I have a $25,000 tax lien in Colorado for federal taxes owed. I just got approved for an SBA loan for a completely unrelated business. Will the state take that $25,000 from my business checking account automatically? Is there a way to protect that money while negotiating a payment plan with the IRS? Also, I owe around $75,000 in federal income tax and haven't filed for the last 3 years. Should I pursue an offer in compromise, and is it worth hiring a tax professional for assistance?

May 28th, 2024

How do tax brackets work for married couples filing jointly? Specifically, if my taxable income is $160,000, would I be taxed at 22% on the total amount, or would it be taxed at different rates for different portions of the income?

June 24th, 2023

I made more in 2019 than I originally estimated. I know that I owe the healthcare marketplace for back premiums due to this but I can't figure out how much or where to send it. I just don't want to be in debt with the IRS. How can I resolve this issue?

December 20th, 2024

I lost $16K to a contractor who destroyed my property and left me with a situation that could damage the foundation of a detached garage. I have taken him to court, but the case won't be heard until January 3, 2021. Once I win the case, can I claim the $16K as a loss on my next year's tax returns? Additionally, I own three very small camping lots at a campground where I pay a yearly fee for upkeep. Are these fees deductible?

March 31st, 2024

I was just laid off and will receive a severance package on the 13th. What are the maximum allowances or deductions I can claim on my W-4 to minimize the tax withheld?

June 23rd, 2024