Traxion Tax Blog
A Realist’s Guide to IRS Debt Forgiveness
Tax debt is not easily forgiven, and it certainly isn’t forgotten. The IRS is a harsher creditor than most and likely won’t overlook a tax debt even in dire financial…
7 IRS Audit Penalties to Know (and How to Avoid Them)
An audit from the IRS is rare – but when the IRS does decide to incur an investigation, they tend to be thorough. Most IRS investigations are routine and result in minor changes…
Understanding Your CP14 Notice and How to Respond
So, you received a notice from the IRS. Don’t panic. The IRS issues hundreds of letters and notices to millions of taxpayers annually. It doesn’t always have to be bad news…
What Is a Subordination Agreement?
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
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?
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
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?
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
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…
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