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The IRS Is Losing Money With Its Private Debt Collection Efforts

3rd party tax debt collectorsIn 2017, the IRS hired and paid private debt collection agencies $20 million, but these firms only collected $6.7 million, meaning the IRS lost over $13 million in the process. Besides losing the government money, the program has arguably been a failure in countless other ways.

Expectations for […]

How to Avoid Paying the Health Insurance Penalty on Your Tax Return

how to avoid paying the health insurance penaltyUnder the Affordable Healthcare Act, you are required to have health insurance. If you don’t, you face a hefty penalty at tax time. Although there has been a lot of news about changes to the healthcare act, you still have to pay this penalty for the tax year 2017.

Called […]

How to Respond If the IRS Is at Your Door

How to Respond If the IRS Is at Your DoorIdentity theft related to tax scams remain a serious issue. While the Internal Revenue Service notes that fraudulent emails and phone calls from imposters who claim to be representatives of the IRS rank highest on the list […]

Tax Breaks for Teachers: How to Reduce Your Taxes As a Teacher

tax breaks for teachersThe school year is in full swing, and if you’re a teacher, you’ve probably already spent money out of your own pocket. Luckily, the IRS allows you to claim a deduction for many of these expenses. If you want to reduce your tax bill, here are some tax breaks for […]

How to Avoid the Penalty for Underpayment of Estimated Tax

How to Avoid the Penalty for Underpayment of Estimated TaxThe estimated tax penalty is technically called an underpayment penalty. More than ten million taxpayers paid underpayment tax penalties in the 2016 tax year, compared to the 8.9 million who paid them in 2014. That increase may […]

September 20th, 2017|Uncategorized|0 Comments

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