Chris feels victorious because he saved over $126,700 in IRS tax debt.
Before I share with you Chris’ own personal testimonial, I want to share some thoughts:
Dealing with the IRS over back taxes can leave you feeling ‘defeated’. The process of settling a tax debt often appears to be one in which the IRS has all the power and you have none.
Now that’s where we come in… Continue reading Chris Feels Victorious
Did you know that when you sign a Joint Tax Return, the IRS holds you equally responsible for all tax consequences? Even when the IRS discovers an error due to your spouse, you are also responsible for the liability.
In order to help protect a taxpayer from being forced to pay for incorrect information reported by the taxpayer’s spouse on their return, the IRS set up the Innocent Spouse Relief Program. If a taxpayer can prove that he or she is legitimately not responsible for owed tax debts stemming from the years the taxpayer was married, Continue reading 3 Ways To Survive Your Spouse’s Tax Troubles
For obvious reasons, being unemployed or underemployed is definitely not fun.
However, depending upon your overall financial situation, it could be a once in a lifetime opportunity to rid yourself of back taxes owed to the IRS once and for all, or simply put your back tax situation on hold for the time being, while the IRS’s 10 year collection window closes. After 10 years from the date the return is filed, the liability expires worthless; we’ll come back to this shortly.
The New Economy
Due to a changing economy, and advancements in technology, some industries have seemingly been permanently affected, and will never Continue reading Unemployed/Underemployed? Perfect Time To Resolve IRS Debt!
Many businesses go through difficult economic periods. As a strategy to stay afloat, some small companies/individuals will resort to funding their cash flow needs by utilizing employee payroll tax withholding.
The IRS does not appreciate this method of financing. To show their displeasure, the agency will assess a ‘Trust Fund Recovery Penalty’ on the assets of the responsible parties, which are typically the owners and operators of the business, to collect the unpaid withholding taxes. It also penalizes those who had control over the decision to divert the payroll money from the IRS to other creditors of the business.
Trust Fund Taxes
There are three components of Trust Fund Taxes: Continue reading IRS Trust Fund Penalty Investigation
My actor buddy, Roderick, is the most upbeat guy I know, and is also one of the most resilient. Relying on a profession where, according to estimates, more than 95% of Screen Actors Guild’s members make less than $1,000 per month, one has to have incredible faith. Despite the odds, he has unyielding passion and maintains the expectation of success.
I can remember one of the rare times seeing his spirits down, and for good reason. His normal jovial mood turned to despair when the IRS Continue reading How I Turned My Friend’s Tax Trouble Into a $25k Savings