How DMX Racked Up $1.7 Million In IRS Tax Debt And What Happens Next

“Every time I turn around, cats got they hands out wanting something from me. I ain’t got it, so you can’t get it.” These lyrics from rapper DMX’s 2003 hit “X Gon’ Give It to Ya” describe his scrappy rise to fame, but earlier this year, New York’s acting U.S. district attorney Joon Kim connected […]

A List of Common IRS Penalties and Fees, and How to Avoid Them

A sizeable tax bill to the IRS is bad enough on its own, but if you’re late in paying it, fail to file or make a mistake, your bill could be compounded by a number of IRS penalties, fees and interest—all of which could make a huge bill even more difficult to pay. Some penalties […]

Steps To Take After An IRS Wage Garnishment

It’s payday, and you eagerly check your bank account balance. Imagine your surprise when you see that it’s way smaller than you expected. What happened? Maybe the IRS garnished your wages. They can take this aggressive step if you owe back taxes and haven’t responded to numerous collection attempts. However, even if you missed these […]

The 4 Common Triggers for Getting Audited, If You’re Self-Employed

The phrase “You’re being audited” may strike fear in your heart, and rightly so. An IRS audit on your self-employed tax return can be time-consuming, intimidating and frustrating. Consider four common triggers that can cause a dreaded audit. Filing Schedule C You file a Schedule C because it calculates your business profits and losses and […]

What Is the Self-employment (Schedule C) Audit? How Does It Work?

CNN reports that the IRS conducted one million audits in 2015. Take time to understand details about a self-employment or Schedule C audit as you prepare your next tax return. What Is A Self-Employment Schedule C Audit? As a self-employed business owner, you file a Schedule C with your annual tax return. It details your […]

6 Big Mistakes to Avoid During an IRS Audit

During an IRS audit, you may feel confused, angry and frustrated. Your actions can determine the outcome of your audit. Avoid the mistakes listed below. 6 Big Mistakes to Avoid If the IRS Is Auditing You Ignoring IRS Notices Your IRS auditor may mail important notices or call you to discuss audit details. Read your […]

Ways To Help Your IRS Enrolled Agent Help You

If you need surgery on your broken leg, you may need to see an orthopedic specialist. In the same way, IRS enrolled agent is a certified specialist in tax: An enrolled agent offers specialized tax knowledge and assistance if you face tax fraud or evasion charges, a levy or lien, or execution of an IRS agreement. […]

Dating While You’re In Serious IRS Debt

You’ve met someone special, and you think there’s a possibility of something real there. However, a serious IRS debt hangs over your head, and you’re not sure how or when to reveal it. And you have cause for concern: a recent CreditCards.com survey found that 55 percent of women and 37 percent of men would break […]

6 Tips From Science Help You Stop Ruminating On Your IRS Debt

When you face a large IRS debt, your mind may keep replaying the situation: Like a broken record endlessly playing in your mind, you may think, “How will I get through this? Why didn’t I do something different? What if I lose my house, business or family? What’s going to happen next?” Such repetitive thinking—known […]

Rebuilding Your Credit After IRS Debt: Dos and Don’ts

Delinquent IRS debt may negatively impact your credit score even after it has been settled or paid off. A low credit score can make it difficult for you to buy a house, finance a car or get a loan. Follow these tips to improve your credit score. Check Your Credit Report The IRS won’t report […]