The IRS rejected roughly 79% of offer in compromise applications in FY 2024, accepting just 7,199 out of 33,591 submissions according to IRS collections data. Most of those rejections were preventable. Taxpayers blow their OIC by making the same mistakes over and...
The IRS doesn’t follow the same rules as credit card companies or debt collectors. While most creditors are capped at 25% of your disposable earnings, the IRS can take everything above a fixed exempt amount. For a single filer with no dependents earning $1,000...
A tax audit is the IRS reviewing your return to confirm you reported everything correctly and paid the right amount. If you’ve never been through one, the word “audit” probably sounds worse than it is. But if you have been through one, you know it...
You don’t need a complicated financial plan to lower your taxes. Most people overpay because they don’t act until April, and by then, the best moves are off the table. The eight strategies below work for W-2 employees, self-employed filers, and retirees....
A tax return is the form you file with the IRS reporting your income, deductions, and what you owe. A tax refund is money the IRS sends back because you overpaid. You can’t get a refund without filing a return, but filing a return doesn’t guarantee a...
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