How An IRS Debt Relief Program Can Get Your Taxes Back On Track Again

IRS Debt Relief Program

The IRS is well known for pulling strong-arm tactics on those who do not pay their taxes, but to be honest, they do have a softer side for those who have a legitimate reason for being late with their payments. To make it easier for you the taxpayer, as well as the IRS, they have developed programs for you to use, to get your tax payments back on track again, and in their good books again, as it were.

Installment agreement is an IRS debt relief program aimed at those who owe a large amount … Read the rest

U.S. tax reform – Effect of decrease in the tax code’s bias for debt

The much awaited tax reform has at last arrived to reduce the tax code’s bias for debt. As per the recent announcements, the U.S. corporate tax rate may reduce to 25% from 35%. The non-financial corporations will be allowed a deduction of nearly 65% of their gross interest expense, whereas the financial corporations will be allowed a deduction of up to 79%. Some special rules and regulations have also been implemented for the corporations who have stated a malfunction in the tax purposes.

According to various financial experts, the general strategy is to reduce the corporate tax while restraining the Read the rest

IRS Tax Relief Programs

The Internal Revenue Service (IRS) has several programs that offer tax relief for persons who have outstanding back taxes.

One IRS tax relief program is the Installment Agreement which allows people who are financially unable to make the payments to pay their tax debt over time. Monthly payments can be made until the entire tax debt if paid off. There is also an Offer in Compromise (OIC) program which allows taxpayers to settle their tax debt for a lesser amount than what they owe. This program works well for persons with limited means.

There are also situations where the IRS … Read the rest

Taxes: 5 Easy Ways to Save

Everyone wants to save some money on their taxes. Many people wait until their tax returns are being prepared to scramble for ways to save. By focusing a keen eye on your tax situation throughout the fiscal year, savings are much easier to take advantage of. Below are five uncomplicated ways you can lower your tax bill or increase your return.

Education
The cost of your higher education can help you save on taxes. Student loan interest deductions and student tax credits may apply to you if you are enrolled in enough credit hours to qualify. Keep careful track of … Read the rest