determining income-type

What Is the Saver’s Tax Credit and How Does It Work?

The current economic and political climate is making it difficult for average Americans and their families to save for retirement. However, retirement savings are a vital element of any good financial plan, and there are special tax incentives for making contributions to a retirement plan.   Read more

IRS Now Contracting With Private Collection Agencies

In December 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, and it was subsequently signed into law by President Obama.  Read more

How Long Can the IRS Try to Collect a Debt?

The Collection Statute Expiration Date, Explained 

Most people assume that once they owe the IRS money, they are required to pay them until the debt is fully resolved, no matter how long it’s been since the debt originated. Luckily for them, that’s not necessarily true.  Read more

Free In-Depth Infographic: Tax Deductions for the Self-Employed

When you’re self-employed, tax time can be a nightmare. But S.H. Block Tax Services is here to help! We’ve created an in-depth infographic, “Tax Deductions for the Self-Employed” that you can download for free on this page.

 

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Calculating Your Assets for an Offer in Compromise

Negotiating an offer in compromise (OIC) with the IRS can be confusing and frustrating for individuals with substantial tax liabilities. To help, we’ve compiled a few tips to simplify and streamline the process of determining the true value of your assets and negotiating the best possible OIC for you and your family.   Read more

Tax Tips for Unemployed Individuals

Losing your employment can be tough, both emotionally and financially. However, it’s important during this time to remain proactive about your finances and your tax status. If you’ve recently lost your job, here are a few steps you can take along with the tax implications of each.  Read more

What Is a Distressed Sale and How Does It Work?

What Is a Distressed Sale and How Does It Work?

What Is a Distressed Sale? 

A distressed sale occurs when someone sells property, securities, or other assets in an urgent manner ─ usually at a loss ─ to cover substantial debts as quickly as possible. In this article, we’ll be focusing specifically on distressed real estate sales.  Read more

offer-in-compromise

How to Get the IRS to Accept Your Offer in Compromise

The Offer in Compromise (OIC) program is an IRS program designed to assist taxpayers who have substantial tax debt and are unable to pay in full. Typically, the IRS (or state of Maryland) will negotiate a figure that is equal to the greatest amount they expect to recover over a reasonable time frame but less than what the taxpayer actually owes.  Read more

notice from the IRS

Handling a Notice from the IRS the Right Way

Receiving a notice from the IRS can cause immense stress before you even have the chance to open the letter. (Note: The IRS will not call or email, so if you are receiving either, it is likely a scam.)  Read more

Should Spouses Jointly File Their Taxes?

Richer or Poorer: Should Spouses Jointly File Their Taxes?

Marriage is all about teamwork: two people who pledge to stick together for better or worse, richer or poorer, and in sickness and in health. And although some exceptions do apply, there’s no better practical example of this vow than a married couple jointly filing their annual income taxes.  Read more