Are IRS Installment Tax Payments Deductible? An installment agreement is one way to pay back taxes, interest, and penalties to the IRS over time if you cannot pay in one lump sum. Like a credit card payment, you are paying back the debt (plus any interest and penalties accrued) over ...

Tax issues bring with them penalties and interest that can significantly increase the amount you owe. If you're dealing with a tax issue or have in the past, you're likely already aware of this. What you might not know is that sometimes it's possible to have penalties abated (removed or ...

Owing back taxes to the IRS can complicate your life in several ways. If you're looking to buy a house while you have a federal tax debt, you may have a more difficult time getting a mortgage. It's still possible, but you'll be seen as a riskier borrower. If you're ...

If you just received a notice from the IRS requesting payment for taxes that your spouse is primarily responsible for, at a point where you’re only concerned with getting on with your life, you may be asking: Whose responsibility is the IRS debt when a married couple divorces? Does the ...

While most individuals filing taxes find themselves in the position of receiving a refund, that is not always the case for everyone. As it is, owing taxes may feel like a heavy burden on average taxpayers. The current COVID-19 pandemic has had a powerful impact on millions of Americans over ...

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 ...

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 ...