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In many cases, the Department of Revenue (DOR) has the authority to intercept state tax refunds or refundable credits to repay debts owed to government agencies. Tax refunds may be intercepted to repay debts that are owed to the DOR, child support debts, court ordered restitution debts, debts owed to state or local governments, debts owed to ...
Back taxes is a term for taxes that were not completely paid when due. [1] Typically, these are taxes that are owed from a previous year. [2] Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.
The tax gap is the difference between the amount of tax legally owed and the amount actually collected by the government. The tax gap in 2006 was estimated to be $450 billion. [125] The tax gap two years later in 2008 was estimated to be in the range of $450–$500 billion and unreported income was estimated to be approximately $2 trillion. [126]
Also, any refund will be applied to any amount still owed to the IRS or a state tax agency or may be used to offset unpaid child support and past due federal debts, such as student loans. Current ...
It reduces the amount of taxes that you owe. Interest (student loan, mortgage or investment), charitable donations and certain medical expenses are examples of below-the-line deductions ...
Business owners can apply online for a long-term payment plan if they’ve filed their tax return and owe $25,000 or less in combined tax, penalties and interest. The IRS approves Offers in ...