IRS Wage Levy - The IRS wage levy is another weapon in the IRS arsenal which is used to collect back tax debt. It's also known as wage garnishment. The IRS can take a percentage of your paycheck until your tax debt is paid, or until the statute of limitations on your tax debt expires. Your employer is required by law to proceed with the IRS wage levy once the Notice to Withhold has been received from the IRS. They must use a mandated formula to...more
What Are the Tax Benefits of Charitable Trusts?Americans give freely to support the causes they value, from churches, education, and the arts to medical research. Fortunately, current tax laws encourage and even reward philanthropy. Beyond the basic tax deductions for charitable giving, setting up one or both of the following types of trusts could provide financial advantages in addition to the personal satisfaction that comes from giving.Charitable Remainder TrustWhen money, securities, property, or other assets are placed in a properly structured charitable remainder trust, the grantor or the grantor's beneficiaries receive receive payment of a specified amount at least annually. When the trust expires, the designated charity receives the assets that remain.For the grantor, there are a few potential tax benefits: (1) Assets placed in the trust may qualify for an income tax deduction on the estimated present value of the remainder interest that will eventually go to charity. (2) At death, trust assets are not subject to estate taxes because they are no longer part of the grantors taxable estate. (3) Any appreciated assets in the trust are also exempt from current capital gains...more
If you're scared, short of time or don't feel confident doing the research when looking for complex financial products, you'll find financial advice worthwhile. Yet if you're money savvy, my instinct would be to DIY it, as it's cheaper. This involves doing your own research. As well as the articles on this site, I wholeheartedly suggest a book by...more
In 2011, the biggest challenge for flights from UK will be to offer fares that still remain affordable when taxes are added. It is speculated that not all airlines will be able to do so. Rather, there will hardly be any airline that can offer cheap flight fares once airport taxes are added.The effects of Tax Hikes in 2011 By: Travelhouseuk ...more
It is good to have finance from anyone but it is bad to owe finance to someone. Economic downturn, fall in market prices and outstanding loan payments are the objective reasons for why people face financial problems. Financial mismanagement, extravagance and negligence in saving are the personal factors to make people suffer financially. Outstanding tax is a serious financial problem. Tax problems are no less troublesome than debt problems. The picture is more horrible when it is IRS tax problems confronting you. The problems associated with due IRS tax are mostly threats from the IRS tax collection agents. The beginning of IRS tax problems is a series of threatening letters from the IRS collection agencies. You are sure to receive such letters asking you to pay the due tax bills within a specified period of time at any cost. When the problem turns worse to embitter your life, it indicates your need for tax help. Bank levies, IRS tax liens, wage garnishments, seizure of your residential property and closure of your new or family business are a few crude tax collection tools that make the situation unbearable for many. Hence, it is better to avoid tax problems, by means of tax...more
Tax payment is the fundamental duty of the citizen of every country. Paying the taxable amount from time to time does not only secure your own livelihood, but the life of other people too. The taxes that you pay to the government is the sole source...more
Millions of young football fan will appreciate the idea, with the NFL clothing representing their favorite National Football League team. What prevents many of these dreams is the price. Some NFL merchandise is expensive, especially good quality...more
The Panthers visit a weak Cleveland Browns team on November 28th and remain on the road the following week for a game at the rebuilding Seattle Seahawks on December 5th. Carolina hits the stretch with a December 12th home game against the Atlanta...more
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The Taxpayer Advocate Service is an independent organization within the IRS. Whose goal is to help taxpayers resolve problems with the IRS. If you have an ongoing issue with the IRS. If you have an ongoing issue with the IRS that has not been...more
Houston Texans history: The Houston Oilers were entrenched as an NFL franchise, playing their games in the Houston Astrodome, until ownership decided in 1997 that Tennessee was a more suitable venue for football. The NFL accepted Houston's proposal...more