Tax Relief with Timalyn Bowens

Episode 63: In this episode, Timalyn concludes her series on IRS audits by addressing a critical concern: what to do if you disagree with an audit decision. In the previous two episodes, Timalyn broke down what IRS audits are and why taxpayers may be selected for one. Now, she helps listeners understand the next step—how to respond when they believe the IRS got it wrong. Mistakes happen, whether i...

Episode 62: In this episode, Timalyn explains why the IRS selects certain taxpayers for audits and reassures listeners that being chosen does not automatically mean anything is wrong. Following up on last week's episode, What Is an IRS Audit? , Timalyn continues her audit series by breaking down how audit selections are made and why it is important not to panic if you receive an IRS notice. Contra...

Episode 61: In this episode, Timalyn breaks down one of the most misunderstood topics in tax: the IRS audit. After 60+ episodes of educating taxpayers, she's kicking off a brand-new series that explores what an audit really means — and what it doesn't. Many people fear a suit-wearing IRS agent knocking at their door, but as Timalyn explains, that's highly unlikely. Instead, most audits today are c...

Episode 60: In this episode, Timalyn explains your right to appeal unfair IRS decisions and why you shouldn't give up. We are celebrating three years and 60 episodes of the Tax Relief with Timalyn Bowens podcast! Provisions from the 2017 Tax Cuts and Jobs Act are set to expire in December, and many taxpayers are worried about IRS mistakes - especially after recent budget cuts and workforce reducti...

Episode 59: In this episode, Timalyn addresses whether or not the IRS is here to stay. We have seen significant changes at the IRS within the past few months as they went through a work force reduction. We have also seen them lose $40 billion of the $80 billion that was promised to them in funding by the Biden Administration. Does this mean that they are going to go bye bye? Timalyn doesn't believ...

Episode 58: In this episode, Timalyn explains how much time you have to pay your tax bill and how much time the IRS legally has to collect.  Your tax balance is due on the due date of the return. However, when the IRS sends you a CP14, this Notice and Demand for Payment will give you 30 days to pay before the IRS uses any enforcement. This includes things like an IRS Lien or Levy .  If you can pay...

Episode 57:  In this episode, Timalyn explains the reason you likely owe taxes this year. She highlights 5 common reasons that people owe each year. It is ultimately the responsibility of the taxpayer to ensure that they are withholding enough taxes. The top 2 reasons that people owe the IRS is because their withholding and/or estimated tax payments are off.  Timalyn has created a series on her Yo...

Episode 56:  In this episode, Timalyn explains that all hope is not lost if you can't pay your taxes in full. You do have options! First, take a deep breath! Make sure that you have your tax return filed on time. This will help you avoid any additional penalties, such as the failure to file penalty .  Payment Arrangments You may qualify to pay your balance over time. If you owe less than $50,000 a...

Episode 55:   In this episode, Timalyn explains what the failure to file penalty is and why it is adding so much to your tax bill. She will not only talk about what it is but how it's calculated, and how to potentially get it removed. Can't File Your Taxes On Time? You can avoid the failure-to-file penalty by filing a timely tax return or tax extension. If you're an individual needing to file an e...

In Episode 54 Timalyn discusses unemployment tax and how it affects a taxpayer's tax liability.  Some forms of unemployment are not taxable such as workers compensation.  The topics covered in this episode are:   What is unemployment? Is unemployment taxable? What's workers compensation? How is unemployment reported? What is Form 1099-G?   If you'd like to work with Timalyn directly, you can book...

In this episode, Timalyn discusses severance pay and the tax implications of receiving a severance package. She breaks it into 3 sections:    What is severance pay? Is severance pay taxable? Why is my severance pay taxed at a higher rate? How to lower the taxes on your severance pay. If you are already facing a tax debt that you can't pay in full Timayn mentions episode 18 - How to Temporarily Del...

In this episode, Timalyn walks the listener through a checklist of tax "to-dos" couples should complete before saying "I do."  This list includes updating the taxpayer's address for communication with the IRS and adjusting their withholding. Below are resources to help you with both. Form 8822, IRS Change of Address Form Update Form W-4 One of the most difficult conversations for taxpayers to have...

