Tax Debt
Bad Debt Tax Write Off Rules: What You Can and Can’t Deduct A bad debt tax write off allows individuals and businesses to deduct certain uncollectible debts from their taxable income. If you’ve loaned money, extended credit to customers, or made a business transaction that went unpaid, you may be able to write it off […]
Debt Tax Benefit Explained: What It Is and How It Works A debt tax benefit is a tax deduction or exclusion that reduces your taxable income based on how certain types of debt are handled. While being in debt is rarely ideal, the IRS offers several opportunities to offset the financial burden—if you know where […]
IRS Debt After Divorce: Dividing Tax Debt and Seeking Relief IRS debt after divorce can be a confusing and emotionally charged issue. Even after you’ve divided your assets, changed your name, and moved on, the IRS may still come knocking for unpaid taxes tied to your ex-spouse. The good news? The IRS offers relief options […]
Paying Off a Tax Debt: Your Options to Settle and Stay Compliant Paying off a tax debt might feel like an uphill battle, but the IRS provides several legal pathways to resolve your balance. Whether you owe a small amount or a significant sum, taking prompt action is the key to avoiding additional penalties, interest, […]
Tax Debt Elimination Program: IRS Relief Options Explained A tax debt elimination program is a government-approved way for taxpayers to reduce, settle, or remove IRS debt under specific conditions. While the IRS rarely “forgives” all debt outright, it does offer several relief options for those who qualify based on financial hardship, low income, or exceptional […]
Tax Debt 2024 Updates: IRS Enforcement, Deadlines, and Relief Tax debt 2024 is a pressing issue for millions of Americans facing tighter IRS enforcement and growing balances due to inflation-adjusted penalties and interest. Whether you’re a freelancer behind on estimated payments or a small business owner recovering from pandemic-era deferrals, understanding your options this year […]
IRS Debt Lien List: Where to Find It and Why It Matters The IRS maintains a public record listing federal tax liens against individuals or businesses that owe significant unpaid taxes. When the IRS files a lien, public records reflect it, which affects your ability to borrow, sell property, or maintain clean business records. Understanding how […]
0 Tax Owed Debt Relief Program: What You Need to Know The 0 tax owed debt relief program is designed for individuals who may no longer owe current taxes but still have unresolved issues with the IRS from previous years. Even if your current balance is $0, you might still have tax liens, penalty charges, […]
How IRS Debt Issuance Costs Affect Businesses and Filers IRS debt issuance costs are the expenses a company incurs when raising capital through debt instruments such as bonds or loans. These costs often include legal fees, accounting services, underwriting, registration, and printing costs. The IRS requires businesses to treat these expenses as capitalized costs, which […]
Tax Debt Passport Action: When IRS Debt Affects Your Travel Tax debt passport restrictions may sound surprising, but they’re very real. If you owe a large amount of back taxes, the IRS can notify the U.S. State Department, which can then deny your passport application or even revoke your current one. Whether you’re planning a […]