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What is Offers in Compromise

Owed IRS Taxes? Here Is One of Solutions You Might Qualify to Wipe Out Your Debt What is Offers in Compromise (Pennies-On-The-Dollar)? -By Sean Tang, EA, Tax Resolution Specialist   The Offer in Compromise is probably the most commonly known tax resolution strategy. This is what you hear about in TV commercials and radio ads, […]

How To Legally Remove IRS Tax Liens Filed Against You

Federal Tax Lien Removal Guide How To Legally Remove IRS Tax Liens Filed Against You Presented to you by: Jushun “Sean” Tang, EA IRS Licensed Enrolled Agent Tax Resolution Specialist Represent Troubled Taxpayers before the IRS and State Agency  814-769-0202 www.taxsolutionspractice.com    There are four (4) ways to remove negative impacts of Federal Tax Lien […]

What is IRS Tax Lien? Can I Still Get a Loan, Sell My House or Apply for A Credit Card?

IRS Notice of Federal Tax Lien   A Notice of Federal Tax Lien (NFTL) is an encumbrance that establishes a legal claim by the government. It does not result in the physical seizure of your property. A levy, on the other hand, allows the IRS to actually seize wages, cash, or property. In general, a […]

If You Receive an IRS Notice or Letter, Here Is What to Do

Each year the IRS sends millions of letters and notices to taxpayers. If you receive one, do not panic. Here’s what to do: Follow the instructions in the letter. There are many reasons the IRS sends notices to taxpayers. Here are the common reasons: You have a balance due. You are due a larger or […]

Checklist of Common Errors When Preparing Your Tax Return

The IRS created the following checklist based on common filing errors. Did you choose the correct filing status? Did you check the appropriate exemption boxes for your personal, spousal and dependency exemptions? Did you enter the total number of exemptions? Did you enter the names and Social Security numbers for everyone listed on your return […]

Income Tax Corner – Can You Really Do It Yourself?

One of the questions we hear most often from taxpayers that are hourly or salaried employees with “simple” tax returns is “Why can’t I just do this myself?” The truth – and our usual answer is – “Of course you can…” But there is always a catch. Tax software can be great but it also […]

Want to Pay Less? Fix Up the House!

At least once a day, I have clients ask the most basic accounting question – “How can I lower my tax liability?” That answer is always a hard one, as there are so many variables involved – marital status, income, deductions, credits, equity, home ownership, business ownership, children, etc. One nearly universal strategy I recommend […]

Choosing An Accounting Service

It’s a funny thing, what we consider luxuries in the United States.  Some people cannot live without an artisan-brewed $5 cup of coffee but feel that a dry cleaner is too expensive.  They own a huge television, yet watch old TV shows on their smartphone. Closer to home, they complain about their taxes and use […]

Starting 2017 Off Right From A Tax/Accounting Perspective

It’s a great day here at Tax Solutions Practice, LLC and as the weeks pass and we start to look towards  April 15th  and the collective sigh of relief, I wanted to reiterate to all you guys that you can never document too much.  After decades of dealing with the IRS as a tax professional, […]