IRS can generally continue its collection efforts until it is paid in full.

Even so, you can protect yourself financially and legally by understanding how this process works. This information will help you determine if you should appeal the levy or if you can satisfy the debt through other means.

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Income Tax Problems: Child Support

By Top Tax Staff

Income Tax Problems Child Support

When couples divorce or separate, they must face the question of child support if they have minor children together. After the court has issued the order for this support to be paid, both parties then may wonder how this money will affect their income and their tax returns.

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Will the Affordable Care Act Affect My 2014 Taxes?

By Top Tax Staff

Will the Affordable Care Act Affect My 2014 Taxes

With the Affordable Care Act in full effect, taxpayers understandably have concerns about how the ACA will affect their returns this year. In fact, this new health care law may have significant implications and even substantial penalties if you failed to comply fully with it.

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Understanding the Limitations of IRS Tax Levies

By Top Tax Staff

Understanding the Limitations of IRS Tax Levies

Under normal circumstances, creditors are limited when it comes to the amount of money they can take from your paycheck after a garnishment order has been issued. However, the IRS is not bound by normal garnishment protocol and thus can garnish your paychecks without a court order and without abiding by standards to which other creditors must adhere.

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