asked
I am on a payment plan with the IRS for back taxes - $455 a month for a 4-year plan to pay off about $25k. I have paid about 1.5 years worth. As of August 15th, I am being laid off due to my company going under, making it difficult/impossible to make the payments on unemployment checks. I have no liquid assets, a small investment account, and a 401k that are severely devalued. I am 59 years old and own a small apartment with a mortgage of about $78K, which is my primary residence. I am worried that if I don't make my payments, the IRS will seize my home. Can this happen? What can I do to prevent this?
June 6th, 2024
What is the minimum income where you don't need to file?
September 25th, 2023
How can I reduce my farm property taxes in Michigan?
May 12th, 2023
After being unemployed and moving to Colorado in 2003, a taxpayer was unable to find employment other than in fast food and later became unemployed again in 2004. Without early withdrawals from his pension plan, he would have been homeless. He failed to include the early withdrawal income on his federal and state tax returns. The IRS picked up on this in 2006, and a relative paid the federal deficiency plus penalties. The taxpayer later found employment in another state and paid the Colorado collection agency the full amount plus penalties for the 2003 Colorado taxes. Now, in 2011, a different collection agency is pursuing the 2004 tax deficiency, which was mailed to an old address. The taxpayer has lost everything due to mandatory retirement and low pay. What is the best way to proceed now?
June 3rd, 2024
I have been trying to get my PIN number for a couple of years now and can't even get my taxes done without it. Can you help?
November 6th, 2024
I have a SEP. I can qualify to take the Required Minimum Distribution (RMD) but I don't want to. Can I borrow from my SEP and if so, how long do I need to pay it back before I have to take it as income?
December 5th, 2024