IRS
Loopholes Tagged "IRS"
Plain-English guides to U.S. legal rights and workarounds related to IRS.
IRS First-Time Penalty Abatement — Waive Late-Filing and Late-Payment Penalties With One Call
$100–$10,000+ depending on the penalty assessed
IRS Free File — File Your Federal Taxes for Free
$50 - $150 per year
IRS Identity Protection PIN — Block Tax Return Fraud Before It Happens
Can prevent refund theft, filing delays, and cleanup costs from tax identity fraud
IRS Installment Agreement — Set Up a Payment Plan Online in Minutes and Stop Enforcement
Stops levies, liens, and collection action; avoids failure-to-pay escalation and enforced collection costs
IRS Safe Harbor for Estimated Taxes — Eliminate Underpayment Penalties Entirely
Eliminates underpayment penalties (typically 7–8% annualized on the shortfall); avoids IRS notices
IRS Transcript Identity Check — Catch Wage Data and Fraud Flags Before Filing Trouble Hits
Can prevent refund delays, identity-theft fallout, and return mismatches
IRS 83(b) Election for Restricted Stock
$10,000 - $100,000+ depending on equity value
IRS Currently Not Collectible Status — Pause Collection When Paying Would Break Your Budget
Can stop levies and forced collection temporarily, preserving cash flow during hardship
IRS Identity Theft Affidavit — Flag Your Account When Someone Filed or Tried to File as You
Can preserve refunds and reduce long cleanup delays from tax identity theft
IRS Offer in Compromise — Settle Tax Debt for Less Than You Owe
Potentially tens of thousands in forgiven tax debt
Retirement Plan Startup Tax Credit — Let the IRS Subsidize a New Small-Business 401(k), SEP, or SIMPLE
Up to $5,000 per year for startup costs, plus additional related credits in some cases