The IRS has a set of legal options for collecting tax debt if you are unable to pay in a timely fashion. What is a tax levy? And what is a tax lien? Understanding the similarities and differences between these actions can help.
Since a state tax levy is so severe, taxpayers should know of the options afforded to them to avoid this situation. First of all, they have the right to appeal the levy and question its legality. If they acknowledge that they owe the state taxes in question, they can structure apayment ...
A levy is the act of imposing or collecting, often by legal authority, while a tax is a compulsory payment to the government for its support.
Excise taxes are a type of tax charged for specific goods and services, such as alcohol, tobacco, fuel, and airline tickets.
Tax-equivalent yield factors There are just two factors that affect tax-equivalent yield. The first factor is your marginal tax rates for federal, state, and local income. This is the tax you'll pay on your next dollar of income, and it will differ from person to person. So, someone li...
There are several things you can do if you receive a notice. Calm down and read it carefully. Not all IRS notices relate to tax audits.
What happens when voters reject a school tax levyWILLIAM LAMB, STAFF WRITER
A tax jurisdiction is a city, state, country, or other government that levies taxes within its limits. Depending on the place...
There is no federal inheritance tax in the U.S. While the U.S. governmenttaxes large estates directly—imposing estate taxes and, if relevant, income tax on any earnings from the estate—it does not impose an inheritance tax on those who receive assets from an estate.3 Inheritance taxes ar...
A levy differs from a lien because a levy takes the property to satisfy the tax debt, whereas a lien is a claim used as security for the tax debt. A lien secures the government’s interest or claim to an individual’s or business’s property while the tax debt remains unpaid, and a...