Obtaining an IRS Levy Release: The 668W & 668A

Review of IRS Wage & Bank Levy powers. How to obtain a levy release from IRS.

Battling the IRS

There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable.

Small Business Tax Deductions

Small business tax deductions are implemented by the government to encourage entrepreneurship and investment. A business owner can save large amounts of money through these small business tax deductions. Special small business tax deductions are granted for home based business establishments.

Little-Known Tax Deductions from a Voluntary Employee Benefit Association

If you are a profitable business owner and you want a large tax deduction, there is a defined-benefit plan known as a voluntary-employee benefit association (VEBA) that can substantially reduce taxes and accomplish other business planning goals. A VEBA, if done properly, not only allows deductible contributions, but money can come out of the plan tax-free for health and welfare expenses.

Trends in Tax Ware

Tax Software and Paying Online, waves of the future...

New Procedure for Settling Tax Debts with the IRS

The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling tax debts with the IRS. Here is the scoop on the compromise procedures.

The IRS vs Mother Nature

The IRS recently met its match in the form of Mother Nature. Yes, the massive flooding in Washington, D.C., took out the IRS headquarters.

Offer In Compromise

A taxpayer in financial difficulties has a number of options to resolve his federal tax debts. Offer in compromise is an ideal solution for a person on the verge of financial break down. It is a proposal specially designed to settle a taxpayer’s tax debts for less than what he owes. It is an agreement between the Internal Revenue Service (IRS) and the taxpayer. However, the settlement of the tax debts is subject to government discretion. Not all taxpayers can avail this benefit. Less than half of the offers in compromise requests submitted are actually accepted by the Internal Revenue Service. In case the offer is rejected, the taxpayer can move the IRS Appeals Office.

Offer In Compromise Help

An offer in compromise is basically an agreement between the Internal Revenue Service (IRS) and a taxpayer to reach a settlement on tax debts. Applying for an offer in compromise is often a lengthy and complicated process. It can take anywhere between a year and two for arriving at a successful resolution on the application. Moreover, only about 16% of the applications are actually accepted by IRS. Offer in compromise help is readily available from a variety of sources ranging from tax lawyers to books and Web sites. Owing to the complexity involved in the filing process, a person seeking offer in compromise help should look for a qualified professional with extensive experience.

Donating A Car – What IRS Want You To Know

When donating your car to your favorite charity, the Internal Revenue Service (IRS) wants you to be aware of certain pitfalls. After Dec. 31, 2004, taxpayers planning their charitable giving, donors should understand the way that the American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats and planes.

How To File Offer In Compromise

IRS provides a package for filing an offer in compromise. The package includes the latest version of form 656, forms 433-A and 433-B. This package helps lessen the hassles of the complicated procedures of an application.

Convert to Roth IRA Regardless of Income – 2010

An odd quirk in the recent legislation to extend the Bush Tax Cuts is giving IRA holders a huge break. For one year, and one year only, the income cap will be gone.

The 1031 Tax Deferred Exchange: What Are the Requirements?

Learn the ins and outs of a 1031 tax deferred exchange and take advantage of ways to preserve the equity in your property.

Figuring Out Your W-4 Withholdings

If you are employed by a business, you have the ability to play with the withholding on your paycheck. Fortunately, there is an easy way to do this online these days.