Lady putting IRS form 8949 in the mailbox

What is the IRS Form 8949 and Do You Need It?

Are you worried about whether or not you need to fill out the IRS form 8949?

Buying and selling stocks is a great way to increase your net worth for short and long-term goals. When you sell stocks (or any asset for that matter), you affect your tax liability. Just like money you make working, you must pay taxes on any money you earn.

Not every sale earns money, though. Many investors sell stocks at a loss whether to offset their capital gains or because they have no choice but to sell at a loss – as we all know, life is unpredictable.

When you buy and sell stocks for a profit or loss, the IRS wants to know about it on Form 8949. Every investor must complete one. Here’s how it works.

Read more

Woman worried about Tax Identity Theft at her desk

How to Deal with a Federal Tax Lien (IRS Form 12277)

Are you trying to figure out if you need to fill out the IRS form 12277?

When you have a tax lien filed against you, it means you owe the federal government money and they’re staking a claim in your property to get it.

Once you pay the debt back, the IRS reports the lien paid in full, but it may still negatively affect your ability to get new credit for many months or even years in the future.

Is there a way to get rid of the lien and ensure an easier time getting financing moving forward? IRS Form 12277 may help.

Read more

Woman happy about submitting IRS form 9465 for repayment plan on the phone

Where’s My Amended Return? (Easy Ways to File Form 1040X)

As the tax season comes to an end, many individuals have received their returns and are set for 2020. Then there are those who had something come up where their taxes couldn’t be complete in time and the question, “where’s my amended return,” may come up.

There are also many instances where you have completed your tax return but need to make a correction or amendment.

Now with this being the government, you may think it is a long and complicated process, when really, it’s not as bad as it sounds.

Read more

Woman worried about submitting IRS form 9465 for repayment plan

How to Set Up a Payment Plan with the IRS (Form 9465)

Do you owe the IRS money, but are confused about how to fill out the Form 9465?

Income Tax Returns can often be daunting especially if you find out that you owe more tax that then you can immediately pay.

If you are one of the Americans who find themselves in similar situations, you are in for a surprise!

The Internal Revenue Service (IRS) has a program specifically designed to help you by allowing you to make your payments on monthly installments as opposed to a one-time payment.

You can now file the IRS Form 9465 in order to ease your tax paying concerns, so that it does not excessively strain your pocket.

Read more

Woman worried about Tax Identity Theft

What to Do if You Receive the 4883c Letter from the IRS

If you received a 4883c letter from the IRS, it’s normal to feel panicked. What did you do wrong? What does the IRS want?

Are they going to come after your assets? Are you going to pay penalties?

These are some 4883c letter questions that go through the minds of taxpayers. Fortunately, the letter isn’t as bad as it seems and with the right steps, you can get through it with ease.

Read more