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Mt Laurel, NJ Real Estate News

Receiving an IRS asset levy notice can be a scary and overwhelming experience for any taxpayer. An IRS asset levy is one of the harshest collection methods used by the IRS to collect back taxes. The levy permits the IRS to seize your assets, which includes your bank accounts, investment accounts, wages or salary, and property, to fulfill your outstanding tax liabilities. If you are in this situation or worried that you might face one in the future, it’s essential to be well-informed on how to handle and overcome an IRS asset levy. In this article, we’ll guide you through the steps to handle and overcome an IRS asset levy.Understanding the Asset Levy Notice: When you receive an IRS asset levy notice, read it carefully to understand the levy amount and the assets that the IRS intends to s...
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 Are you in the middle of an IRS asset levy? This can be one of the most terrifying things to happen to a taxpayer in Mount Laurel. The IRS has the power to take everything they need to settle your tax debt, and the worst part is that you may not even have known about it until it was too late. But there is hope, and you can negotiate your way out of an IRS asset levy. In this blog post, we'll discuss the steps you should take to negotiate a release of the levy and get back to normal.Gather Your Documents: Before you start negotiating, you need to gather all the documents related to your tax debt. This includes notices from the IRS, correspondence, and financial statements. Be sure to have your most recent tax returns ready. You should also have a complete list of all the assets the IRS ...
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Mount Laurel taxpayers beware! Did you know that the IRS has the power to seize your assets if you fail to pay your taxes? That’s right, the Levy Process can be a scary thing, but fortunately, it can also be used to your advantage. With a little bit of knowledge, you can take steps to protect your assets and minimize the effects of an IRS levy. In this blog post, we’ll explain how to use the process to protect yourself.Understand the Levy ProcessBefore you can protect yourself from an IRS levy, you need to understand the process. The IRS has the power to take a portion of your wages, bank accounts, and even your property, such as your car or your home. Usually, it will send you notices in the mail before it takes any action, giving you a chance to respond. If you don’t respond or make a...
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By Fanta Kaba
(OnPoint Resolution LLC)
Do you live in Mount Laurel, NJ, and have concerns about the IRS coming after you with a levy? You're not alone - many taxpayers face the same worry, especially if they have fallen behind on their taxes. But did you know that you have the right to appeal an IRS levy if you believe it is not justified? First, let's define what an IRS levy is. A levy is a legal action taken by the IRS to seize assets to cover unpaid taxes. This can include taking funds from your bank account, garnishing your wages, seizing your property, or even selling assets to satisfy tax debts. If you receive a notice of levy, it means the IRS intends to take action and you should act quickly to understand your rights.The good news is that you do have the right to appeal an IRS levy if you believe it is not justified....
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Taxpayers in Mount Laurel, NJ, who have not filed their taxes in years and are facing an IRS levy, often feel overwhelmed and terrified. IRS levies can put a hold on your bank accounts, seize your property or garnish your wages, making it difficult for you to pay your bills and meet your daily expenses. Failing to act promptly can result in dire consequences such as bankruptcy, wage garnishments, and even losing your home. But you don't have to go through this alone. There's help available for non-filers in Mount Laurel, NJ, who need tax resolution services.IRS levies are serious matters that require immediate action. If you have received an IRS Notice of Levy or a Final Notice of Intent to Levy, it's crucial to seek professional help. The first step is to find a tax resolution speciali...
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Taxpayers, watch out! The IRS is a scary monster that can wreak havoc on your financial life. One of the scariest things they can do is issue a levy, which allows the government to seize your assets or take a portion of your paycheck. But fear not - you have rights when it comes to IRS levies, and understanding them can help you protect yourself from financial ruin.First and foremost, the IRS must follow certain procedures before issuing a levy. They must send you a notice of intent to levy, which gives you the opportunity to request a hearing within 30 days. Use this time to gather evidence and prepare your case, as the hearing is your chance to challenge the IRS's decision.If the IRS decides to move forward with the levy, they must give you a notice of levy, which specifies what they ...
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If you are a taxpayer in Mount Laurel, NJ, you may have heard of the IRS's First-Time Penalty Abatement (FTA) program. The FTA program allows taxpayers who have failed to pay their taxes on time to have their late payment penalty waived. However, there are some important things that you need to know about this program before attempting to take advantage of it. Let’s break down what you need to know about the IRS’s first-time penalty abatement. Who is Eligible for an FTA? The first thing that you should know is that not everyone is eligible for an FTA. In order to be eligible, you must meet certain criteria, such as not having any penalties for the previous three years and having filed all required tax returns. If these criteria are met, then you can apply for the FTA program. If your ap...
