Category: LifeBack Tax

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LifeBack Tax

How to Handle Your Taxes During an Economic Crisis

The economy is always fluctuating for various reasons. From stock market crashes to housing crises or even a global pandemic, it is never easy to navigate through uncertain economic periods. That’s why we have come up with this easy guideline on how to handle your taxes during COVID-19! Taxes are already difficult enough to understand– […]

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LifeBack Tax

Work from Home Tax Forms: How to Store Them, How to File Them and How to Reduce Your Liability

Working from home can be a dream come true, especially if you also work for yourself! Opportunities for freelancers, gig workers and other self-employed workers have exploded in recent years, giving people the freedom they crave without sacrificing the income they need. Work from home culture has become even more prevalent with the current COVID-19 […]

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LifeBack Tax

Considering Bankruptcy To Get Rid Of Your Back Taxes? 3 Alternatives to Explore Before You File

Although filing for bankruptcy may seem like the only viable option if you are up to your ears in debt, that is not always the case. While it is the most optimal resolution for some taxpayers, there are alternatives to filing for bankruptcy that can achieve the same results. If you owe back taxes to […]

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LifeBack Tax

Can I Pay Installments on Federal Income Taxes I Owe If I Can’t Afford to Pay it All at Once?

Although the COVID-19 pandemic has created discrepancies for the IRS and taxpayers this year, one thing has not changed– many Americans still owe the IRS for back taxes from previous years. With so many penalties and fees adding up for those unpaid taxes, it can become difficult to pay back the full amount owed at […]

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LifeBack Tax

Tax Day Is Now July 15, Here’s What You Need To Know.

With the Coronavirus pandemic affecting the entire country, the traditional April 15th deadline to file has been extended to July 15th. It can often be tempting to put off filing your taxes until the last minute. There are many reasons why taxpayers procrastinate doing their taxes. From compiling tax documents and financial records to the […]

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LifeBack Tax

How can you avoid becoming a victim to the IRS scams?

The imposters are out in every industry with one objective: MONEY! The following are some of things that you can be aware of in order to avoid become a victim to one of these IRS Scams: 1. Do not believe that someone from the IRS is calling you. The IRS will first always send you […]

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LifeBack Tax

Can the IRS garnish your wages?

Wage garnishment is the government’s legal right in an attempt to collect unpaid back taxes. The IRS can not only garnish your pay check, they can also attach the garnishment to your social security benefits and pension benefits. Prior to issuing a garnishment, he IRS will send you a “FINAL NOTICE” with a 30 day […]

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LifeBack Tax

Can the IRS keep your tax refunds?

YES, they can! If you owe the Internal Revenue Service (IRS) for back taxes, the IRS will keep your current tax year refund and all future tax year refunds until the tax debt has been satisfied. It is the government’s right to hold refunds to satisfy any outstanding debt including any interest and penalties associated […]

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LifeBack Tax

How Do I Qualify for the Fresh Start Program?

In 2011, the Internal Revenue Service (IRS) launched the Fresh Start Initiative and later expanded the program to help taxpayers resolve their tax debt. The program allows taxpayers to be placed on affordable payments based on their finances, avoid tax liens being filed, made an easier lien withdrawal process, and made changes to the Offer […]

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LifeBack Tax

Do you know what a bank levy is?

A bank levy is legal right of the Internal Revenue Service (IRS) to attach any funds in your bank account to pay for unpaid tax debt. Once the levy has been issued, the bank must hold the funds for 21 days before the funds are released to the IRS. The following are some facts you […]