irs problems: Tax Resolution and Your Finances: What is an Offer in Compromise? - 08/09/23 03:16 PM
Few things in life are as daunting as owing money to the IRS. When that notice arrives in your mailbox, it's easy to panic and do nothing. But every day you delay acting, interest and penalties continue to accumulate, potentially causing your liabilities to skyrocket and wreak havoc on your financial stability. In this article, we'll discuss one of the many available options for tax relief called an "Offer in Compromise." But before we delve into that, if you're facing a tax problem, get in touch with our firm to schedule a consultation.
 
If you owe back taxes to the IRS or … (1 comments)

irs problems: What to Do if You Owe Back Taxes - 12/08/22 10:47 AM
Paying taxes is a fact of life, but when the amount is excessive, you may not have the funds to pay in full. Making a mistake on your taxes can be costly as well, and if you plug in the wrong numbers, the IRS will surely come calling.
Whether you owe money to the IRS due to an innocent oversight, a lack of funds, or something else, ignoring the problem will not make it go away.
Once you owe money to the IRS, the clock is ticking, and all the while penalties and compounded interest will be piling up. So, what should you … (0 comments)

irs problems: Which Tax Records to Keep. Do This and Avoid Tax Problems - 09/17/21 11:15 AM
Which Tax Records to Keep and For How Long. Do This and Avoid Tax Problems Later.
 
Whether you are expecting a nice tax refund or preparing to write a big scary check, you know that April 15 is the annual tax filing deadline. What you may not know, however, is that Tax Day is every day at the IRS, and the tax agency is always reviewing the information taxpayers and business owners have provided.
 
That means that keeping tax records is about more than just smart bookkeeping - it is an integral form of self-protection. You see, millions of Americans get letters … (1 comments)

irs problems: Does the IRS Disagree with Your Income Figures? 7 Steps to Take - 09/17/21 09:52 AM
It is one of the scariest things that can befall a taxpayer - the dreaded notice from the IRS stating you owe them more money you can’t pay. When you open up the mailbox and see the return address of the tax agency staring back at you, your heart is bound to skip a beat (or two).   Few people look forward to communicating with the IRS, but plenty of taxpayers receive these notices every year. If you do find yourself on the receiving end of such a notice, knowing what to do next could make all the difference, and possibly … (1 comments)

irs problems: Do You Owe Back Taxes? Take These Steps to Protect Yourself and Your Finances - 08/04/21 07:56 AM
Few things are as frightening as opening the mailbox and finding a letter from the IRS, especially when you know you owe them money. The much feared tax agency does not contact taxpayers just to say hello; receiving communication from them is not likely to be good news.   When your heart stops pounding and you get the courage to open the letter, you get another shock - in the form of a large amount due, one you cannot possibly afford. So what do you do, and how do you react?   The steps you take next could make all the … (1 comments)

irs problems: Did You Know You Might Owe Taxes On Debt That's Forgiven? Here’s How It Works. - 11/05/20 01:28 PM

 
When you owe creditors money that you can't afford to repay, sometimes you may be able to get the debt forgiven or otherwise canceled. When this happens, you no longer owe your creditors the money that you used to owe them.
 
The IRS, however, usually treats such canceled debt as income that you've received. Income that you could owe taxes on. If you fail to report it or fail to pay your taxes on the cancelled debt, you’ll end up owing penalties and interest and over time, that could be just as big of a hassle as your original debt.
 
Note: … (0 comments)