Tax Debt Relief Articles

  • senior citizen viewing tax documents

Tax Debt Relief for Senior Citizens: Maximizing Tax Credits & Deductions

Tax obligations change as we age, and our golden years bring unique milestones, like paying off a mortgage that would otherwise be unreachable. Typically, senior citizens have put in years of hard work and over the span of several decades, paid thousands in taxes overall. Individuals age 65 or older ...

Filing Taxes When Unemployed

Considering all the paperwork and filing that accompanies tax season, it is no surprise how stressful tax time is for individuals with an income – as well as the unemployed. Regardless of your employment status, you may be required by the IRS to report an annual status of employment, in ...

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What if I am Unable to Pay My Taxes On July 15th Of This Year?

Although tax season tends to be stressful for everybody, it may be more so for individuals who are unable to pay the IRS any amount owed. At face value, this may feel like a nightmare; however, there are various avenues in which an unpayable tax debt may be resolved. Fortunately, ...

  • 1099-C cancellation form

How Does the 1099-C Cancellation of Debt Form Impact Your Taxes?

The IRS considers any forgiven debt as a source of income, of which you have to pay taxes on? You have probably been surprised with the receipt of a Form 1099-C in the mail during tax season if you have ever settled any given debt entirely, or for less than ...

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Can You Have Two Installment Agreements With the IRS?

When you cannot pay the taxes you owe, you can establish an installment agreement. This allows you to pay down the balance over time by establishing a payment plan with the IRS. If you are assessed taxes you are unable to pay in a future tax year, you can add ...

  • taxes owed in tax document

How To Pay Off Tax Debt

Not many things in life can be more stressful than owing the IRS money, particularly if you can't easily lay your hands on it. Fortunately, you have a few options when this happens. It becomes a matter of determining what's best for your personal situation. Tax Debt Can Snowball Quickly ...

  • tax form 1040

Basics of Tax Planning: Avoid Paying More Than You Owe

The ultimate goal of tax planning, overall, is to end up owing as little in taxes as possible, by arranging your financial affairs, appropriately. This may be accomplished in three ways: by taking advantage of any (and all) applicable tax credits, increasing tax deductions, or reducing your overall income. It ...

  • the irs fresh start forgiveness program

Does the IRS forgive tax debt after 10 years?

In general, the Internal Revenue Service (IRS) has 10 years to collect unpaid tax debt. After that, the debt is wiped clean from its books and the IRS writes it off. This is called the 10 Year Statute of Limitations. It is not in the financial interest of the IRS ...

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