What Happens If I Don’t File Tax Returns?
If you don't file your tax returns, the IRS can assess a failure-to-file penalty. The penalty is 5% of the unpaid taxes for each month or part of a month that a return is late. The maximum penalty is 25%. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is $205 or 100% of the unpaid tax, whichever is less. In addition to the failure-to-file penalty, you'll also owe interest on any unpaid taxes. The interest rate is current
How Do I File Back Taxes?
If you’re one of the many people who have yet to file their taxes, you may be wondering how to go about it. The first thing you need to do is gather all of your tax documents. This includes your W-2 form from your employer, 1099 forms for any other income you received, and any receipts or records of expenses that can be used as deductions. Once you have all of your documentation in order, you can begin filling out your tax return. If you’re not sure how to do this, there are
How to File a Form 1040-V Payment Voucher
The Form 1040-V is a payment voucher that you can use to pay your taxes. Here's how to file it: 1. Get the form. You can get the form from the IRS website or by request from the IRS. 2. Fill out the form. Be sure to include your name, address, Social Security number, and daytime phone number. 3. Include a check or money order. Make your check or money order payable to "U.S. Treasury." Write your Social Security number, "2017 Form 1040-V," and the page number of the form on th
What Are the Nevada Bankruptcy Exemptions?
When you file for bankruptcy in Nevada, the court will review your assets and exempt certain property from the bankruptcy estate. The exemptions available to you will depend on whether you file for Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7, you can exempt up to $12,000 of equity in your home, as well as up to $3,000 of equity in a motor vehicle. You can also exempt up to $2,500 of personal property, including jewelry, clothes, and furniture. If you have any equity i
California Bankruptcy Exemptions Explained
When you file for bankruptcy in California, certain types of property are exempt from creditor claims. Exemptions provide protection for your equity in items such as your home, car, and personal belongings. The amount of the exemption varies depending on the type of property and its value. For example, the home exemption is capped at $175,000 for a single person and $350,000 for a married couple. Some types of property are exempt regardless of their value. These include items
Chapter 7 Bankruptcy: What Can You Keep?
If you're considering filing for Chapter 7 bankruptcy, you may be wondering what assets you'll be able to keep. The good news is that you can often keep most, if not all, of your assets when you file for Chapter 7 bankruptcy. Under Chapter 7 bankruptcy, your nonexempt assets will be sold and the proceeds will be used to pay off your creditors. However, most people who file for Chapter 7 bankruptcy don't have any nonexempt assets. This is because most people who file for Chapt
Receiving Credit and Other Offers After Filing Chapter 7 Bankruptcy
After filing for Chapter 7 bankruptcy, you may be wondering if you'll ever be able to get credit again. The good news is that it is possible to receive credit and other offers after bankruptcy. Here are a few things you need to know: 1. It will take some time to rebuild your credit. You can start by getting a secured credit card or becoming an authorized user on someone else's credit card. Use your new credit wisely and make sure to make all of your payments on time. 2. You m
Cash Advances and Bankruptcy
If you've been considering filing for bankruptcy, you're probably wondering how it will affect your finances. One common question is whether or not you can still get a cash advance if you're bankrupt. The answer is yes, you can still get a cash advance if you're bankrupt. However, there are a few things to keep in mind. First of all, the amount of money you can borrow may be limited. Secondly, the interest rate on your loan may be higher than usual. And finally, you'll need t
What is zombie debt and should I be concerned?
Zombie debt is old debt that has been resold to collection agencies. It can be difficult to identify because it may not show up on your credit report. You should be concerned if you are contacted by a collection agency about a debt that you thought was paid off or resolved. If you are contacted about a zombie debt, you should ask for proof of the debt and verify that the statute of limitations has not expired. You can also negotiate with the collection agency to have the debt
Why You Should Always Pay More on Your Credit Card than the Minimum Payment
Paying only the minimum on your credit card can negatively impact your credit score and rack up costly interest payments. Here’s why you should always pay more than the minimum: Your credit score is important. A good credit score can help you get approved for loans, lower interest rates, and better terms. A bad credit score can make it difficult to get approved for anything at all. Your payment history is the biggest factor in your credit score, so paying only the minimum wil
