The IRS wants what they think is theirs. You want to keep what you think is yours. So, how can those two intentions coexist when what the IRS thinks is theirs and what you think is yours is often the same thing – your money? There are ways to protect your finances and keep them away from the IRS. No, we aren’t talking about tax evasion. We’re talking about legitimate, legal tactics that you can use to protect your Read More
Yes, the IRS Really Can Show Up At Your Door
NOTE: As of July 24, 2023 the Internal Revenue Service ended most unannounced visits to taxpayers by IRS revenue officers. See IRS Announcement. Picture this – There’s a knock at your door. You open up to find an Internal Revenue Service officer standing there asking you about unpaid taxes. What now? This has become a reality for many families now that COVID-19 restrictions have disappeared and IRS officials Read More
Is That Letter You Received From the IRS Legitimate?
Dealing with the Internal Revenue Service (IRS) can ignite panic in even the calmest individuals. Your money is at stake and plenty of people have had nightmare dealings with the IRS over their taxes. When you receive a letter in the mail claiming to be from the IRS or related to an IRS matter, those panic signals can go off right away. What did I do wrong? Did I forget something in my taxes? Did my tax preparer Read More
Don’t Miss Out on the Employee Retention Tax Credit
If you are a small business owner, you need to know about the Employee Retention Tax Credit (ERC). It is a refundable tax credit that businesses can claim on qualified wages, including certain health insurance costs, that it paid to employees in 2020 and 2021. The ERC was enacted originally by The Coronavirus Aid, Relief, and Economic Security (CARES) Act as an encouragement for small businesses to keep Read More
Getting Out of Trouble With the IRS Through First-Time Penalty Abatement
In an ideal world, everyone would maintain a strictly transactional relationship with the Internal Revenue Service (IRS). We pay our taxes, we file our tax returns on time, and we move on with our lives. This all changes when we end up coming up short on our tax bills or fail to file on time, however. The IRS will come after what they are owed when they are aware you owe them. Failing to act quickly can result in Read More
Preparing Yourself for the 2023 Tax Season
With the flip of the calendar, we’re officially into 2023. There’s ample opportunity in the new year to put ourselves in a position to take advantage of the many opportunities 2023 has to offer, but we also have to keep in mind it’s almost time to look back on 2022 when tax season gets underway. Each year, the IRS guidelines around tax returns change in some fashion. We want to make sure you’re prepared for those Read More
Protecting Your Bank Account from the IRS After Receiving Final Notice
You may have heard stories of the IRS and the agency’s seizing of personal assets to satisfy unpaid tax debts. This is referred to as an IRS levy, which is similar to an IRS lien. Fortunately, you will receive several letters from the IRS before the agency attempts to seize your property. However, if you do receive either Letter 1058 or an LT11, Final Notice of Intent to Levy, the time to take a wait-and-see Read More
The IRS is NOT adding 87,000 new ‘armed’ agents. Here’s what’s really going to happen
There has been quite a bit of confusion regarding both the context and likely results of the IRS’ recent monetary windfall. On August 16, 2022 President Biden signed into law the Inflation Reduction Act of 2022 which is designed to curb inflation by reducing the deficit, lower prescription drug prices, and invest into domestic energy production while promoting clean energy.. One item that received much Read More
Getting Your Finances Right Before the End of the Year
Don’t look now, but we’re already nearing the end of 2022. Another whirlwind year for many of us – reinforcing the importance of staying focused and taking care of what we can control. That’s precisely why we want to address a few year-end financial tasks you can knock out to set yourself up well for 2023. It’s important to make time for friends and families during the upcoming holiday season, so use this post as Read More
How Does Income Garnishment Work?
The IRS always gets what it’s owed, one way or another. If you owe back taxes to the IRS and you do not set up a payment plan with them, it’s likely that your wages will be garnished. When this happens, the IRS seizes a set amount of your income every pay period before it even hits your bank account. While this does take care of your debt, it can also leave you with little to get by on from check to check. Learn Read More