Common IRS Penalties and How to Avoid Them
Owing the IRS doesn’t just stop with your tax balance. If your tax obligations are not met, you could face penalties that can make your debt even more unmanageable. Understanding common IRS penalties and how to avoid them is essential for taxpayers to stay on the right side of the law and minimize financial consequences. Here are some of the most common IRS penalties and how to avoid (or reduce) them.
Choosing the Right IRS Payment Plan: Full Payment, CNC, or Installments
Wondering whether it’s better to pay your taxes in full or set up a payment plan? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain which repayment options you may qualify for, how penalties and interest impact your total debt, and the steps you can take to resolve your tax obligation.
How Long Does and Offer in Compromise Take?
If you’re facing significant tax debt and struggling to make ends meet, the Offer in Compromise (OIC) process may offer a lifeline. This tax negotiation program, offered by the IRS, allows qualifying taxpayers to settle their tax debts for less than the full amount owed. While this can be a valuable option, it’s important to understand that the process is not quick or straightforward. In this article, we’ll walk you through the Offer in Compromise process, factors affecting its duration, and other essential details about this tax settlement program.
How Do Newlyweds File Taxes?
Getting married is a joyous occasion, but it also brings important financial and tax considerations. As a newlywed, understanding how to navigate the tax implications of your new marital status is crucial for optimizing your finances and avoiding potential pitfalls. This comprehensive guide will walk you through the essential steps and decisions you need to make regarding your taxes in 2025.