Tax Matters - The Top Tax Defenders Blog

Understanding the IRS Tax Collection Process

Owing the IRS money can differ from being indebted to other creditors. Because the IRS is a government agency, it can take action against you without needing a court judgment.

Qualifying and Applying for a First-Time Tax Penalty Abatement

The IRS takes its obligation to collect tax revenue very seriously. Nonetheless, it may offer a proverbial olive branch to taxpayers who fail to file or pay their taxes on time.

This courtesy comes in the form of a reprieve known as a First-Time Penalty Abatement. You may take advantage of this program offered by the IRS by learning how it works and whether or not it applies to your particular circumstances.

New tax laws put higher income earners at risk of having to pay more taxes. If your income is above $250,000, you could face higher tax bills because of the new ACA law, as well as several others passed by Congress recently.

However, you can lower what you will inevitably owe to the IRS by taking several proactive steps now. These tactics should be on your checklist when you aim to save money on your 2015 taxes.

Owing money to the IRS can put a shadow over your everyday life. This tax debt may cause you to worry that you will lose your assets or experience financial difficulties if you are unable to pay what you owe up front.

Rather than carry around this burden, you may want to pay it off as soon as possible with your available line of credit. Before you charge it, however, you should understand the benefits and pitfalls of paying off your IRS obligation using your credit card.

After you file and submit your taxes, you hope that you avoid hearing from the IRS for the remainder of the year. However, if your return is flagged for review, you may be notified about the IRS publication 556.

The IRS undoubtedly wields a great deal of power over taxpayers. Given the authority this agency has, you may believe that the IRS is always in the right during an audit.

However, as a taxpayer you have the right to prepare yourself for an audit and use every resource available to you. You can build a case and prepare for your meeting with the IRS well ahead of time by making good use of these important audit resources.

When you file and send off your tax returns each year, you do so with the hopes that you will not be selected for an audit. In truth, you and every other taxpayer can be selected for an audit for any number of reasons.

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.

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.