Tax Debt Forgiveness

This option is only applicable and reserved for regular taxpayers who may experience Undue Hardship if they are forced to pay their taxes by the due date. It will apply to the tax shown on your tax deficiency which is the amount you owed after your return is reviewed by the IRS. The term ‘Undue hardship’ means, more than being in inconvenience according to the IRs. You must give proof that if you were to pay your taxes on the due date you would suffer a significant financial loss. For example, if you have to sell your property at a loss in order for you to pay your taxes that would be considered as ‘Undue hardship’. You must always give valid reasons for your extensions and provide a detailed explanation. If your extension is approved by the IRS then they will give you up to six more months to pay the taxes shown in your return or up to 18 months to pay a tax

We as americans seem to have a very serious problem. By doing some research I have been able to conclude some intresting ideas on what to do to fix our debt problem. First of all we need to stop bwing in wars, the more that we lose the more that we are going to be hurt and deeper in the hole of debt we will go. Second we need to stop paying our RETIRED U.S. presidents so much money it's not helping the fact that they get so much. We need to also need to stop buying so much imported goods. If we can accomplish these simpe tasks we can fix a lot of our debt problems and be a better country.

In our September 2016 blog post, we highlighted the various options for funding college education, including student loans. If you have already graduated from college and have outstanding student loan debt, you may be wondering what your options are for reducing what can sometimes be a significant burden. For individuals working in the public service sector, there is a student loan forgiveness program that may help. The Public Service Loan Forgiveness (PSLF) program was created upon passage of the College Cost Reduction and Access Act of 2007.

Tax troubles are some of the worst that one can experience in life. You can find yourself immersed in a pile of tax debt, and feel like there is no way out. And situations of this nature can be even worse, and far more entangling if handled incorrectly. You could end up losing everything that you’ve worked hard for in life. Tax filings must be done correctly, on time, and all tax money owed completely paid up or you could be facing a pile-up of debt, leading to a potentially serious crisis financially that could severely impact you and your families’ lives for years to come. Hence, tax issues should be taken extremely seriously.

File your taxes and pay as much as possible. Afterward, call the Internal Revenue Service to find out if an installment agreement, a payment extension or an offer in compromise agreement could help you get back on track.

If you have heard of student loan forgiveness but don't quite understand what it is, you will want to read this. We are going to discuss the most frequently asked questions about student loan forgiveness. When you are done reading, you should have a good idea how student loan forgiveness works and if it is a good choice for you.

As a High School senior, the inevitability of student loans always hung over my head, and yet among the sea of things that I could’ve done, scholarships never felt like an option. Scholarships exist to help students pay for a college education, something which has become indispensable for a “suitable” life nowadays. So then why do students willingly ignore the plethora of scholarships available to them? The answer is frustratingly simple: scholarships aren’t built around the student’s they’re supposed to target.

In a world filled with economic turmoil, one might look at a loaf of bread today at the grocery store and wonder if it will cost the same tomorrow. The inflation factor has driven prices of food, energy and many other life essentials to an all-time high. In countries like America where the national debt has soared into the double digit trillions. It becomes a question in the minds of many, “how will we ever pay this money back?” This is a question of great magnitude and many factors decide if, and how it is possible. On a much smaller scale, the average household in America lives within a budget to manage income to debt ratio. This budget allows for the necessities to be purchased while allocating a set amount for debt obligations. When there is not enough money for required expenditures, adjustments must be made to compensate. This type of adjustment is comparable to the adjustments that must be made by the American government to allow the debt ceiling to be lowered, while still making financial obligations for consumer families affordable and manageable. This concept is often referred to as tax reform, and it is the only way America will regain strong financial standing as a country.

The problem lies with how the IRS scandal has been handled by the current administration. While most of us may think that they should be cooperative and seeking a quick resolution to the embarrassment of yet another scandal, that has not been the case. It should come as no surprise that the administration has, instead, attempted to rebuke the scandal altogether. Scandal? What

You may wonder why late claims are even an issue – isn’t the deadline the deadline?

It often happens that we get so caught up with everyday life and forget some of the most important tasks such as filing your taxes on time. If you've been procrastinating or forget to plan your taxes, you might need to consider filing an extension. If you need more time to file your tax return here's all you need to know about filing an extension.

If you are a tax payer who anticipates owing the federal government more than $1,000 in taxes for a given year, then you will be forced to make quarterly payments. There are other rules regarding your adjusted gross

Bankruptcy law has created some distinct ways which debt is handled by the IRS. IRS debt that occurs within the last three years of filing are ineligible for elimination. It is not dischargeable. Nonetheless, it is made part of the Chapter 13 repayment plan, paid back at zero percent interest. On the other hand, Chapter 7 old IRS debts are deferred.

Oftentimes, people find themselves way over their heads with overwhelming and debilitating debt. Struggling to make payments on time and not acquire late fees or bad credit ratings. It’s a helpless feeling that a lot of normal everyday people go through. Generally, the reasons for debt problems stem from things such as loss of a job, hospitalization, or even death of a family member.

Paying for taxes can sometimes be a tad bit stressful, the date April 15, for example. A lot of normal Americans who complete their own taxes have that date steam pressed into the