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Revision as of 00:06, 17 May 2026


Note: Mcdougal is actually a CPA or tax qualified. This article is for general information purposes, and really should not be construed as tax aid. Readers are strongly inspired to consult their tax professional regarding their personal tax situation.

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No Fraud - Your tax debt cannot be related to fraud, to wit, you must owe back taxes since failed to pay for them, not because you played funny on your tax return.

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Contributing an insurance deductible $1,000 will lower the taxable income among the $30,000 per year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 each year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost twice as much!

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Clients in order to be aware that different rules apply once the IRS has now placed a tax lien against him. A bankruptcy may relieve you of personal liability on a tax debt, but individual circumstances won't discharge an effectively filed tax lien. After bankruptcy, the government cannot chase you personally for the debt, however the lien remains on any assets in which means you will stop able to trade these assets without satisfying the outstanding lien. - this includes your domicile. Depending upon the lien as filed, could be be great features include to attack the validity of the lien.

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