tax lawyer: What Do These IRS Collection Notices Mean?
- 01/01/19 03:30 PM
IRS Letters saying that you owe back taxes or have unpaid tax debt are scary. I get calls from concerned clients regularly who want to know what they mean. If you file a tax return and do not pay the tax due on that return, you will get a series of notices asking you to pay up. The notices start out as informational notifications but quickly escalate to threats of collection actions like wage garnishments, bank account levies and federal tax liens.
View the video version of this blog post on YouTube at: https://www.youtube.com/watch?v=tYEfdMaV3Sk&t=56s
The collection notices you can expect to receive are listed … (2 comments)
tax lawyer: Tax Tips for the Self-Employed: A Freelancer's Guide to Paying Taxes
- 12/31/18 11:51 AM
If you are an employee, you get a paycheck every pay period and most likely pay little attention to your taxes until the end of the year. Your employer does a lot of the work for you and you get a W2 at the end of the year. However, if you are a freelancer or are self-employed, the responsibility of paying your taxes rests solely upon your shoulders.
There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to land there if you’re self-employed and don’t fully know what to do when it comes to taxes. … (0 comments)
tax lawyer: A Taxing Situation: Timely Tax Tips for Cryptocurrency Investors
- 12/31/18 11:38 AM
Until recently, cryptocurrency investors have mostly flown under the radar as far as taxes are concerned. Now those days are coming to an end, and many holders of virtual currency are scrambling to understand what they owe and how their investments may impact their finances.
The IRS has already requested the identities of those who hold substantial amounts of cryptocurrency, and it is only a matter of time until the tax agency broadens its scope. Just as with overseas bank accounts, the days of free riding in the cryptocurrency market are quickly coming to an end.
If you're in New Orleans, LA give us a call at 800-433-0986 or email info@taxcrisisrescue.com
Visit our website at www.taxcrisisrescue.com … (0 comments)
tax lawyer: Income Tax Refund Loans and Back Taxes
- 12/31/18 08:22 AM
If you file your taxes electronically and allow the government to deposit your refund directly into your checking account, the Internal Revenue Service promises to refund your money within 21 days. Before 2012, you could get the money sooner through a refund anticipation loan offered by most tax preparers. Major lenders don't offer RALs anymore, and any loan you take out to get your refund money early is based on your credit history and income, not your income tax refund. Past due state taxes will only affect the decision on your loan to the extent that the back taxes appear as … (1 comments)
tax lawyer: What are the Chances that your Income Tax Return will be Audited?
- 12/31/18 08:12 AM
For the vast majority of taxpayers, there is not much need to worry that you will be audited. In 2016, only 0.6% of individual income tax returns were audited according to the IRS 2017 Data Book. Why? For starters, the IRS budget has been cut resulting in more than 2,200 fewer agents available to audit returns. However, the “real” audit rate is closer to 7.o% as the IRS does not include the over 9.2 million notices that are questioning items on your client’s tax returns such as forgetting to include a 1099-Misc form. The IRS is relying more and more on technology … (2 comments)
tax lawyer: Owe Back Taxes? 3 Real Reasons You Need A Tax Resolution Professional
- 12/31/18 07:50 AM
Owing money to the IRS or State can be daunting, intimidating and throw your life out of whack. You might be tempted to just hide your head under a pillow, but ignoring your back taxes will only make the situation worse. Penalties and interest alone can bury you deeper so it’s important to take immediate action.
But where do you start? How do you go about tackling the behemoth that is the IRS and start getting your life back? A qualified Tax Resolution firm can help. Here are 3 real reasons to at least have a conversation with our tax firm. … (0 comments)
tax lawyer: Top 10 IRS Audit Red Flags
- 12/31/18 07:23 AM
No one wants to pay more income taxes than they are required to, but be careful if you do your own taxes. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later on. You don't have to do anything unethical to get your return pulled for an audit, you just have to raise too many of these red flags. If you’re in the middle of an audit or owe back taxes, contact us in New Orleans, Louisiana to schedule a free Tax Debt Strategy Session. www.taxcrisisrescue.com
1. Making too much money. Sounds like a problem … (4 comments)
tax lawyer: If You Don't Have Money to Pay Your Taxes, You Have Options
- 12/31/18 06:55 AM
If you don't have money to pay what you owe the IRS, your tax attorney has a few options to work with. Your Tax Attorney will tell you whatever you do, don’t ignore the letters from the IRS and don’t let your back tax problem go unattended. The IRS has a great deal of power when it comes to recovering money they think is theirs.
When you owe the IRS money, they can garnish your wages, levy your bank accounts, put a lien on your home and seize other assets.
Here's what you can do if you find yourself not being able … (1 comments)
tax lawyer: I’m In Tax Trouble, What Are My Options?
- 12/31/18 06:31 AM
A letter from the IRS about your tax debt is rarely a good thing. One of the worst missives to get from the tax man is the CP90 – Final Notice Before Levy. It is a final warning shot to scare you into paying up and should NOT be ignored.
After an IRS final notice, you could: Pay in full - but if you could afford to do that, you probably already would have done so. Sign on for an installment agreement on your own, with penalties and interest so excessive it will never end. Ignore them and wait for terrible consequences … (1 comments)
Related Links:
Dirk Danos CPA CTRS
Protecting taxpayer rights by finding affordable s
IRS Letters saying that you owe back taxes or have unpaid tax debt are scary. I get calls from concerned clients regularly who want to know what they mean. If you file a tax return and do not pay the tax due on that return, you will get a series of notices asking you to pay up. The notices start out as informational notifications but quickly escalate to threats of collection actions like wage garnishments, bank account levies and federal tax liens.
;)
;)
