Why You Should Resolve Your IRS Tax Debt Now: The New FAST Act And Its Impact On You!

On December 4th, 2015, President Obama signed the Fixing America’s Surface Transportation Act (“FAST”) into law.The law--which focuses on improving America’s transportation and highways through improved funding--has an odd section, Section 32101, Subtitle A, Title XXXII. This section has seemingly nothing to do with highway funding or transportation,but rather amends sections of the Internal Revenue Code to allow the IRS to revoke or deny taxpayers a passport if they owe delinquent taxes to the government, and it requires theIRS to use private debt collectors.

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Establishing A Guaranteed Installment Agreement

If you are unable to pay your back taxes, an installment agreement may be an option for you. The installment agreement allows taxpayers to pay their tax debt over time by making manageable payments. The installment agreement can put you back in control of your financial future. There are many different types of installment agreements and they all vary in terms of complexity and difficulty level to negotiate and establish with the IRS. This article will focus on the simplest of all types, the guaranteed installment agreement.

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Demystifying The Home Office Deduction

Home office expenses are probably one of the most misunderstood deductions in the entire tax code. For years, taxpayers feared it guaranteed them an audit. Plenty of tax professionals were happy to go along with that myth. But the U.S. Supreme Court made it easier to qualify for the deduction back in 1994, and Congress made it even easier in 2007. So now your deduction is far less likely to attract attention.

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