Tax season can be stressful, but what happens if you find yourself unable to pay your tax bill in full? Fear not! The IRS offers a lifeline to taxpayers in this situation: the tax installment agreement. This agreement allows you to spread out your tax debt over a...
Tax relief is a broad category of strategies that reduce your tax burden, while a tax credit is one specific type of tax relief that directly lowers the amount of tax you owe, dollar for dollar. Here’s the key distinction: Tax relief includes deductions,...
Facing a hefty tax bill? An IRS installment agreement can offer relief by letting you spread payments. But is it the best option? This guide explores the pros and cons, helping you decide if it’s the right move for your financial situation. Understanding IRS...
The IRS 7-year rule allows taxpayers to claim refunds for bad debt deductions and worthless security losses up to 7 years from the original due date of their tax return. This extended timeframe differs from the standard 3-year rule that applies to most other tax...
Ever received a letter from the IRS with the dreaded word “audit”? While an IRS audit can be nerve-wracking, it’s essentially a review of your tax return to ensure everything matches their records. These audits can be conducted by mail... 
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