Like most creditors, the IRS will act on its right to collect taxes that you owe. In the beginning, its collection process is similar to what you may have encountered with an overdue credit card or utility bill: you get a Notice and Demand for Payment (also known as a CP501 notice) in the mail […]
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How And When To Get A Tax Extension in 2020
For most people, the deadline for paying taxes on income earned in 2019 will be April 15, 2020. If you have a more complicated return or just need extra time collecting the documentation needed to complete and send it, you have to file an extension with the IRS by April 15 or face interest and […]
How To Stop IRS Wage Garnishment
When you owe money to the IRS, you’ll quickly learn that it has collection resources that outstrip any other creditor. The government has the authority to garnish your wages, salary, commissions, bonuses, and other forms of income without getting a court order first. It can also take more of your money than a regular creditor […]
Do I Need A Tax ID Number For My Business?
Thanks to the gig economy, a growing number of people are inspired to take control of their financial future by starting their own business. One of the first things they ask themselves is, “Do I need a tax ID number for my business?” In most cases, the answer to that question is yes. But there […]
Are Offshore Accounts Legal? How Do They Affect My Taxes?
On April 3, 2016, the German newspaper Süddeutsche Zeitung published the ‘Panama Papers,’ which were confidential documents belonging to Panama-based law firm Mossack Fonseca. Among other things, the papers exposed over 214,000 tax havens for politicians, celebrities, and current or former world leaders. While most of the documents involved offshore business entities that were 100% […]
