Let's Get the IRS Perspective! Tax Questions of an Economic Downturn
What if I lose my job? Is my unemployment check taxable? Can I afford to take money out of my retirement account? These are just a few of the "What If" questions people are dealing with these days.
The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket.
Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. There are steps the IRS can take to help. To avoid additional penalties, you should always file your tax return on time even if you are unable pay your tax bill.
Here are some "What if" questions that are answered on the official IRS Web site. Simply go to www.irs.gov and type the keywords "What If" in the "Search" box at the top of the page.
• Job Related
What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value
• Debt Related
What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?
• Tax Related
What if I can't pay my taxes?
What if I can't pay my installment agreement?
What if I can't resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can't afford it?
Remember. to access the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov
Michael Brewster began his career enlisted in the United States Marine Corps. He then focused on growing businesses throughout the United States, which led him to be admitted to practice before the IRS. Michael has a Bachelor's degree in Business Management and has attended the American Academy of Tax Practice where he focused on Advanced Tax Law and IRS Procedure. Author of The Ultimate Straight Shooters Guide To Negotiating With The IRS To Resolve YOUR Tax Problems!. If you have questions on this or other business / tax topics, contact me at 817-230-4115 or http://www.StressFreeTaxHelp.com
Article Source: http://EzineArticles.com/?expert=Michael_K_Brewster
The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket.
Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. There are steps the IRS can take to help. To avoid additional penalties, you should always file your tax return on time even if you are unable pay your tax bill.
Here are some "What if" questions that are answered on the official IRS Web site. Simply go to www.irs.gov and type the keywords "What If" in the "Search" box at the top of the page.
• Job Related
What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value
• Debt Related
What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?
• Tax Related
What if I can't pay my taxes?
What if I can't pay my installment agreement?
What if I can't resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can't afford it?
Remember. to access the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov
Michael Brewster began his career enlisted in the United States Marine Corps. He then focused on growing businesses throughout the United States, which led him to be admitted to practice before the IRS. Michael has a Bachelor's degree in Business Management and has attended the American Academy of Tax Practice where he focused on Advanced Tax Law and IRS Procedure. Author of The Ultimate Straight Shooters Guide To Negotiating With The IRS To Resolve YOUR Tax Problems!. If you have questions on this or other business / tax topics, contact me at 817-230-4115 or http://www.StressFreeTaxHelp.com
Article Source: http://EzineArticles.com/?expert=Michael_K_Brewster
What if I lose my job? Is my unemployment check taxable? Can I afford to take money out of my retirement account? These are just a few of the "What If" questions people are dealing with these days.
The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket.
Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. There are steps the IRS can take to help. To avoid additional penalties, you should always file your tax return on time even if you are unable pay your tax bill.
Here are some "What if" questions that are answered on the official IRS Web site. Simply go to www.irs.gov and type the keywords "What If" in the "Search" box at the top of the page.
• Job Related
What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value
• Debt Related
What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?
• Tax Related
What if I can't pay my taxes?
What if I can't pay my installment agreement?
What if I can't resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can't afford it?
Remember. to access the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov
Michael Brewster began his career enlisted in the United States Marine Corps. He then focused on growing businesses throughout the United States, which led him to be admitted to practice before the IRS. Michael has a Bachelor's degree in Business Management and has attended the American Academy of Tax Practice where he focused on Advanced Tax Law and IRS Procedure. Author of The Ultimate Straight Shooters Guide To Negotiating With The IRS To Resolve YOUR Tax Problems!. If you have questions on this or other business / tax topics, contact me at 817-230-4115 or http://www.StressFreeTaxHelp.com
Article Source: http://EzineArticles.com/?expert=Michael_K_Brewster
The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket.
Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. There are steps the IRS can take to help. To avoid additional penalties, you should always file your tax return on time even if you are unable pay your tax bill.
Here are some "What if" questions that are answered on the official IRS Web site. Simply go to www.irs.gov and type the keywords "What If" in the "Search" box at the top of the page.
• Job Related
What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value
• Debt Related
What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?
• Tax Related
What if I can't pay my taxes?
What if I can't pay my installment agreement?
What if I can't resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can't afford it?
Remember. to access the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov
Michael Brewster began his career enlisted in the United States Marine Corps. He then focused on growing businesses throughout the United States, which led him to be admitted to practice before the IRS. Michael has a Bachelor's degree in Business Management and has attended the American Academy of Tax Practice where he focused on Advanced Tax Law and IRS Procedure. Author of The Ultimate Straight Shooters Guide To Negotiating With The IRS To Resolve YOUR Tax Problems!. If you have questions on this or other business / tax topics, contact me at 817-230-4115 or http://www.StressFreeTaxHelp.com
Article Source: http://EzineArticles.com/?expert=Michael_K_Brewster
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