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When it comes to taxes, nobody likes the idea of dishing out more than they need to. Unfortunately, misreporting business expenses or understating income is a common practice amongst taxpayers in Mount Laurel, NJ. To be clear, this is a practice that should be avoided at all costs. Not only can it lead to serious legal and financial consequences, but those consequences can stay with you for months—even years—down the line. The Risk of Audit When you attempt to understate your income or misreport your business expenses, there’s always the risk of an audit from the IRS. An audit is an investigation into your tax returns by the IRS and/or state government that can take months—sometimes even years—to complete. During this time, you’ll have to provide additional documentation and answer ques...
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As a taxpayer in Mount Laurel, NJ, you are required to make estimated tax payments throughout the year. Failure to do so can result in serious penalties and fees from the IRS. Let’s take a look at what happens if you fail to make estimated tax payments and how you can avoid it. Estimated Tax Penalties The most common penalty for failing to make estimated tax payments is the “underpayment of estimated taxes” penalty. This penalty applies when you don’t pay enough taxes throughout the course of the year and/or when your payments are late. The amount of this penalty depends on how much you underpaid, as well as how many months it was unpaid for. For example, if you underpaid by more than 10%, then you will be charged 5% per month until payment is made in full. In addition to the underpayme...
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As a taxpayer in Mount Laurel, NJ, you want to make sure you’re getting the most out of your tax deductions and credits. But claiming inaccurate deductions or credits can come with serious consequences. Here’s what you need to know about how they work, why it matters and how you can protect yourself. What are Inaccurate Deductions or Credits? Inaccurate deductions or credits are when a taxpayer claims an expense as a deduction or credit that is not allowed under the IRS rules. Some common examples of inaccurate deductions include claiming expenses for items that were not used for business purposes, such as meals, entertainment, travel and other non-business related items. Another example is claiming expenses for a vehicle that was used for personal use. Why Does it Matter? Claiming inac...
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By Fanta Kaba
(OnPoint Resolution LLC)
Have you ever received a notice from the IRS saying that you owe them money for unpaid taxes? If so, you're probably feeling panicked. After all, there's nothing more intimidating than the thought of having to pay back thousands of dollars in tax debt. Thankfully, there are several steps you can take to deal with your unpaid tax debt in Mount Laurel, NJ. Let's take a look at some of these options. Payment Plans The first step is to contact the IRS and set up a payment plan. A payment plan will allow you to pay off your debt over time instead of having to pay it all at once. Typically, these plans involve making small monthly payments until the debt is paid off. Depending on your financial situation, the IRS may also offer reduced payments or even forgive part of the debt altogether. How...
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Failing to file a tax return is a serious offense. If you are required to file and you do not, there can be severe repercussions. In this blog post, we’ll discuss the consequences of not filing your taxes, and why it’s important for taxpayers in Mount Laurel, NJ to take this seriously. The IRS has many tools at its disposal to help ensure that all taxpayers file their returns on time and pay any taxes due. These include levying penalties and interest charges, issuing liens and levies on assets, and even criminal prosecution in some cases. Let’s look at each of these in more detail.  Penalties & Interest Charges If you don’t file your taxes by the April 15th deadline (or the extension date if you have been granted an extension), the IRS will assess failure-to-file penalties and interest ...
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By Fanta Kaba
(OnPoint Resolution LLC)
Receiving a notice from the IRS can be startling and overwhelming. If you receive a notice from the IRS, it’s important to act quickly and responsibly in order to minimize any potential tax impact. Here are some tips for minimizing the tax impact of an IRS notice.  Understand Your Notice Before you take any action, carefully review your notice to understand why you have received it. The IRS will generally issue notices for several reasons, including unpaid taxes, discrepancies between your filing and their records, miscalculations, or requests for additional information or documentation. It is important that you understand why before attempting to rectify the situation. Contact the IRS Immediately Once you understand why you received the notice, it is important to contact the IRS as soo...
