What Happens If You Owe More Taxes Than You Can Pay?

By Top Tax Staff

what happens if you cant file your taxes

That number on the line for taxes owed looks awfully big. It looks like more than you feel like you can pay right now. Should you panic?

No, no, you should not.

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Filing Your Taxes: How Late Is Too Late?

By Top Tax Staff

Did you, by chance, forget to file your taxes…say for the last ten years? Or maybe just this year; after all, everything’s been such a mess.

But how late is too late to file? The short answer is never. You can always file late. You just have to understand that it won’t be the same as if you filed on time.

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Am I Eligible for Tax Abatement?

By Top Tax Staff

Property taxes are a significant portion of the cost of owning real estate, usually one percent to three percent of the home’s value to be paid annually. Since property taxes are permanent, anything that can reduce your tax liability will probably perk your ears right up. So, get your ears ready to perk, because the tax reduction term for today is tax abatement.

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Can I Get a Refund If I Owe Back Taxes?

By Top Tax Staff

Can you get a refund if you owe back taxes? The simple answer is … maybe. As in, it depends on whether you owe less in tax debt than you have coming to you as a refund. There are several reasons the IRS might hold up your refund or seize it to pay for other debt.

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Can My Federal Benefits Be Garnished?

By Top Tax Staff

Can your federal benefits be garnished? In today's business climate, that is a fair question. Unfortunately, there isn't a quick answer other than "It depends."

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Do I Qualify for Financial Hardship?

By Top Tax Staff

With the recent quarantine shutdowns and job losses, everyone is feeling the pinch. Some more than others. Now it’s time to file and pay income taxes.

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Everything You Need to Know About IRS Compliance Checks

By Top Tax Staff

Like a certain Marvel Universe bad guy, the IRS seems inevitable. And most people aren’t Iron Man, not even close. But luckily you don't need superpowers to face a  compliance check.

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An Employer's Guide to Payroll Taxes

By Top Tax Staff

In 2017, the IRS collected $2.39 trillion (yes, that’s with a ‘T’) in payroll taxes. That amount represented 70% of all federal tax revenue collected for the year. 

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How to Deal with an IRS Correspondence Audit

By Top Tax Staff

Nobody looks forward to receiving a notice from the IRS, especially one that says audit. However, of the three types of audits the agency performs, there is one you can almost be happy about — a correspondence audit.

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How to Appeal a Federal Tax Lien

By Top Tax Staff

Have you received IRS Letter 3172, Notice of Federal Tax Lien Filing and Your Right to a Hearing under IRC 6320? That means the IRS has determined you owe a tax debt, which you have neglected or failed to pay. Now they put a lien on your property so you can’t sell or refinance any of it until you pay up or make a deal.

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