Tag: taxes
-
How Do Tax Levies Work? A Simple Guide
Imagine checking your bank account one morning and realizing your funds are suddenly unavailable. You might feel shocked, anxious, or confused—especially if you only learn afterward that the IRS has stepped in to collect back taxes. While that scenario sounds alarming, understanding how and why the IRS issues tax levies can help you stay calm,…
-
IRS Offer in Compromise: Which Type Fits and How to File
Tax debt can feel overwhelming, but the IRS offers a program called Offer in Compromise (OIC) that could allow you to settle for less than what you owe if you qualify. Let’s break down the types, when you might need them, and the steps for filing. The Three Main OIC Types Steps to File an…
-
I Was Surprised There’s a Taxpayer Bill of Rights—Here’s Why It Matters
I don’t know about you, but I was genuinely surprised when I first discovered that there’s something called the Taxpayer Bill of Rights. Back in school, we learned the basics of American government and the Bill of Rights connected to our Constitution. It turns out, there’s also a “Bill of Rights” just for taxpayers—a set…
-
I Forgot to File Taxes… What Now?
We all lead busy lives filled with work, family, and unexpected challenges. With so many competing priorities, it’s easy to occasionally overlook annual tasks—taxes included. If you’ve realized you forgot to file your tax return, especially in the wake of a major life event, rest assured: this situation is more common than you might think,…
-
How IRS Collection Works: What You Need to Know
If you owe taxes to the IRS, the process of collection can feel overwhelming. Knowing how it works can empower you to move forward with confidence.
TaxCactus 