The IRS Collection Financial Standards are revised annually and used in determining how much income delinquent taxpayers can keep to pay their bills (with the rest going toward settling their tax debt). Allowable living expenses include those expenses that meet the “necessary expense test.” This test is defined as expenses that are necessary to provide for a taxpayer’s health and welfare or the production of income. Standards for food, clothing and other items apply nationwide. Taxpayers are allowed the total national standards amount monthly for their families’ size. For more information about the new amounts: https://bit.ly/3vnp1eE Call or visit our website for more information! www.mjscpa.com/
