Social Security benefits provide a vital source of income for millions of Americans during their retirement years. However, it’s important to be aware that various factors can lead to deductions from your monthly Social Security check, reducing the amount you ultimately receive. This guide will delve into the different types of deductions that may be … Read more
Navigating tax debt can be a daunting task, but the Internal Revenue Service (IRS) offers programs to assist taxpayers who are struggling to fulfill their tax obligations. One such program is the Offer in Compromise (OIC), which allows individuals to settle their tax debt for less than the full amount owed. This guide will provide … Read more
Understanding IRS Wage Garnishment When you owe back taxes to the Internal Revenue Service (IRS), they have the authority to seize a portion of your wages to satisfy the debt. This is known as a wage garnishment or wage levy. The IRS will typically notify you in advance of their intent to levy your wages, … Read more
Social Security benefits provide a crucial financial lifeline for millions of Americans, particularly during their retirement years. However, it’s important to be aware that various deductions may reduce the amount you receive each month. Understanding these deductions and how they impact your Social Security benefits is essential for effective financial planning. Medicare Premiums One of … Read more
Navigating Tax Refunds with Installment Agreements Understanding the interplay between tax refunds and installment agreements is crucial for taxpayers seeking financial relief. This comprehensive guide delves into the IRS’s policies and procedures regarding refunds when taxpayers have outstanding payment plans. Can I Receive a Refund with an Installment Agreement? No. One of the conditions of … Read more
Understanding Car Expense Deductions for Business Owners As a business owner, managing expenses is crucial for financial success. Understanding the tax implications of car expenses can help you maximize deductions and reduce your tax liability. This comprehensive guide explores the eligibility criteria, methods, and deductible expenses related to writing off car payments as a business … Read more
Establishing proof of income is crucial for self-employed individuals, whether for tax filing, securing loans, or renting an apartment. This guide provides a detailed overview of the various methods and documents you can use to demonstrate your self-employment income. Methods for Proving Self-Employment Income 1. Annual Tax Return (Form 1040) Official IRS document that verifies … Read more
Understanding the consequences of unpaid taxes is crucial for taxpayers. One severe measure the IRS can take is wage garnishment, where a portion of your paycheck is seized to settle your tax debt. This comprehensive guide delves into the IRS wage garnishment process, including the timeline, exceptions, and strategies to prevent or stop a wage … Read more
In 2021, the American Rescue Plan Act authorized a third round of Economic Impact Payments (EIP3) to provide financial relief to Americans amidst the COVID-19 pandemic. While the majority of eligible individuals received their payments automatically, some may have missed out due to various factors. This guide will provide a comprehensive overview of the EIP3 … Read more
Filing taxes is an important civic duty that ensures the proper functioning of government programs and services. The Internal Revenue Service (IRS) sets specific income thresholds that determine whether an individual is required to file a tax return. This guide will provide a detailed overview of the minimum income requirements for filing taxes in 2020, … Read more