One of the most stressful IRS questions a taxpayer can ask is: “Can the IRS take money from my bank account?” The short answer is yes, in certain circumstances. The IRS has legal authority to collect unpaid federal taxes, and one collection method can involve a bank levy. However, there are rules and procedures the…

What happens if you don’t file your taxes? It’s a question many taxpayers ask when they miss the tax deadline, discover an old unfiled return, or simply can’t afford the amount they owe. The most important thing to know is this: ignoring an unfiled tax return generally doesn’t make the problem go away. If you’re…

One IRS tax question that causes a lot of concern is: “How many years back can the IRS audit me?” The answer isn’t always as simple as “three years.” While three years is the general rule for many federal tax returns, there are important exceptions that can give the IRS additional time to assess taxes.…

One of the most popular tax preparation questions people ask is: “Do I need to file taxes if I didn’t make much money?” At AIM Financial, we hear this concern every tax season from students, part-time workers, freelancers, retirees, and individuals with changing income. The short answer is: maybe — and in many cases, you should file anyway.…

If you need more time to file your federal income tax return, an IRS tax extension can give you valuable extra time to get your paperwork in order. For most individual taxpayers, an approved extension moves the federal filing deadline to October 15. However, an extension gives you more time to file—not more time to…