• Tax Debt

    A debt is something owed, such as money, goods, or services. In this case, it is a debt that is owed to the IRS or state authority.


  • Tax Exempt

    Not subject to tax. Normally this refers to charitable and other qualified organizations, but can also refer to specific exempt income of individuals.


  • Tax Exemptions

    The amount allowed by the Code for a personal exemption (for an individual and spouse if filing a joint return) and for a dependency exemption (for a taxpayers dependents). In 2004, each exemption was worth $3100 as a deduction from adjusted gross income.


  • Tax Help

    There are lots of companies that will offer tax help. But true tax help is not just setting up payment plans it is interceding with the IRS on your behalf with the IRS to help solve your tax problems.


  • Tax Laws

    The body of law created by congressional action that governs the entire administrative process of the tax system. Officially known as Title 26, Unites States Code, it is more commonly known as the Internal Revenue Code or the Code. Interpretation of the Code begins with the IRS, and will ultimately end with the interpretation provided by the judicial system.


  • Tax Liability

    The total tax bill that an individual or business owes after all withholding (individuals), Federal Tax Deposits (businesses), Estimated Tax Payments (individuals, sole proprietorships & corporations), and payments attached to the tax return are submitted and credited by the IRS.


  • Tax Problem

    Tax problems can refer to any type of problems taxpayers are having with the IRS (federal) or state tax authority. These problems may include garnishments, levies, liens, back taxes and interest owed, haven't filed a tax return, haven't paid your business taxes, haven't paid your self-employment taxes, can't pay your Installment Agreements, etc.


  • Tax Return

    Any federal, state, or local tax return (personal income tax, corporate income tax, employer quarterly tax return, excise tax return, estate tax return, partnership tax return, fiduciary tax return, or any other return) required by law to be filed to report income, taxes withheld, sales tax, etc.


  • Taxes

    Taxes are required payments of money to the government (federal, state or local). Tax money provides public goods and services for the community as a whole (roads, schools, law enforcement, public libraries, etc.). Taxes are the price we pay for our liberty.


  • Trust Fund Recovery Penalty

If a business does not pay the IRS enough payroll taxes, certain individuals in that business could be held responsible to pay back that money. Owners, officers and payroll employees could be charged a trust fund recovery penalty, meaning that the IRS could go after that person’s property or bank account.