Having an IRS tax lien on your credit record can be devastating. Because it can stay on your record up to seven years after you pay off or settle the amount, you may have a difficult time getting financed for loans, credit cards, and other financing.
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Millions of people look forward to tax refund season each year. This once a year financial windfall helps people get caught up on bills and buy consumer goods that they have been wanting for months.
When your money is delayed, however, you want to know what went wrong with its processing. Rather than wait for the IRS to contact you, you can take these proactive steps to track down your refund.
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If you find yourself at odds with the IRS and need to understand just what is contained inside today's tax codes, you may find yourself overwhelmed by this vast amount of information. Rather than risk being penalized and punished, you should use these strategies for researching and following tax laws that most people do not understand.
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When you are selected for an IRS audit, you may be overcome with worry and stress. In reality, however, going through an audit differs little than any other legal process.
You have rights and responsibilities that can make the entire audit go by quickly and end with the best solution for both you and the IRS. You can prepare for your meeting by learning how this agency gathers its information and what your options are both during and after the audit.
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.
