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Tax Facts and Tax Fictions

Two Truths and a Lie: Facts and Fictions on Paying Taxes and Filing Late

Every year, the Internal Revenue Service hears the same excuses from taxpayers attempting to avoid paying their taxes. The idea that certain circumstance can get you out of paying your taxes is a fallacy. Although you do have to pay, there are certain situations in which the IRS will provide tax relief options or allow you to pay later.

In this article, we’ll discuss these facts and fictions about paying your taxes. Read more

Tax Extension

An Extension to File Your Taxes Is Not an Extension to Pay Your Taxes

An Extension to File Is Not an Extension to Pay — Contact S.H. Block Today to Resolve Outstanding Liabilities

If you requested an extension to file your taxes last spring, you weren’t alone: the IRS estimates that more than 11 million people applied for an extension to file their taxes in 2017. Yet despite so many taxpayers choosing this option, our team at S.H. Block meets dozens of clients every fall who don’t understand what their approved extension means and how it could lead to additional penalties and interest that increase the overall tax debt.

Keep reading to learn about how these extensions work and what to expect as you prepare for the late-filing deadline on Monday, October 15. Read more

How to Secure a Home Loan When Dealing With a Tax Lien

How to Secure a Home Loan When Dealing With a Tax Lien

In most cases, mortgage lenders are willing to look past certain types and amounts of debts. However, when it comes to tax liabilities, things can get complicated in a hurry. If you’re behind on your federal income taxes, the IRS might place a lien on your property and assets, which can be especially concerning for lenders.

Thankfully, there are certain actions you can take to eliminate your tax issues and move forward with the home of your dreams. Read on to learn more. Read more

Income Tax Payment Options Explained

Income Tax Payment Options Explained

If you filed your income taxes and discovered that you owe the IRS or the State of Maryland, you have several options when it comes to repayment, even if you can’t pay the entire sum at once. (If you haven’t filed yet, be sure to do so before the April 17 deadline, as failure to do so may result in penalties and interest).

Keep reading to learn more about your tax repayment options. Read more

offer-in-compromise

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

Offer-In-Compromise-Experts-in-Houston-TX-that-Can-Actually-Deliver

Does the State of Maryland have their own Offer in Compromise?

I written many times about IRS Offer in Compromise or (OIC) but not everyone knows that the State of Maryland also has their own OIC. The rules are a bit different but in theory the plans are the same. The taxpayer is unable to pay their full balance and they make an offer.

What types of taxes can be included in a state OIC? Read more