| If You Cannot Pay Your Taxes - An Overview |
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| You prepare your tax return, and you discover that you did not have enough taxes withheld from your wages. You owe a substantial amount to the Internal Revenue Service, and you cannot make the required payment. What happens? You should file your return in a timely manner even if you cannot make the full payment. This action will prevent the imposition of late filing penalties. The IRS will send you a bill, which the formal start of the collections process. The bill will include information about the reason for the liability, the added penalties and interest, and the total amount due. More... |
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| Federal Payment Levy Program |
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| If you have not paid all of your federal income taxes, beware. The Internal Revenue Service has partnered up with the Department of the Treasury, Financial Management Service (FMS), to create a program that is authorized to collect overdue taxes through a continuous levy on certain federal payments owed to you. More... |
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| Payroll Deduction IRAs |
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| One of the simplest retirement arrangements that a business can set up for its employees is a payroll deduction IRA. Under this type of plan, an employee sets up either a traditional or Roth IRA with a financial institution. The employee authorizes a payroll deduction for the IRA, and the employer's only obligation is to transmit the authorized deduction to that institution. Generally, an employer who offers a payroll deduction IRA to any employee should offer it to all employees. More... |
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| Exclusion of Lodging Furnished by an Employer from Gross Income |
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| Generally, the value of lodging provided by an employer to an employee, his or spouse, or dependents is excluded from gross income if all of the following requirements are met: More... |
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| SIMPLE IRA Plans |
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| In order to reduce the costs of administering an individual retirement arrangement (IRA), Congress created the SIMPLE IRA plan, a Savings Incentive Match Plan for Employees of Small Employers. The establishment of a SIMPLE IRA allows employees to choose to defer a portion of their salaries into the plan for retirement. More... |
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