What Happens If You Don’t File Taxes Or File Taxes Late?
September 8, 2023
If you owe taxes and you don’t file or you file late, the IRS and state tax revenues will most likely apply a penalty. These penalties are known as the late-filing penalty or the failure-to-file penalty. The penalty for not filing taxes is usually 5% of the tax owed for each month or part of…
Understanding Tax Debt
September 2, 2023
Being in debt with the IRS is a stressful situation to be in. When you owe money to the IRS you are at risk of the IRS placing a lien or levy on your assets or property. It’s safe to say that if you are in debt with the IRS, you are not alone. Every…
IRS Tax Levy Vs. Lien
August 30, 2023
Both the International Revenue Service (IRS) and state tax agencies use levies and liens when taxes are unpaid. Both Levies and Liens are unpleasant to deal with. Ideally the tax debt should be dealt with before a tax levy or lien is in effect. What is the difference between a Levy and a Lien? Both…
Why Do I Owe Taxes This Year? 7 Common Reasons
August 28, 2023
Taxes can be confusing and frustrating, especially when you find out you owe money to the IRS. If you’re asking yourself, “Why do I owe taxes this year?” you’re not alone. Many taxpayers face unexpected bills due to common mistakes or changes in their financial situation. Understanding the reasons can help you plan better and…
Has An IRS Levy Caused You Economic Hardship?
August 23, 2023
When you owe back taxes, the Internal Revenue Service may place a levy on your wages or bank account. This can put those who were already facing financial hardship in a worse situation. The IRS does have the authority to garnish wages and place liens and levies on property but if it causes you a…