What Happens if I Default on My IRS Installment Agreement?
Entering into an installment agreement with the IRS can provide you with a manageable way to pay off their tax liability over time. However, defaulting on an IRS installment agreement can lead to serious consequences. Here, we’ll review the potential repercussions and the steps you can take to mitigate them.
Ask Phil: What is the IRS 6-Year Rule?
Have you ever heard of the IRS 6-Year Rule? Did you know there are actually three separate rules? Today, Optima Tax Relief’s Lead Tax Attorney, Philip Hwang, discusses each of the three IRS 6-year rules, including one for underreporting income by over 25%, one for non-filing, and one for installment agreements.
Am I Responsible for My Spouse’s Back Taxes?
When you marry, you often share many aspects of your life with your spouse: your home, your finances, and perhaps even your dreams. However, what happens when it comes to tax liabilities? Specifically, are you responsible for your spouse’s back taxes? Here, we’ll explore the factors that determine liability and the potential consequences for both parties involved.
Tax Deductions for Senior Citizens
Figuring out taxes in retirement can be challenging, but understanding available tax deductions can significantly impact your financial health. Senior citizens have access to a variety of tax benefits and deductions that can help reduce taxable income and enhance savings. Here’s a comprehensive guide to the key tax deductions and credits available to senior citizens.