News

Very few people are put in jail for not filing a tax return, but it does happen occasionally.  A willful failure to file tax returns is a misdemeanor if you owe taxes.  You can be sentenced for up to a year in jail and a $25,000 fine for each year of non-filing (Internal Revenue Code […]

The income levels to qualify for the health premium credit in 2019 go up. The credit is available for people with household incomes ranging from 100% to 400% of the federal poverty level…$12,140 to $48,560 for singles and $25,100 to $100,400 for a family of four…who buy health insurance through one of the exchanges.  Individuals

The IRS can seize your assets as long as you owe any part of a tax debt and the 10 year statute on collections has not expired.  Generally, levies are one-shot affairs.  The government must prepare and send a new levy notice every time it wants to seize an asset. EXAMPLE:  If the IRS levies

If you can’t informally convince the IRS to forgo recording a tax lien, here are some options to consider once the tax lien has been filed.   Appeal the lien filing.  The IRS has 5 business days after the filing of the lien to provide written notice to the taxpayer.  The must include notice of

Take a look at your investment portfolio.  You have lots of tax-saving opportunities in the coming months as the year’s end approaches. But don’t let the tax impact alone dictate your moves. Your decisions should make economic sense, too.  Consider getting rid of poor performers. Capital losses you incur can offset capital gains plus up to

In a November 15 news release, the IRS reminded small business taxpayers that changes to the tax law per the Tax Cuts and Jobs Act (TCJA) mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed

IRS Collection Problems?

If you owe taxes but can’t pay in full, there options for you. Most importantly, make sure you file your tax return and pay as much as you can. Then let the us help you choose your best option to pay. Here are some options to consider, even if you can’t pay the full amount right now:

Its not too late to plan for the 2016 filing season!