Pete Kici's EA Tax Blog

Just as you're finally organizing those old tax documents, you might discover you've missed filing a return and now face potential IRS Letter 11 complications. You'll need to act strategically to protect yourself from serious consequences, including wage garnishments and bank levies. The differen...

You're at risk of receiving IRS Letter 11 if you've made some common mistakes as a non-filer. Failing to file tax returns for multiple years can lead to increasing penalties and interest, making it harder to pay off your debt. Ignoring IRS communications and neglecting to establish payment arrang...

Nearly 7 million Americans haven't filed tax returns for multiple years, yet the IRS continues tracking their income through employer and bank reports. If you're among these non-filers, Letter LT11 might arrive at your door—a final notice before asset seizure. You've got 30 days to act, but the p...

You're likely no stranger to the challenges of managing tax liabilities as a small business owner. The IRS Fresh Start Program can be a game-changer, offering more flexible payment options and reduced penalties. By taking advantage of streamlined installment agreements, you can avoid lengthy disc...

You're dealing with IRS tax debt and want to apply for Fresh Start Benefits, first check if your debt's under $50,000 and returns are filed. Gather proof of financial hardship, then use tools like the Online Payment Agreement for installment plans. Understanding these steps is essential; next, ex...

Think of unfiled tax returns as a storm cloud gathering overhead, ready to release havoc on your finances. You'll face steep penalties up to 25% of unpaid taxes, plus daily interest that piles on, and the IRS might garnish your wages or levy your bank account.Key Takeaways Failure to file tax ret...

You may think you can't prevent an IRS seizure, but that's not entirely true - you can take proactive steps. Start by evaluating your financial situation and identifying vulnerable assets.Key Takeaways Pay taxes on time to prevent debt accumulation. Respond promptly to IRS notices and letters. Se...

As a self-employed individual, you’ve got to seize every opportunity to lower your taxable income through deductions. Start by tracking expenses like office supplies, internet costs, and client meals—every dollar counts. Don’t overlook bigger write-offs, such as equipment purchases or health insu...

If you’re facing an IRS tax debt, you’ve got to assess whether it’s collectible by first understanding your financial reality. Start by calculating your income against essential expenses like rent and groceries. Use IRS Form 433-A to report this accurately. If you’re struggling, you might qualify...

Did you know that as a self-employed individual, the IRS holds you to a higher standard for tracking every penny of income, even from side gigs or one-off projects? You're at risk of underreporting if you don't keep meticulous records. Don't let simple mistakes like missing receipts or misclassif...