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? This question can cause significant stress and confusion. To navigate this issue, it is […]
How IRS Installment Agreements Work
When most people first examine tax relief options, they might have their hopes set on an offer in compromise – or their tax debt settled for less than what they owe. Unfortunately, OICs are more often denied by the IRS than they are accepted. When tax debt becomes too much to manage, an IRS installment agreement […]
Someone Filed a Fraudulent Tax Return in My Name. Now What?
Tax season can already be stressful without the added burden of discovering that someone has filed a fraudulent tax return using your identity. Unfortunately, tax-related identity theft is a real concern in today’s digital world. If you suspect or discover that someone has filed a fraudulent tax return in your name, take immediate action. Here […]
What If I Can’t Pay My Taxes?
Every year, millions of individuals and businesses face the intimidating task of paying their taxes. However, there are instances where meeting this financial obligation becomes challenging or even impossible. There are times when you might’ve asked yourself, “What if I can’t pay my taxes?” Whether due to unexpected expenses, changes in income, or other unforeseen […]
What is Injured Spouse Relief?
When couples file joint tax returns, they often expect to share both the benefits and the burdens of taxation equally. However, situations can arise where one spouse’s debts or obligations lead to the entire tax refund being withheld to cover them. We’ve covered innocent spouse relief before. However, there is another type of tax relief […]
What is an Offer in Compromise (OIC)?
Tax debts can be a significant burden, causing stress and financial strain for individuals and businesses alike. Fortunately, the IRS offers various options to help taxpayers settle their debts, one of which is known as an Offer in Compromise (OIC). An Offer in Compromise is a valuable tool that allows eligible taxpayers to settle their […]