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Owe the IRS $50,000, $100,000, or More? Which Tax Resolution Options Are Worth Exploring?
What would you do if the IRS told you that you owed $100,000 and expected you to figure out how to pay it? Maybe you've already lost sleep worrying about the debt. Perhaps you've been avoiding the mail, hoping the problem will somehow get better on its own. If any of...
What Happens to IRS Debt If You Lose Your Job or Your Income Drops?
Losing your job or experiencing a major drop in income can make IRS tax debt even harder to manage. Your debt does not disappear, but a change in income may affect the resolution options available. If you can no longer afford your IRS payment, you may be able to...
Can the IRS Take Your House If You Owe Back Taxes?
If you owe back taxes to the IRS, you may have wondered if the IRS can take your home. The short answer is yes, the IRS can seize and sell a home to collect unpaid taxes, but strict protections apply to a primary residence, and several collection steps generally must...
What Happens When You Owe Both the IRS and Your State Tax Agency?
Owing both the IRS and your state tax agency can be confusing, especially when you are receiving separate notices and facing different deadlines. Resolving one debt does not automatically resolve the other. If you owe both federal and state taxes, understanding your...
IRS Tax Debt After a Death: What Executors, Spouses, and Families Need to Know
Losing a loved one is hard enough without discovering unresolved IRS tax debt. Executors, surviving spouses, and family members may also have to deal with tax returns, IRS notices, and questions about estate assets. If you’re handling the affairs of someone who owed...
The Biggest Mistakes People Make When Dealing With IRS Tax Debt
Finding out you owe money to the IRS can be overwhelming. Whether it's a few thousand dollars or much more, many taxpayers panic or worse, avoid the problem altogether. Unfortunately, the wrong decisions can turn a manageable tax issue into a much larger financial...
How to Protect Your Business From IRS Collection Actions: What Every Business Owner Should Know
Running a business comes with enough challenges without having to worry about the IRS. Unfortunately, if your business falls behind on payroll taxes, income taxes, or other federal tax obligations, the IRS has powerful collection tools that can seriously impact your...
The IRS Sent Me a Letter — Should I Be Worried?
Few things make your stomach drop faster than opening the mailbox and seeing a letter from the IRS. Your mind starts racing. “Am I in trouble?” “Are they going to garnish my wages?” “Can I ignore this and hope it goes away?” If you received a letter from the IRS,...