How to Deal with Intent to Levy Notice ?

notice of intent to levy notice

The Final Notice of Intent to Levy is a warning notice in advance to you by which IRS makes its intention clear that they are considering sending a levy to your employer or bank or even taking your personal property or real estate. The notice also tells you that IRS may begin searching for other assets …

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Penalty for Underpayment of Estimated Tax Simplified!

What is the penalty for underpayment of estimated tax? Actually, under the US tax law (please refer IRC 6654 ) a taxpayer is supposed to estimate current year income and tax thereon. Then, he/she is supposed to pay the tax on the estimated income in four quarterly instalments. The payment of estimated tax liability can …

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IRS Announce Relief for Some US Expats

On September 6, 2019, the IRS announced a new procedures, called the Relief Procedures for Certain Former Citizens for certain individuals who renounced or relinquished their United States citizenship in order to comply with Internal Revenue Code or U.S. tax laws. Now they can comply with US tax laws and information return filing obligations without …

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List of States Having Tenancy by the Entirety

Saving on property tax by claiming homestead exemption is not the only consideration for a home buyer , one can think of a beneficial law Tenancy by the Entirety cover as well for the protection of the ownership. So what is Tenancy by the Entirety ? Well, Some States in USA enacted law called – …

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Find Homestead Exemption Statewise

The homestead exemption is a legal framework passed by certain states in USA to help residents from losing the value of the property on account of property taxes, creditors, and in the event of the death of the homeowner’s spouse. Thus, homestead exemptions can provide asset protection from creditors for at least some of the value in the homestead. …

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What is a Tax-Credit Scholarship?

Tax-credit scholarships programs allow Individuals and corporations to donate to a designated scholarship granting organization (SGO) and get a tax credit . In other words , Tax-credit scholarships incentivize individuals and businesses to donate to nonprofit organizations that provide tuition scholarships to eligible students . Donors receive the 100 percent, dollar-for-dollar tax-credit which they use …

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Don’t Forget 4 Tax Deadlines by 15th October!

If you do not adhere to tax deadlines to file, there may be penal consequences. So , this post is a reminder to all that by Oct. 15 , you must do four important tax obligations. These are : Extended tax return due date. If you had applied for an extension of time for filing …

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Form 1095A: What, How & Why?

1. What is a 1095 a form ? The Health Insurance Marketplace is a service by the Federal government to provide an exclusive market place or exchange for buying and enrolling to various health plans. The marketplace is available at address HealthCare.gov. When you apply for individual and family coverage through the Marketplace, you’ll provide …

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