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 […]
What is a Tax Settlement?
Tax settlements are a crucial aspect of managing one’s financial responsibilities. They provide a mechanism for individuals and businesses to resolve outstanding tax issues with the IRS. This article aims to shed light on the tax settlement process, including its various options, implications, and considerations. Understanding Tax Settlements Tax settlements, also known as tax resolutions, […]
What is Innocent Spouse Relief?
Tax matters can be complex and often present challenges for married couples who file joint tax returns. In certain situations, one spouse may find themselves unfairly penalized for the actions of their partner, leading to financial difficulties and strained relationships. To address this issue, the IRS offers a form of relief known as innocent spouse […]