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You Owe the IRS a 1040 Balance But Don’t Have the Money to Pay It: Now What?

Form 1040 is one of the most common documents you’ll see as tax season approaches. This form allows you to report both your annual income and deductions so you can determine how much you owe. While many people expect to receive an annual refund upon filing Form 1040, many pay in. What if you owe […]

Mistakes You Absolutely Do NOT Want to Make If You Owe a Balance on 1040 Taxes

Many Americans look forward to tax refunds every year. Unfortunately, refunds are never a guarantee. Some people are lucky enough to break even, but many employees owe an annual balance. If you count yourself among these unfortunate individuals, it’s imperative that you pay correctly and on time. Avoid the following mistakes at all costs: Failure […]

What NOT to Do If You Owe the IRS

According to a spokesperson for the IRS, 8.2 million Americans owe back taxes. Some take active measures to deal with the situation, but others assume they can hide out and avoid the IRS indefinitely. That’s not a wise approach for dealing with tax debt. The following are among the greatest mistakes you can make if […]

How Long Does the IRS Have to Pursue a Balance That You Owe?

If you owe a balance to the IRS, you may be tempted to hold off on paying until collection on that balance is no longer possible. Unfortunately, if that’s your plan, you are in for a long wait. During that time, you risk interest payments, liens, levies, and a whole host of other devastating consequences. […]

How Much Do You Owe the IRS? Here’s How to Check

You’re convinced that you’re behind on your taxes, but not sure what you owe. While any back taxes should be cause for concern, the urgency of the matter can vary drastically based on how much you owe. Thankfully, this doesn’t have to be a mystery; the IRS provides plenty of opportunities to determine what you […]

The Role of the IRS Revenue Officer

IRS scams abound, so it’s no wonder you think twice when a civil employee demands payment. Not all IRS employees should frighten you, however. It helps to understand the differences between IRS employees—and the unique role IRS revenue officers play in collection. A Day in the Life Revenue officers take on a variety of roles, […]

How (And Why) Does the IRS Use Private Debt Collectors?

If you’ve ever dealt with a debt collector, you know that there’s a fine line between recovery efforts and full-on harassment. Unfortunately, such harassment may accompany future efforts to collect tax debt; the IRS recently reactivated a program that relies on private debt collectors. How Private Tax Debt Collection Works Congress recently approved four private […]

What’s the Deal With the IRS Postcard?

When promoting the recently passed tax bill, advocates claimed that future taxes would be simple enough to fit on a postcard. Now, they report that their promise has come to fruition. A mockup has been delivered (and even kissed by President Trump), but is it as simple as congressional Republicans suggest? Below, we uncover the […]

Are You Withholding Enough for Your Taxes? If Not, What Happens?

The United States federal tax system requires you to ‘pay as you go.’ This can either be accomplished by paying estimated taxes or withholding. The amount withheld depends on earnings, withholding status, and the number of allowances claimed. Read on to learn more about withholding—and what might happen if you don’t withhold enough. Consequences For […]