Since wage garnishment gives both the IRS and the taxpayer a hard time, taxpayers experiencing financial hardship can use this to their advantage. RELATED: 10 Assets That Can Be Put Under An IRS Levy How Financial Hardship Can Mitigate Wage Garnishment In 5 Steps Step 1: Understand Wage Garnishment Wage garnishment happens when the IRS deducts a debtor's tax payments … [Read more...]
How To Prepare For An IRS Audit [INFOGRAPHIC]
Preparing for an IRS audit can be a stress-free affair if you follow these best practices. RELATED: 9 Tax Audit Triggers To Watch Out For A Guide to IRS Audit Preparation Click here to jump to the infographic. Step 1: Know What Triggers an IRS Audit What does being audited mean? An IRS audit does not mean you are suspected of undertaking a tax-related criminal … [Read more...]
Using The IRS First Time Abatement Strategically To Reduce Penalties
Incurring penalties and fees from the IRS can make paying unpaid taxes more difficult, making first time abatement a valid strategy for saving money. RELATED: 9 IRS Penalties You Could Be Facing After An Audit How to Minimize IRS Expenses Through First Time Abatement Step 1: Be Aware of IRS Penalties and Interest For abatement purposes, taxpayers can classify IRS … [Read more...]
How To Get Your Home Back After A Tax Sale
Taxpayers going through a tax sale of their houses can expect a long and oftentimes complex process, which makes knowledge of tax sale facts crucial for retaining the assets. RELATED: How To Get Rid Of An IRS Tax Lien On Your Home How to Get Back a Home After a Tax Sale Step 1: Understand First How a Tax Sale Works Tax Sale Definition: The state sells a property to … [Read more...]
What Are The 3 Types Of Innocent Spouse Relief?
What is innocent spouse relief? Learn how you might be able to lift some of your tax burdens arising from incorrect information on your joint statement through this concept. RELATED: Fact Sheet: IRS Innocent Spouse and Injured Spouse Allocation In this article: What Is Innocent Spouse Relief? Comparing the Three Types of IRS Innocent Spouse Relief General … [Read more...]
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