Tax Fans Tax Advise Center Archive

Credit Card Introductory Offers: Low APR

TweetShare1SharePin1 SharesCredit Card Introductory Offers: Low APR Extensive use of credit cards has brought about different features, offers, and charges from many credit card companies. This makes it more difficult to choose which particular credit card to purchase. Oftentimes, people grab the chance of introductory offers having very low interest rates only to find out

The IRS Levy And Legal Powers Of Garnishment Defined

TweetShare1SharePin1 SharesThe IRS Levy And Legal Powers Of Garnishment Defined IRS garnishment refers to the notice issued by the IRS department to withhold all or some part of the money to the court or to the person who has won the lawsuit to claim the money. The IRS garnishment is limited by law according to

IRS Form 8379: Injured Spouse Allocation

TweetShare1SharePin1 SharesThe Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple’s joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse

Your Appeal Rights When Fighting The IRS

TweetShareSharePin0 SharesYour Appeal Rights When Fighting The IRS Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to

Calling the Number Provided in IRS Correspondence

TweetShareSharePin0 Shares This has been a tough year for the IRS.  For a variety of reasons not the least of which is the pandemic, it has faced numerous challenges.  My understanding is that its performance in answering the general phone line during the filing season ranged somewhere between 2-5% which is not good but it’s

Professional Tax Preparation Services

TweetShareSharePin0 SharesProfessional Tax Preparation Services As a self-employed individual, I have to think about taxes all year long. From keeping meticulous business records and receipts to making estimated payments to Uncle Sam every quarter, it seems that I’m almost always doing something related to my taxes. While I don’t mind handling this day-to-day paperwork, there’s

COBRA premium assistance credit under ARPA clarified

TweetShareSharePin0 Shares In 86 questions and answers, the IRS in Notice 2021-31 gave employers, health care plans, and insurers background and clarifications on how to provide premium assistance for COBRA health care continuation benefits to affected employees and other beneficiaries and claim a corresponding tax credit. The temporary premium assistance and credit are available under

Advanced Child Tax Credit

TweetShareSharePin0 Shares Congress has passed legislation creating a much expanded child tax credit (CTC) and requiring the IRS to make advance payments of the CTC during the 2021 tax year starting in July.  The expanded credit provides a $3,600 credit for every child under 6 and a $3,000 credit for every child under 17.  The

Three Reasons To Hire A Tax Attorney

TweetShareSharePin0 SharesThree Reasons To Hire A Tax Attorney There are many people marketing themselves as tax pros, but few can offer the superior advantages of a tax attorney. MBAs, licensed and credentialed accountants, or your next door neighbor with a tax software program and some free time will all offer to help you out with
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