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What Is a Subordination Agreement? - Traxion Tax

What Is a Subordination Agreement?

By Traxion Tax September 29, 2022
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When facing mounting debt and multiple due payments, the last thing you want is for one debt to supersede and take priority over others – but depending on how your…

Importance of Proper Bookkeeping for a Growing Business - Traxion Tax

Importance of Proper Bookkeeping for a Growing Business

By Traxion Tax September 26, 2022
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There is a lot to keeping a business running, no matter how small. You need to calculate your fixed costs, keep track of your variable expenses, and keep tabs on…

What Debts Can Trigger a Tax Refund Offset - Traxion Tax

What Debts Can Trigger a Tax Refund Offset?

By Traxion Tax September 21, 2022
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The IRS issued over 247 million tax refunds in 2021, not counting about 313 million additional refunds issued as part of the 2021 stimulus package for COVID relief. Most taxpayers…

Understanding Streamlined Installment Agreements - Traxion Tax

Understanding Streamlined Installment Agreements

By Traxion Tax September 9, 2022
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If you owe the IRS back taxes, it might help to know that you’re not alone – and that you’re far from the first or last person to get in…

Tax Credits vs. Deductions: What’s the Difference? - Traxion Tax

Tax Credits vs. Deductions: What’s the Difference?

By Traxion Tax August 23, 2022
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Tax credits and deductions are two significant ways individuals can minimize their tax liability before Tax Day. However, while the two are often compared and conflated, they are fundamentally different…

What You Need to Know About Filing Form 8821 - Traxion Tax

What You Need to Know About Filing Form 8821

By Traxion Tax August 22, 2022
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Suppose you’ve heard of a power of attorney before or had to execute one. In that case, you will know that these documents are usually reserved to grant another person the…

Watch Out for These 10 IRS Audit Triggers - Traxion Tax

Watch Out for These 10 IRS Audit Triggers

By Traxion Tax August 10, 2022
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The IRS does not take tax evasion lightly. But it also knows that most unpaid taxes result from misunderstanding tax rules or forgetting to read the fine print. IRS audits, or…

What Is an IRS Notice of Deficiency? - Traxion Tax

What Is an IRS Notice of Deficiency?

By Traxion Tax August 1, 2022
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The IRS issues hundreds of different notes and letters throughout the year to millions of taxpayers. Not all notices and letters are bad news. But some – like a notice…

IRS Penalty Abatement Do’s and Don’ts  - Traxion Tax

IRS Penalty Abatement Do’s and Don’ts 

By Traxion Tax July 28, 2022
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The IRS issues penalties for several different reasons, including owing taxes. Yes, the IRS will penalize you for a failure to pay your taxes via an IRS penalty abatement and…

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