Tax liens no longer have an impact on your credit score. However, they could still be visible to some creditors and affect your ability to sell or borrow against your home. Tax Liens Don’t Appear on Credit Reports The three major credit bureaus agreed to remove all...
Month: September 2019
WHAT TO DO IF YOU MISS AN ESTIMATED TAX PAYMENT
Self-employed taxpayers are generally required to make four estimated tax payments each year. If you miss a payment, you should pay it as soon as possible to minimize underpayment penalties. What Are Underpayment Penalties? Underpayment penalties can be charged if you...
TAX PROBLEMS FOR SENIOR CITIZENS
Seniors may have accumulated tax liabilities from their working years or from their retirement income. If you have tens of thousands in IRS tax debt, you could be at risk of tax liens, levies, and other issues. IRS Collection Actions The IRS can levy up to 15% of your...
WHAT ARE THE IRS ALLOWABLE LIVING EXPENSES?
IRS allowable living expenses are used to determine how much you should be able to pay each month in an IRS installment agreement. These expenses involve national standards as well as local standards for rent and other expenses. 2019 Allowable Living Expenses...
HOW DO YOU CHANGE YOUR STATE RESIDENCY FOR TAX PURPOSES?
It’s well-known that some states provide lower tax rates than others. Florida, Texas, and other states have no income tax, which makes them an attractive option for retirees and other taxpayers who want to lower their tax burden. Georgia levies a state income tax, but...
OFFSHORE ACCOUNT COMPLIANCE FOR TAXPAYERS LIVING OVERSEAS
Expats and other taxpayers who are living overseas may be required to file Form 8938 and FBARs if they open a financial account in a foreign country. A failure to meet these requirements could lead to massive tax penalties. Form 8938 Form 8938, Statement of Specified...
ARE YOU ELIGIBLE TO USE THE STREAMLINED FILING PROCEDURES?
The Streamlined Filing Compliance Procedures (“Streamlined Procedures”) offer taxpayers a less costly method of disclosing their unreported foreign bank accounts when compared to the new Offshore Disclosure Program. However, there are some important restrictions that...
GEORGIA STATE TAXES FOR NONRESIDENTS
Nonresidents or part-year residents may still have Georgia state tax obligations. This may require filing a Georgia state income tax return and paying Georgia income taxes. Part-Year Residents Part-year residents need to file a Georgia state income tax return if they...
WHEN SHOULD YOU APPEAL AN IRS COLLECTION ACTION?
Appealing an IRS collection action can be a smart choice in many cases. You can delay the lien, levy, or wage garnishment while also getting the opportunity to negotiate a more favorable outcome. Stopping a Lien or Levy By requesting a Collection Due Process (CDP)...
TAX APPEALS: COLLECTION APPEALS PROGRAM
The Collection Appeals Program (CAP) gives taxpayers the opportunity to appeal many types of IRS collection actions. CAP also offers more flexibility than the Collection Due Process (CDP) hearing and generally results in a faster decision. Collection Actions That...