Carol Stern

Carol Stern

Certified explorer. Lifelong coffee scholar. Subtly charming internet aficionado. Hipster-friendly zombie geek. Subtly charming tea fanatic.

59 Articles Written
Can you settle a tax debt with the irs?

Can you settle a tax debt with the irs?

A transaction offer allows you to pay off your tax debt for less than the full amount you owe. It may be a legitimate...

How can i reduce my tax debt?

How can i reduce my tax debt?

Submit your application with the new Form 656.Before you apply, you must make federal tax deposits for the current...

How can i reduce my tax payment?

How can i reduce my tax payment?

An investor who holds a capital asset for more than a year enjoys a preferential tax rate of 0%, 15% or 20% on capital...

How can i reduce my tax return?

How can i reduce my tax return?

An unexpected tax bill can ruin anyone's day. To help avoid that unpleasant surprise, here are 12 easy steps many people...

What can i buy to reduce my tax bill?

What can i buy to reduce my tax bill?

Donate cash, toys, household items, cherished stocks and your. Making charitable contributions is another great way to...

What can i claim to reduce my tax bill?

What can i claim to reduce my tax bill?

If you volunteer with a qualified charitable organization, don't forget that you can also deduct miles traveled (14 cents ...

Is the irs forgiving?

Is the irs forgiving?

It can be a legitimate option if you can't pay. Frequently asked questions about offers of commitment · YouTube video...

How long does the irs have to accept an offer in compromise?

How long does the irs have to accept an offer in compromise?

You must comply with the filing and payment of all tax returns for a five-year period from the date the pledged offer is...

Will irs negotiate penalties?

Will irs negotiate penalties?

Follow the instructions in the IRS notice you received. Some requests for penalty relief may be accepted by phone.

How long does it take for the irs to respond to an offer in compromise?

How long does it take for the irs to respond to an offer in compromise?

Processing times vary, but you can expect it to take at least six months for the IRS to decide whether to accept or...

How long do you have to pay the irs if you owe taxes?

How long do you have to pay the irs if you owe taxes?

The IRS will provide taxpayers with up to 120 days to pay their full tax balance. There is a penalty of 0.5% per month on ...

What reduces your tax bill the most?

What reduces your tax bill the most?

How to reduce taxable income Contribute significant amounts to retirement savings plans, participate in...

How can i reduce a large tax bill?

How can i reduce a large tax bill?

If you're self-employed, you must make your own estimated tax payments throughout the year. Get help from a tax advisor...

What actually lowers your tax payment?

What actually lowers your tax payment?

An effective way to reduce taxable income is to contribute to a retirement account through an employer-sponsored plan or...

What lowers a taxpayer's tax liability the most?

What lowers a taxpayer's tax liability the most?

The key to minimizing your tax liability is to reduce the amount of your gross income that is taxable. Putting money...

What are three things that reduce the amount of taxes you owe?

What are three things that reduce the amount of taxes you owe?

Here's an introduction to some basic strategies that could help lower your taxes: Earn tax-free income. Some earnings are ...

What can reduce what you actually pay in income tax?

What can reduce what you actually pay in income tax?

Contributions to traditional 401 (k) and IRA accounts can be deducted from your taxable income and, as a result, reduce...

What are the 3 ways you can reduce your taxes deducted?

What are the 3 ways you can reduce your taxes deducted?

How to reduce taxable income Contribute significant amounts to retirement savings plans, participate in...

What can reduce the amount of taxes you owe?

What can reduce the amount of taxes you owe?

If you volunteer with a qualified charitable organization, don't forget that you can also deduct miles traveled (14 cents ...

What are three factors affecting the amount of income tax you owe?

What are three factors affecting the amount of income tax you owe?

The federal tax system is progressive, meaning that, in general, your tax rate increases as your income increases. In...

What factors determine tax liability?

What factors determine tax liability?

The tax liability is the amount of tax you owe on your taxable income for the year. If you earn income, you will have a...

Does a tax deduction lower a person's tax liability?

Does a tax deduction lower a person's tax liability?

The tax deduction reduces a person's tax liability by reducing their taxable income. Because a deduction lowers your...

Can the irs reduce your tax bill?

Can the irs reduce your tax bill?

Yes, if your circumstances fit. The IRS has the authority to cancel all or part of your tax debt and reach an agreement...

What two factors determine how much taxes you pay?

What two factors determine how much taxes you pay?

For employees, withholding is the amount of federal income tax withheld from your paycheck. The information you provide...

What factors determine an individual's tax liability?

