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Will The Irs Intercept Your Tax Refund If You Owe Back Property Taxes?

admin — Tue, 16 Feb 2010 13:37:13 +0000

If we owe back property taxes for 2007 will our refund from the IRS be taken this year to help pay for the back taxes? Any info would be appreciated!!! Thank you.

How To Claim Taxes On Salary That Is Overpaid To Me And Repaid Back?

admin — Wed, 03 Feb 2010 14:15:44 +0000

In 2007, I was overpaid by my employer and now they want me to repay the overpayment. Today, I sent them a check for the overpayment. I have paid my 2007 federal and state taxes on the overpayment amount. How do I claim those taxes that I have paid when I file my 2008 taxes soon? Where can I indicate such a deduction on a federal 1040 tax form? Please be detailed in your answer. Thanks.

Owe Irs Back Taxes? Don’t Fall Victim to an Irs Tax Levy!

admin — Sun, 10 Jan 2010 13:50:02 +0000

It’s important you do not to ignore IRS back taxes for long. When IRS collection notices are ignored, the IRS has to resort to collecting from taxpayers by force. They do this with their dreaded IRS tax levy. By law, the Internal Revenue Service has the right to issue an IRS tax levy on you. This means it’s completely legal for the IRS to levy your bank accounts, issue wage garnishments, and even seize your assets in extreme cases.The most common IRS tax levy collection tools are the IRS bank levy and the IRS wage levy. If you receive notice from the IRS that either Tax Levy is going to be issued on you, you need to act fast. Your income and bank account funds are at stake and the matter is now extremely urgent! IRS Bank Levy: The IRS bank levy is an extremely harmful way to collect IRS back taxes. All of the money you scrimped and saved can be gone in and instant. Here’s what happens when the IRS Issues a bank levy:1. First, the IRS freezes your bank account.2. They give you 21 days to contact them and explain why you should receive the money. If you do not comply, the IRS will keep all of the money in your account for good.If you received a Notice of Intent to Levy from the IRS, it’s imperative to act fast and get your tax debt taken care of. It’s a smart idea to consider professional help at this point. Timing is crucial and a tax professional has a better chance of negotiating with the IRS and getting the bank levy removed in the short 21 day time frame. Remember that once the IRS seizes your account funds with the bank levy, you will not be able to get them back. IRS Wage Levy: The IRS wage levy is another brutal method used to collect IRS back taxes. It’s also known as wage garnishment. Basically, the IRS can take a percentage of your paycheck until your tax debt is paid in full, or until the statute of limitations on your tax debt expires. You do not want the IRS to seize money from your paycheck for years. Remember, they can seize up to 70% of your paycheck. It’s important to work fast to find a better solution for paying off your IRS back taxes. Stop the Bleeding: Your bank account and paycheck are being threatened. How do you stop the tax levies, and fast? You have to start by giving the IRS what they want. You have to make an arrangement to pay on your IRS back taxes. You can pay by settling your tax debt (for less than the full amount due) with an Offer in Compromise, or your can pay them monthly through what is called an Installment Agreement. Hiring Professional Help: Once an IRS tax levy or federal tax lien has been issued against you, things get tricky. Negotiating with the IRS is tough once they’ve opened a direct route to your money. If you’ve already received an official IRS Notice you might need professional assistance with your tax debt. With a tax professional working on your side you have a better chance of being successful and getting your tax debt issues resolved once and for all.

Liv Worthington has worked in the debt management field for many years. She also advises clients with IRS back taxes who are facing an IRS tax levy or bank levy and need a fast tax solution.

Owe Irs Back Taxes? Don’t Fall Victim to an Irs Tax Levy!

admin — Sat, 09 Jan 2010 13:53:20 +0000

Liv Worthington has worked in the debt management field for many years. She also advises clients with IRS back taxes who are facing an IRS tax levy or bank levy and need a fast tax solution.

Can The Irs Garnish Your Whole Pay Check If You Owe Back Taxes?

admin — Thu, 31 Dec 2009 13:37:37 +0000

Someone i know wants to borrow money from me because he said the IRS garnished his whole check because he owes back taxes; I thought the IRS could only garnish 1/3 or 25% of your check and not all of it.

Can Irs Take All Of A Social Security Check For Back Taxes Owed?

admin — Wed, 16 Dec 2009 14:25:26 +0000

He lives on a retirement Social Security check only. How much can IRS garnish his check (around $1100.00) per month pay) He is already paying $185 a month to IRS out of his check, now they claim they made a mistake on his 2004 taxes and want more payment per month.
Just how much can they take out of this check?