0
What else can I help you with?
How do I go about settling tax debt?
Talking with a lawyer who specializes in this kind of debt would be a good idea. Try to find someone who is experienced with dealing with the IRS, and knows how to advocate best for his or her clients with the best results.
Where can someone go for advice about their debt?
There are plenty of places a person can go for advice on their debt. There are many debt experts and lawyers who can lower you payments and even exempt you from certain debts.
If I marry someone with previous tax debt does the debt become my debt?
It is actually easier to just file married filing separate; this way there is no additional paper to prepare. Therefore if and wne you have tax liability, the IRS and possible tax resolution firms will be able to handle the issue with more ease.No, but there are two things you can do to ensure that your spouses debt remains separate. First you can always file married filing separate until the debt is cleared up. the second thing you can do is file married filing joint but file innocent spouse. Innocent spouse form is 8857.You can go to this IRS website link for more information. See the page link, further down this page, listed under Related Links.If you file MFJ then you will gain the tax credit for being married and filing the innocent spouse should waive your responsibility to your spouses tax debt.
I made a payment arrangement for a credit card debt through the court and didn't pay. Will I go to jail?
in england, no. the only debt you can go to prison for is council tax non payment. in the states i am not sure.
Where could someone get help with credit card debt?
The best place to go for credit card debt would be a debt counselor. They offer great services to help you to get out of debt and save money for debt repayment.
Where in Toronto can one go if they need help with tax debt?
For individuals in Toronto who are looking to overcome tax debt, any reputable accountant would be a good resource. One such company that provides this help with this issue in Toronto is Mark Feldstein and Associates.
How can someone reduce their tax debt?
One should do the simplest thing first, which is to go over your tax return and be sure it is accurate and that you've not missed any deductions. IRS made mistakes all the time. So the first step is check your tax debt notice and your filing tax record carefully. If IRS made a mistake and you can possibly save thousands on that.Consulting a tax professional could help you reduce your tax debt, and in some cases it is also possible to offer a lesser sum than owed to the IRS as a lump sum payment. If you want to get a free consultation of your tax debt, call their toll-free 877-485-8272 .Offer in Compromise also allows tax payer who can not afford a full payment of back tax liability an opportunity to settle their tax debt for less. But it can be a very lengthy , stressful and complicated process for individual tax payer. If you want to apply for an OIC, it is suggested to consult a tax attorney first.Bankruptcy is also one way to reduce tax debt, but is a matter of last recourse. Some income taxes are dischargeable in bankruptcy, such as 1040 tax liabilities, however some will remain with the bankruptcy, for example, 941 payroll tax liabilities and trust fund. Also, bankruptcy will have a huge affect towards your financial status and credit rating. If you want to avoid a tax debt by filing a bankruptcy, you always have better options.More details , check the related links.
Can you use the word relinquish when referring to money owed?
To relinquish something means to let it go. You can relinquish a debt that someone has to you. But if you have a debt to someone else, you can't relinquish that, You owe that money to them.
Who can issue a tax levy against property?
The IRS can issue a tax levy against property. A tax levy against a property is to claim back any tax owed to the IRS. The money made from the property will go towards the debt owed.
How do you settle credit card debt that has reached legal action without going to court?
You send settlement letters to your creditors, and after a few rounds of negotiating, hopefully you and your creditors will settle on an acceptable amount. You may do the settling yourself, or you may hire a company to negotiate on your behalf. If you settle on your own, you may save a few thousand dollars (depending on how much debt you owe). However, if you don't have substantial experience negotiating with the debt collectors, then a debt settlement company may save you more. Knowing with whom, when and how much to settle is critical. Also, keep in mind that there are many unethical debt collectors that will lie and cheat in order for you to pay them as much as possible. The bottom line is that settling your own debts is like someone trying to replace a transmission in their car with little or no mechanical experience-it's possible to due so, but it's probably much better for an expert to handle the job. If you would like more info regarding the quickest method of debt elimination, visit: debt-freesolutions.blogspot.com
Where could someone go for online tax advice?
The IRS website is a great place to go for tax advice. They have all the latest updates to tax laws and will help with research to make sure you are making the most of your income.
If you owe the IRS money--can you open an llc with someone else and can the IRS touch it?
The IRS can go after anything that could be construed as a fraudulent transfer to evade taxes. And even if it could not establish that the transfer was fraudulent, the IRS could go after your ownership interest in the LLC and take the LLC away from you to satisfy your tax debt.
