April 15th is rapidly approaching, and for those of you seeking tax season tips, read on for our latest summary of recent tax and IRS related posts.
Being informed of your options during tax season can really help you stay out of trouble with the IRS, which is usually a good idea! We’ll discuss recent articles on the current tax season, tax debt and bankruptcy, tax debt and personal property liens and more.
Tax Season Tips: 4 Recent Articles
Top Tax Tips Articles for Tax Return Season
We posted this article last month to help people understand the season’s tax and IRS issues. We looked at the IRS’s overwhelmed refund checking system, how to use your retirement plan to lower taxes, how fiscal cliff laws could have a big impact on taxes filed in 2014 and beyond, the intensifying IRS enforcement efforts to push against refund fraud and identity theft, and news about altered IRS regulations for Hurricane Sandy victims. Check out the post for more on each topic.
Tax Debt and Bankruptcy: What Can You Discharge?
Considering using bankruptcy to discharge tax debts? This post looks at the pluses and minuses involved with discharging tax debt through Chapter 7 and Chapter 13 Bankruptcy. One of the most important takeaways is that before counting on bankruptcy as a solution to tax debt, you should speak with a qualified IRS tax attorney.
How Do You Get Your Tax Return To Benefit You The Most?
Expecting a tax return? This guest article explains why paying down debt could be the most beneficial use of your return dollars. However, deciding what to pay down first (for example, a credit card or your car loan) can be tough. Understanding the important differences between your debts will help you decide what debt you should pay down first, and this article gives you a better understanding of how to make this determination.
A Letter from the IRS: Dealing with a Personal Property Lien
This post looks at one of the potential ramifications of tax debt : a personal property lien. A property lien is a legal claim on a tract of real estate granting the holder (usually a creditor) a specified amount of money upon the sale of the property. Liens are often used to ensure the payment of a debt, with the property acting as collateral against the amount owed. This post notes typical circumstances of a lien:
- A tax lien can be put against your motor vehicle, home or rental property, bank account or your earnings.
- Once there is a tax lien against your asset it makes it impossible for you to refinance your car or home.
- You cannot sell or transfer a piece of property as long as there is a tax lien on it.
- A tax lien will prevent you from borrowing any equity from your home.
Check out the rest of the post for tips on avoiding and removing a lien.
You Don't Have to Deal With IRS and Tax Issues Alone
Going up against the IRS and dealing with complicated tax issues can be a daunting process. You don't have to deal with these issues alone. An experienced tax and IRS lawyer at Suburban Legal Group PC can help you get the legal representation you need. We can help with IRS Audits, IRS Appeals, Federal Refund Litigation, Tax Court Petitions, Tax Liens, and more.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Suburban Legal Group PC shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.