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What Happens If You Don’t File Your Taxes By 7/15/2020?

The 2020 tax deadline is fast approaching. This year, federal tax returns are due on July 15th. While this dreaded date looms large in the public’s collective consciousness, procrastination is notoriously common. All too often, we feel so intimidated by taxes that we put them off until the last minute — and are ultimately forced […]

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 […]

Should You Pay Down Your IRS Debt Or Your Credit Cards First?

Many households deal with major debt, which usually comes from multiple sources. According to the snowball theory, it’s best to focus on — and conquer — the most problematic debt before moving on to other financial concerns. Often, financial experts recommend resolving credit card debt first. After all, many credit cards carry notoriously high-interest rates, […]

What Happens to Your IRS Debt During Divorce?

The financial aspects of divorce are frustrating enough as is, but that headache grows all the more painful when tax debt comes into play. You’re in for a particularly difficult ordeal if, while married, you opted to file joint tax returns. Your previous filing approach may have left you and your ex equally liable for […]

You’re Too Sick to Work But Owe the IRS a Lot of Money: What Are Your Options?

From sick days to SSDI, many Americans miss out on much-needed income due to severe medical conditions. This can impart significant financial stress, particularly for those already dealing with tax debt. Thankfully, the IRS offers options such as penalty relief and installment plan adjustments to help taxpayers focus on recovery. Adjusting Your Installment Plan The […]

The Many Ways You Can Deal With IRS Debt

IRS debt can be a huge burden, but thankfully, there are many available approaches for dealing with this stressful ordeal. The following are a few of your best options for resolving your debt issues: Set Up an Installment Plan A top approach to resolving IRS debt, a standard installment plan allows you to pay off […]

What If You Weren’t Prepared to Owe the IRS Money This Year — And Now You Do?

This is not shaping up to be an easy year for American taxpayers. According to a recent IRS report, refunds are down nearly 17 percent. This has come as a shock to many taxpayers, some of whom expected hundreds, even thousands of dollars more than they’ve actually received. Still others must pay in this year. […]

How to Choose the Right IRS Enrolled Agent

Tax issues can quickly turn your life upside down. When the IRS comes knocking, it’s never wise to answer alone. An IRS enrolled agent can spell the difference between a devastating, anxiety-inducing ordeal and a manageable tax issue. Choosing to work with an IRS enrolled agent is the easy part; selecting one can be trickier. […]

How to Explain Your IRS Debt Situation to Loved Ones

Are you seriously behind on your taxes? It takes a certain vulnerability to ‘come out’ to loved ones, but the reward could be well worth that brief moment of discomfort. Your friends and family members may be more understanding than you suspect; at least a few have likely dealt with tax issues of their own—and […]