Posts by madwire
Wage Garnishment Limits Differ Depending on Debt
Wage garnishment can be devastating, especially if you are already experiencing financial difficulties or rely on most of your income to pay living expenses. Of course, just how significantly wage garnishment impacts your financial stability will depend on the amount of the garnishment. Understanding exactly how much of your income can be garnished may be…
Read MoreDoes Owing Taxes Affect Buying a House?
Potential home buyers who owe taxes to the IRS may find it difficult to obtain financing from a mortgage lender. If you have unpaid taxes, the IRS can put a lien against your property or other assets; as a first lien holder, the IRS’s claim to your assets supersedes all other claims, making lending you…
Read MoreTax Benefits: Truck Driver Tax Deductions Per Diem
If you are an owner-operator or self-employed truck driver, the IRS has made it easier for you to save money on the day-to-day expenses of traveling and the upkeep of your truck. Known as a “per diem rate,” those who qualify may be able to receive a tax break on uniforms, truck maintenance and more,…
Read MoreState Tax Returns for Non-Residents
If you are a resident of one state but work in another or received some type of income in a state other than the one where you currently live, you may have to file a tax return in both states. Filing returns in both states won’t cause you to pay taxes twice. Thanks to a…
Read MoreTax Debt—The Consequences of Owing IRS Back Taxes
When you owe back taxes to the IRS, the penalties for non-payment can be severe. From liens to the outright seizure of your assets or even jail time, the IRS is capable of aggressive and life-changing collections actions. With the threat of liens and asset seizure looming over your family, owing back taxes can even…
Read MoreEverything You Need to Know About IRS Tax Audits
Just hearing the words “IRS tax audit” can cause someone to panic. And, if that person really does get an audit notification from the IRS, that fear can then cause him or her to freeze, instead of taking the actions that would be beneficial to resolve the issues. So, whether you’ve already received notification that…
Read MorePaying Back Taxes with the IRS Fresh Start Program
When you owe back taxes to the IRS, you are likely experiencing a significant amount of stress, perhaps even feeling physical symptoms such as headaches or stomachaches or finding it difficult to sleep. You probably don’t know how to address the tax situation and may procrastinate because of the low energy that can occur with…
Read MoreHow to Determine if Your Monetary Gift is Taxable
With the holidays fast approaching, gift-giving is on the minds of every child and adult alike. Some monetary gifts, however, may end up costing you a significant amount more because the federal government (and some states) impose a gift tax. The IRS defines a gift as any money, property, or use of property given to…
Read MoreWhat To Know About Bank Levies
Did you know that the IRS and state taxing authorities can seize your checking, savings, and other accounts without a court order to satisfy your tax debt? A bank levy is when the IRS removes all the funds that are in your bank accounts up to the amount of the tax debt owed. The IRS…
Read MoreCan the IRS Fresh Start Program Help Me?
Do you wish you could get a “fresh start” on your outstanding IRS tax debt? Thanks to the IRS Fresh Start Program, many people may qualify for debt forgiveness and avoid late payment penalties on their tax debt. In 2012, the IRS expanded its Fresh Start Program, increasing eligibility for the program to a larger…
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