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IRS Pushes Tax Return Deadline Back!

Great news for taxpayers, the IRS has extended the deadline for filing 2020 taxes from April 15th, 2021 to May 17th, 2021. This will give taxpayers more time to take care of bills and file their returns amidst the craziness from stemming from COVID19. While Highland Tax Group, Inc. does not specifically prepare taxes, we […]

Are There Advantages to Filing Your 2020 Tax Return Early in the Year?

With 2020 finally in the rearview mirror, you’re ready to start fresh. Not all obligations attached to 2020 are out of the way, however. Your dreaded tax return awaits, as does an important decision: get it out of the way now, or wait to see how the tax situation develops during the early months of […]

Did You Make a Mistake or Omission When Filing Your 2019 Taxes? What to Do Now

Filing taxes is always stressful, but 2020 brought all kinds of new challenges. Given the complications of COVID, quarantine, and the stagnant economy, filing may have felt like an even greater burden than before. Add extensions, stimulus programs, and other changes, and mistakes are easier to make than ever. The good news? It might not […]

How to Deal With the Psychology of Being in Debt

It’s no secret that tax debt wreaks havoc on your finances. Unfortunately, the effects run far deeper. The very presence of debt can influence how you think and behave. It’s associated with depression, anxiety, and a whole host of other mental health issues. Unfortunately, these can prompt inaction, thereby creating a downward spiral of further […]

Installment Agreement Direct Debit Frequently Asked Questions

This information is straight from the IRS website. Links provided and Q&A below. To help people facing the challenges of COVID-19 issues, the IRS through the People First Initiative will temporarily adjust and suspend key compliance programs. Installment Agreement Direct Debit Frequently Asked Questions For taxpayers under an existing Installment Agreement, payments due between April […]

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 […]