What factors determine an individual's tax liability?

The federal tax system is progressive, meaning that, in general, your tax rate increases as your income increases. In...

What is tax liability calculated based on?

What is tax liability calculated based on?

To determine your tax liability, add up all your income and subtract your standard deduction to calculate your taxable...

What are the factors affecting tax compliance?

What are the factors affecting tax compliance?

For example, Spicer and Becker (1980) concluded that the feeling of inequity increases tax non-compliance. Exploratory...

What can reduce your tax bill?

What can reduce your tax bill?

If you owed a lot of money when you filed your last tax return, fill out a new W-4 form, “Employee Retention...

What is tax liability of an individual?

What is tax liability of an individual?

The tax liability is the amount of tax you owe on your taxable income for the year. If you earn income, you will have a...

What affect does a tax deduction have?

What affect does a tax deduction have?

The tax deduction reduces a person's tax liability by reducing their taxable income. Because a deduction lowers your...

What are different ways to pay taxes?

What are different ways to pay taxes?

How to Pay Your TaxesElectronic Withdrawal of Funds. Pay with your bank account when you file your return electronically, ...

What two things determine the amount of taxes you pay?

What two things determine the amount of taxes you pay?

For employees, withholding is the amount of federal income tax withheld from your paycheck. The information you provide...

What determines how much your taxes are?

What determines how much your taxes are?

The amount of taxable income you have determines what your tax bill will be. Marginal tax rates determine how taxable...

How do deductions affect your tax bracket?

How do deductions affect your tax bracket?

Tax deductions reduce your taxable income and reduce the amount of taxable income. Deductions generally reduce taxes...

What is the best way to pay taxes?

What is the best way to pay taxes?

What's the best way to pay your tax bill? Borrow the money. This is a great option if you have someone willing to lend...

What counts as a reasonable excuse?

What counts as a reasonable excuse?

In general terms, a reasonable excuse means an excuse that an ordinary, prudent member of the community would accept as...

Does settling with the irs hurt your credit?

Does settling with the irs hurt your credit?

Taking the step of establishing a payment agreement with the IRS does not generate any reports to the credit bureaus. As...

Can you sue irs for pain and suffering?

Can you sue irs for pain and suffering?

According to the district court, the IRS cannot be sued for emotional distress due to sovereign immunity. Are settlements ...

Is the irs based in austin texas?

Is the irs based in austin texas?

The Austin office, located at 3651 S I-35, is one of three remaining IRS facilities that process paper returns. Just now, ...

Does amend mean refund?

Does amend mean refund?

When you modify a tax return, it can take up to 16 weeks to process, even if you file it electronically. If you file an...

How many years will the irs look back when it enforces unfiled returns?

How many years will the irs look back when it enforces unfiled returns?

The IRS can always back down, impose penalties and interest on your outstanding balance, and try to collect your taxable...

Is it ok to amend tax return?

Is it ok to amend tax return?

Modifying a return is not unusual and does not generate any warning signals to the IRS. In fact, the IRS doesn't want you ...

How long does the irs give you to pay what you owe?

How long does the irs give you to pay what you owe?

If you can't pay immediately or within 180 days, you may be eligible to pay monthly through an installment agreement. The ...

Does filing a 1040x extend the statute of limitations?

Does filing a 1040x extend the statute of limitations?

An individual taxpayer can file an amended return by filling out Form 1040X. The statute of limitations for an amended...

What happens if you don't file taxes for 5 years?

What happens if you don't file taxes for 5 years?

Failure to pay your taxes adds another monthly penalty of 0.5% for non-payment to the unpaid amount. If you don't file...

Does the irs audit the poor more than the rich?

Does the irs audit the poor more than the rich?

More than twenty years ago, the TRAC similarly reported that “low-income taxpayers are now more likely to be audited...

Who gets audited by the irs the most?

Who gets audited by the irs the most?

According to IRS officials, these audits are generally larger. The IRS administers audits by mail or through an in-person ...

How do i request a penalty removed from the irs?

How do i request a penalty removed from the irs?

Use Form 843 to request a refund or request a reduction in certain taxes, interest, penalties, fees and tax additions....

Overview of the Different Tax Relief Options Available through the IRS Fresh Start Program

Overview of the Different Tax Relief Options Available through the IRS Fresh Start Program

These companies will promise you an OIC without first analyzing your specific tax situation and preparing the necessary...

What happens if you owe irs 200000?

What happens if you owe irs 200000?

Garnish your salary or garnish the funds in your bank account. Revoke or deny your passport application.