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If you have ever received an IRS Notice in the mail, chances are it has caused you a fair amount of anxiety. After all, the IRS is not known for sending out friendly reminders. But what do these notices actually mean and why do people receive them? Let’s take a look at the most common reasons for receiving an IRS Notice. Making a Mistake on Your Tax Return One of the most common reasons taxpayers receive an IRS notice is because they made a mistake on their tax return. This could be something as simple as entering an incorrect Social Security number or forgetting to report income from a side job. The good news is that these types of mistakes can usually be fixed with a simple correction letter from the taxpayer. However, it’s important to understand that even if you make changes to your...
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A levy from the IRS can be a frightening prospect for taxpayers in Mount Laurel, NJ. This is especially true if you don’t know much about the process of levying and how it works. Unfortunately, there are many misconceptions about IRS levies that can lead to fear and confusion for taxpayers. In this blog post, we will debunk some of the most common myths about IRS levies so that you can have a better understanding of what to expect if you receive one. Blog Body:  Myth #1: An IRS Levy Means You Have To Pay Immediately This is false—an IRS levy does not mean that you need to pay immediately or even within a certain period of time. It simply means that the government has placed a lien on your assets and they have the right to collect those assets once their value has been determined. You wi...
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By Fanta Kaba
(OnPoint Resolution LLC)
This may affect your credit.The consequences of an IRS filing a Notice of Federal Tax Lien are significant. This lien is public record, and eventually may show up on one's credit report which can severely impact their ability to secure further credit in the future as well as lower their credit score.The effects on your assets.A federal tax lien restricts your ability to utilize and monetize any existing or future assets - from real-estate, stock investments, automobiles, etc. This means that the IRS is first in line for proceeds if you were to sell any of your assets, before you receive any cash.The affects on your business.Protecting your business from financial troubles is important, and a lien can be especially damaging. It attaches to all of your property — including accounts receiv...
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By Fanta Kaba
(OnPoint Resolution LLC)
Lien vs. LevyFor the unaware taxpayer, it is important to understand the difference between liens and levies. People will use them interchangeably, but they are very different. A lien grants the government legal rights over all of your property.This does not mean they are going to sell your property but it does make it difficult for you when the government has an ownership stake in your assets. Especially if you are looking to sell them, like real estate.Anything you sell, the IRS will receive its cut before you receive anything.A levy, on the other hand, is the physical seizure of income and assets. The IRS is the only creditor on the planet that can garnish your income and remove money from your bank account without a court order.Next StepsPaying off your tax debt in full is the most ...
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By Fanta Kaba
(OnPoint Resolution LLC)
Ignoring your obligation to pay taxes can lead the federal government to conduct severe legal action against all of your existing assets, current and future income and assets you acquire in the future; this form of punishment is called a federal tax lien.If you've received a certified letter indicating that the federal government has placed an unwelcome Federal 'tax lien' on your assets, this article can provide insights into what it means and how to remedy the issue.What is a Federal Tax Lien?When a taxpayer falls behind on their federal taxes, they are at risk of having an official public notification filed against them. This document is known as a Notice of Federal Tax Lien and can cause serious consequences for the individual's ability to enjoy any financial security.A federal tax l...
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By Fanta Kaba
(OnPoint Resolution LLC)
Pay Attention to Your PaychecksWith the recent changes in tax law, your paychecks may have grown more generous - but don't get too excited! They could mean less of a refund or an unexpected bill when you file. Make sure to stay informed and plan ahead so unpleasant surprises won't come back to haunt you this filing season.To prepare for tax season, it's important to monitor your paychecks and ensure that the right amount is withheld. If you see a decrease in federal taxes being taken out of each paycheck, adjust this with your employer immediately - even though it may mean taking home less every month. Doing so can help protect you from federal and state tax debts and penalties later!Run Your Numbers BeforeWith just your final paycheck from last year and a few additional details, you ca...
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By Fanta Kaba
(OnPoint Resolution LLC)
Tax season can be a time of great anticipation for millions of Americans with dreams of a nice, big, refund check coming soon. Yet this year, many Americans may find themselves surprised and coming up short on their refunds.Many taxpayers have been shocked to find that this year, instead of a big tax refund check arriving in the mail, they are being saddled with an unexpected bill from Uncle Sam. The combination of recent tax law changes and updated employer withholding tables has left individuals scrambling to figure out how to pay for their new IRS obligations due at filing time.If you're worried about a looming tax bill, never fear: there are measures you can take to ensure that your taxes don't unexpectedly balloon. From budgeting tips to what do when the worst happens, these strate...
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