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With new tax laws effective for 2018 you should review your income tax withholding and, when appropriate, make adjustments. Notably, the new Tax Cuts and Jobs Act (TCJA) lowers tax rates for individuals, effective for 2018 through 2025, so you may presume you are over withholding if you haven’t updated your W-4s this year. But […]
The exemption from levy is tied to the personal exemption. The personal exemption went up last year and the IRS has published guidance on how that change impacts the amount of the exemption from levy in a wage levy situation. This creates a windfall for individuals subject to a wage levy that Congress probably did […]
The best time to resolve your tax debt is the week before you win the lottery, when you have no assets and your income barely meets your necessary living expenses. If you have no assets, no money in the bank and you are living paycheck to paycheck … that’s the time to settle with the […]
The Internal Revenue Service last month strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. Last month, the IRS began implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new […]
The IRS understands that there may be legitimate reasons why may don’t have the money to pay your taxes, but there are very few legitimate reasons for not filing your return when due, and not having the money to pay is not one of them. Late filed returns incur a penalty of 5% per month […]
If you’re struggling with a tax problem, it’s natural to want to wait until you’re in the best possible place to solve this problem. The longer you wait, however, the problem only intensifies and the greater sum you’ll owe. Here’s why you should not wait to have a good year to fix your taxes, whether […]
If you’re married and file jointly, the IRS affords you certain benefits. For instance, your spouse can be a tax shelter, can contribute to an investment retirement account, and help you avoid estate taxes when you die. Married couples filing jointly, however, should keep in mind that both members of this partnership are legally responsible […]
There are a lot of things that can hold you back from taking the first step to resolve a tax problem, and the impending holiday season can be a convenient excuse for putting it off even longer. Here are six excellent reasons not to wait. 1. Facing your tax problem after January 1 will not […]
When John Langdon was unexpectedly targeted by the IRS after his company went bankrupt, he struggled to find a workable solution. He knew he wasn’t responsible for the damages the IRS was claiming, yet even the expensive lawyers he hired were unable to win the case against him. It wasn’t until he found Bill Fritton […]
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