0
Yes very much so. The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund or overpayment may be reduced by FMS and offset to pay any past due child support, Federal agency non tax debts, or state income tax obligations.
Go to the IRS gov website and use the search box for Topic 203 - Failure to Pay Child Support, Federal Non Tax and State Income Tax Obligations
For additional information, FMS can be reached at 800-304-3107.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
When giving a car as a gift does the receiver have to pay taxes in Ky?
The receiver of a qualified gift does NOT have pay any federal income tax on the value of the car as a gift. BUT the receiver will have to pay some taxes to the DMV when the car is registered in the new owner name in the state and to get the new license plates, etc.
You want to marry someone who owes IRS penalties and interest How do you protect yourself?
Understand that the IRS is going to collect what it is owed. If you marry this person, that is going to affect you directly or indirectly. To the extent that your spouse's income is going to pay taxes and other debts, your spouse cannot help pay the rent/mortgage, utility bills, car payments, grocery bills, credit card bills, and so on. YOU are going to have to pay more than your fair share of all of the other household expenses and live a poorer life because your spouse is going to be spending all of his money paying back his debts. And people seldom have just a tax debt. If he is so far behind in taxes, he probably has a bunch of other bills, maybe many that you don't know about, that he is going to have to pay off too. So, do you really want to spend the rest of your life (till death do you part?) carrying your spouse and paying their bills? Why the rush to get married? Is there some sort of marriage emergency? Open your eyes. When you marry someone, you get them and all of the good and all of the bad. You have to assume that the baggage they bring with them (financial and non-financial) is going to become your problem, too. Why don't you give this guy/gal some time to straighten out their finances and show that they can be responsible before making the commitment? OK. So you've decided you're going to get married anyway. As far as taxes go, the most important thing you can do is to make sure you are NOT getting a refund at the end of the year. If you don't have a refund coming, no one can take it away from you. Most people get a refund. They get a refund because they pay far more tax every week from their paycheck than is required. At the end of the year when they add up their taxes, the total is far more than was required and then they rush to file their taxes and get a refund of the overpayment. Reduce the amount of taxes being withheld from your paycheck. Get a new Form W-4 from your employer's payroll or HR office. Claim more withholding allowances. (Hint: Form W-4 asks for withholding allowances, not exemptions. Most people mistakenly think they have to fill in the same number of withholding allowances as exemptions.) Claim enough withholding allowance so that at the end of the year you are not getting a refund and so that you don't owe the government more than $1000. If you want to see how much tax will be withheld by claiming different numbers of withholding allowances use this calculator: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp If you are eligible for the Earned Income Credit (EIC), ask your payroll office for Form W-5 in addition to W-4. Filling out W-5 will allow you to receive a little bit of your EIC payment with each paycheck instead of in one big lump sum at the end of the year. If you have a refund coming at the end of the year and file jointly, the IRS will take your refund and use it to pay your spouse's taxes. You can file separately to avoid this, but filing separately will cost you a LOT more taxes (so you lose either way) and you will be ineligible for certain benefits such as a Roth IRA, thus hurting your future. Alternatively, you can file jointly and then file an injured spouse relief form. The form is rather complicated and it will take months to process. But they will return the overpaid taxes attributable exclusively to your income. But, again, you can skip this step if you don't overpay your taxes in the first place. And, finally, visit a good family law attorney before you get married. Get a strong pre-nup drawn up. Financial problems are a leading cause of marital discord. If you don't want to end up having to pay your future spouse's bills long after the marriage has ended, you need to get a pre-nup in place before you get married.
How might overhead affect the price of a new car?
If mean overheads as in options added. It can affect it by as much as 50% on some models the most notorious is VW.
What taxes do you pay if you live and work in New York?
In the state of New York you would pay income tax and sales tax. If you own property you would pay real estate taxes to your town/city and county. If you buy gasoline for use in a car or other road vehicle you would pay gasoline tax. If you stay in a hotel you will pay hotel taxes. If you buy cigarettes or liquor you will pay separate taxes on those products. If you run a company, you will pay payroll and business taxes. If you buy or sell stocks or bonds you will pay taxes on those transactions.
Die oweing money on car?
Owe dying car off money.
How can you stop a car loan company from taking your tax refund?
I have never seen a case where a private company of any kind can put a lien on someone's Federal Income Tax Refund? Usually the only groups that can put lien on a Tax Refund would be a government related debt like state or city taxes, student loan debt, food stamp or social security overpayments, etc.
Can you refund a used car?
No. No previous owner would want to refund their used car after selling it to someone else. It was also based on their agreement that no refund will gonna happen.
Can you keep the money from the sale of a car that is still under agreement with a bank?
not unless the leinholder holds the title and the new owner doesn't want the title or doesn't mind someone oweing money on there car.
Can you change your mind and get a refund after purchasing a used car in Pennsylvania?
Not unless the seller agrees to refund your money. A used car purchase is final.
Can a county garnish wages for uncollected property taxes in North Carolina?
Yes, they can!!! I had a car in 2001 for 2 months and lost my job and the car was repo'd. It is now 2009 and when I went to pay taxes on my current vehicle, they said I also had to pay taxes to the tune of $196 (on a $4000 car) on the 2001 tax bill before I could get my current car registration done. They also told me that they had filed for a garnishment with my employer (whom I no longer work for), so yes - they CAN and WILL! They will also take your state tax refund if you have any.
Does the money received from an auction of the car go towards the debt owed even if you received a refund from it also?
IF you got the "surplus" refund, it should have been payed off. You must have had a lot of equity(down payment) in the car to get a refund.
Can a person receive a money refund with a car warranty?
no
Can the IRS tke your tax refund if your car is repossessed?
No.
Can your federal tax refund be taken if you are being sued for a car accident?
Yes, your refund is an asset and subject to lien.
I sold a car with a good inspection as-is new buyer says frame is bad and wants refund Am I legally responsible to refund I bought another car and don't have the money?
Not if you sold it as-is.
Do you have to pay taxes if you win a car?
If you win a car you are responsible to pay taxes in the state where you live.
