No news is generally deemed as good news when it comes to how the IRS does business. When it notifies you that you owe back taxes, however, you may have no idea how or when to respond.
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With its duty to oversee tax collections, the IRS has far-reaching capabilities to ensure that everyone pays their fair share. If you fall behind on your taxes or fail to pay the correct amount, you may expect to receive notification of your remaining tax obligation.
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Because it is a major government agency, many people assume that the IRS wields a substantial amount of power over their taxable earnings and assets. However, as essential as this organization is to the collection of taxes for the government, it actually must obey the laws that Congress enacts regarding taxation. Even so, many people who owe back taxes to the IRS often want to know if they can get the penalties and interest waived on the delinquent amount in full. They can benefit by knowing under what circumstances that the IRS can waive penalties and interests and when they must pay the full amount and fees for any back taxes that they owe.
Despite having millions in the bank, celebrities are just like everyday taxpayers and sometimes experience their fair share of tax woes. These 10 celebrities are well-known for their work on the big screen or in concert as well as the fact that they were charged with tax evasion.
Many taxpayers use their home purchases as a way to
save money on their tax liability for the year. However, the IRS also allows taxpayers to buy properties for investment real estate and use the eligible deductions to reduce their tax bills. Several of the same home deductions that apply to residences also apply to investment real estate properties.
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If you're a newlywed who just got married this year you may be excited about starting your new life with your spouse. However, if you don't take the time to do a little tax planning you might get an unpleasant surprise at tax time. The good news is that most of these tax tips for newlyweds are fairly simple to implement so you won't have to take much time out of your newly married life to settle them.
If you owe back taxes to the IRS you might be worried about how you'll resolve your account with the agency. The IRS has plenty of resources to track down and penalize potential tax cheats so it's always best to find a way to pay your balance as soon as possible. The good news is that you can pay your back tax bill in an affordable way by using an IRS payment plan. Before you're able to set-up payment plan arrangements though, you'll need to learn the different types of available plans for you.
