Having two incomes will usually help your family’s financial situation. But it can make your tax situation more complex and require more tax planning and preparation. If you have multiple incomes in your family, be aware of the following potential tax problems....
IRS Tax Debt
IRS Notices: CP 508C Passport Revocation or Denial
The CP 508C notice is telling you that your passport may be revoked or denied because you have seriously delinquent tax debt. You’ll need to resolve your tax problems with the IRS in order to keep your passport or have your next passport issued. Why You Are Receiving...
Tax Levy on Social Security Benefits
The IRS has powers that many ordinary creditors don’t have. One of those powers is the ability to levy your Social Security benefits if you have delinquent tax debt. This is done as part of the Federal Payment Levy Program (FPLP). How Much Can the IRS Take? The IRS...