What Are The Penalties For Late Tax Filing Under U.S. Law?
If you miss the deadline to file your tax return, the IRS will charge you a Failure to File penalty. This can be stressful, especially knowing that you’ll face additional costs on top of what you already owe. The penalty is based on a percentage of the taxes you didn’t pay by the deadline, which […]
How Long Does It Take To Settle Tax Debt With An OIC?
If you’re facing a significant tax debt and aren’t sure if you can pay it all back, you may have heard of the offer in compromise (OIC). This program offers a way to settle your tax debt by paying only a portion of what you owe, rather than the full amount. While it sounds like […]
Can Back Taxes Be Written Off?
The IRS does have the authority to write off all or some of your tax debt and settle for less than you owe through an offer in compromise (OIC). This can be a lifeline for those struggling with tax debt, but it’s important to know that OICs are rare. With over 16 million individual taxpayers […]
How To Handle Filing Your Back Taxes Without Records
Failing to file your taxes on time can lead to significant stress and penalties. Most individuals manage to submit their tax returns before the deadline, ensuring they avoid any complications. However, missing the deadline can happen for various reasons, and understanding the potential consequences is essential. Not filing your taxes can result in late fees, […]
What Happens If You Owe Back Taxes?
I know firsthand how stressful it can be to owe taxes, especially when you’re worried about not being able to pay on time. The good news is, in most cases, you won’t be heading to prison for tax evasion. However, you might have to deal with interest or penalties, which can still feel overwhelming. Even […]
Unpaid Taxes In Hawaii: Relief Options And The Impact Of Back Taxes
In the Aloha State, the Hawaii Department of Taxation (DOTAX) oversees and collects various taxes, including state income tax, withholding tax, and general excise tax. You have the flexibility to pay Hawaii state taxes online, by mail, or in person with cash. However, if you fail to pay or file your return, you will face […]
Understanding The IRS Statute Of Limitations On Back Taxes
It’s often said that the only two certainties in life are death and taxes. However, there’s a silver lining—taxes are only collectible for a certain period. The IRS Collection Statute of Limitations is a crucial component of tax law that often puzzles both taxpayers and professionals. This statute defines the period within which the IRS […]
Tax Scams: 15 IRS Scams And Tips For How To Avoid Them
Tax scams can lead to a long and tricky process of recovering your identity. Stay informed by learning about 15 IRS tax scams you should avoid so you don’t become a victim of tax fraud this filing season. For year-round protection, contact Tax Resolution Services of Hawaii for a consultation to help guard against tax […]
Can You Secure A Mortgage If You Owe Taxes?
Are you wondering if owing taxes will stop you from buying a house? The short answer is that tax debt doesn’t automatically prevent you from getting a mortgage. However, it can make the process more complicated. Here’s what you need to know if you’re thinking about buying a home while you owe money to the […]
Does Tax Relief Hurt Your Credit?
Understand the link between tax relief programs and your credit score. Learn how IRS debt is reported, how long debt relief affects your credit, and ways to protect your credit score. Understanding Tax Relief Programs Tax relief programs are designed to help individuals and businesses reduce their tax liabilities. These programs can be a lifeline […]