Timalyn comes back after a 10 month break from the podcast microphone with the 2025 tax calendar for US taxpayers.  Listeners can find the tax calendar dates that Timalyn refers to in IRS Publication 509 .  Timalyn also announced that she is now accepting new tax preparation clients for the first time since 2020. If you are interested in having Bowens Tax Solutions prepare your 2024 taxes you can...

Episode 50:   In this episode , Timalyn explains your rights as a taxpayer.   How do those rights balance with what the IRS' mission is?   You may have an opinion on how the IRS is doing, but either way, it's a part of the government that definitely impacts your life. Taking a Quick Moment to Celebrate Before she begins, Timalyn is excited about having recorded 50 podcast episodes!   It's been a w...

Episode 49:   In this episode , Timalyn continues the discussion began in Episode 48.   Today, she's explaining how to qualify for an offer in compromise.   She'll also provide information regarding how to apply for it. NOTE:   Click here to listen to Episode 48 . What Is the IRS Considering when You Apply for an Offer in Compromise? Remember, the offer in compromise allows you to settle your tax...

Episode 48:   In this episode , Timalyn explains an option some people have in resolving their tax debt.   This option is referred to as an offer in compromise.   Understand that not every tax payer qualifies for this, but you hear commercials about it all the time. Note:   This is a complex topic and deserves more than a quick, 15-minute episode to fully explain it.   The plan is to cover this to...

Episode 47:   In this episode , Timalyn discusses three top issues arise involving your taxes after a divorce. Divorce happens and Timalyn has worked with many clients who are caught in this situation.   While she'll focus on 3 important issues, that doesn't mean those are the only issues related to divorce and taxes.   Today, she'll address filing status, claiming dependents moving forward , and...

Episode 46:   In this episode , Timalyn discusses 4 various options you have to handle your IRS debt, if you cannot pay it in full.   While you need to pay your tax debt, there are ways to do it so that you're not overly burdened.   In addition to the lump sum payment, she'll explain the offer in compromise, installment agreements, currently not collectible status, and bankruptcy.   Have You Recei...

Episode 45:   In this episode , Timalyn discusses IRS Notices.   She'll explain what they are, why you're receiving your IRS notice and how to read it.   Then, she'll provide some insights into the 3 types of IRS Notices that are currently being sent out fairly aggressively by the IRS.   Love Letters from the IRS Timalyn lightheartedly refers to notices and communications from the IRS as love lett...

As 2023 comes to an end and we look forward toward 2024, Timalyn Bowens, America's Favorite EA, shares a few brief comments for her audience.  It's been a long road, full of interesting twists and turns.  Next year promises to bring more of the same.  However, Timalyn is grateful for opportunity to continue her mission to close the tax literacy gap, one taxpayer at a time.  She wishes you Happy Ho...

Episode 44:   In this episode , Timalyn discusses issues related to tax audits.   The fear people have about being audited is often paralyzing.   It's a serious issue and you need to be prepared to both avoid it and to know what you need to do if it happens.   There are steps you can take to ensure your business is audit-ready. There's No Such Thing as an Audit-Proof Return Regardless of what some...

Episode 43:   In this episode , Timalyn discusses the Corporate Transparency Act (CTA), which is not necessarily tax related, but US Treasury Department is in charge of the CTA.   It's a topic many will approach their tax professionals for explanations and advice.   Timalyn will explain what it is, who's in charge of it and who it affects. The Corporate Transparency Act was passed in 2021.   It's...

Episode 42:   In this episode , Timalyn speaks to individuals and business owners.   Tax debt can be a serious issue, both financially and emotionally.   When it comes to taxes, you need to have a plan.   Failing to plan is planning to fail.   But, what is tax planning?   What Does Failing to Plan Look Like with Taxes? Assume last year you didn't like your tax bill.   I t is now November and you a...

Episode 41:   In this episode , Timalyn talks specifically to business owners.   There's a possibility that you either owe taxes now, or that you will owe them in the future.   As a person whose focus is on achieving your business goals, let's assume you've hit your income goal for the year.   As you begin to pull together your information, you suddenly realize you owe taxes.   Maybe you actually...

Episode 40:     Have you ever filed your tax return and then realized something doesn't look right on the return?   You have the right to file an amended tax return to correct mistakes and/or oversights.   Timalyn will explain what this is and why you should file it. IRS Form 1040-X The IRS Form 1040-X Amended Individual Tax Return is the form you'll use to correct your original return.   Th ere a...