If you have a tax lien, the proceeds from selling your home must first go to paying the IRS before you can pay off a mortgage. "You put the world on notice that this person owes the IRS, and that's the point that it becomes problematic in getting a loan," says Whitney Sorrell,...
But will the IRS seize your house? The answer to this depends on your particular financial circumstances, how much you owe the IRS, and why you owe them money in the first place. Most taxpayers owe money to the IRS because their taxes due when they filed were either much higher than ...
Here are two separate scenarios based on whether you owe taxes or if the IRS owes you atax refund. What happens if you miss the April 15 deadline, and you are owed a refund? If you are owed a tax refund and you do not file by April 15, you can still e-file your taxes until Oc...
The IRS uses a three-month period to define a “quarter,” so the first quarter covers January through March, the second quarter is April 1 to May 31, and the third quarter is June 1 to August 31. The fourth and final quarterly payment covers the period from September 1 to December ...
Seller and buyer are the two parties involved in real-estate deals. There is an intermediate agent known as a broker who is the path that connects a buyer and a seller. A seller's broker has a contractual agreement with the seller, and any loss o...
Bankruptcy lets you wipe out debts you have no hope of paying—and if your business owes a pile of debts it can't pay, bankruptcy could offer the fresh start you need. But before you file, look into other ways to liquidate your assets and settle your debts. Consider using a bankruptcy...
Nonetheless, our CPA was delighted with the excellent quality of those records because they enabled him to calculate everything he needed to file the business’s tax returns with the IRS and New York state. Key Takeaways Microsoft Excel can be a great accounting tool for self-employed ...
A question I hear a lot is: “I just left my job, when is my employer supposed to pay me my last paycheck?” The answer is: it depends. If you were fired or laid off If the employer ended your employment — fired you, laid you off, eliminated your position, etc. — they must ...
Mora solvendiis also called "debtor's default". This refers to a default on the part of the debtor or obligor - the party who owes a duty or obligation. It's further divided into two subcategories: One category relates to defaults in obligations to give or deliver something specific. For...
The annualized method can be calculated usingIRS Form 2210.3 I owed $500 when I filed my tax return. Do I need to file Form 2210? No, there is no underpayment penalty if the difference between your total tax on your return and the amount of tax you paid through withholding is less than...