tax debt: Avoid Tax Troubles: How Amended Tax Returns Can Save Your Day - 07/13/23 08:30 AM
Filing your tax return accurately is crucial to avoid unnecessary tax troubles. However, it's not uncommon to discover errors or overlooked information after you've already filed. Fortunately, the Internal Revenue Service (IRS) allows taxpayers to amend their returns using Form 1040X.
In this blog post, we'll explore how amended tax returns work, the importance of seeking professional assistance, and how our firm can help you navigate the complex world of tax resolution.
 
Uncovering Missed Income and Deductions:
Sometimes, taxpayers file their returns only to realize later that they omitted certain sources of income, such as earnings from temporary jobs or side gigs. This oversight … (1 comments)

tax debt: Important Factors to Consider When Choosing a Tax Resolution Firm - 06/19/23 02:35 PM
  Nobody wants to find themselves at odds with the IRS, yet countless taxpayers face this situation every year. With increasing enforcement efforts by the IRS, more individuals are receiving notices and communications from the agency, and you could be one of them.
      If you receive a notice from the IRS stating an amount you cannot afford to pay, it is crucial to take swift action. While the temptation to do nothing or ignore the situation may arise, each passing day only worsens an already challenging predicament. The good news is that you may not have to pay … (0 comments)

tax debt: IRS Offers Several Ways to Pay Off Delinquent Tax Debt - 02/22/23 11:00 AM
 
It's no secret that millions of taxpayers struggle to pay their taxes. The IRS is unyielding when it comes to collecting money, they think is theirs, so if you're facing back taxes owed the federal government highly advises seeking assistance as soon as possible before they resort to aggressive measures like taking money out of your bank accounts and seizing wages or property.
The IRS offers several different payment plans to help taxpayers pay off their tax debt. These plans include:
Guaranteed Installment Agreement: This plan is available to taxpayers who owe $10,000 or less in taxes. The taxpayer must agree to … (0 comments)

tax debt: What is a Federal Tax Lien Notice & What Should You Do - 01/04/23 02:16 PM
Ignoring your obligation to pay taxes can lead the federal government to conduct severe legal action against all your existing assets, current and future income, and assets you acquire in the future; this form of punishment is called a federal tax lien.
If you have received a certified letter indicating that the federal government has placed an unwelcome Federal 'tax lien' on your assets, this article can provide insights into what it means and how to remedy the issue.
 
What is a Federal Tax Lien?
When a taxpayer falls behind on their federal taxes, they are at risk of having an official public notification … (0 comments)

tax debt: 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)

tax debt: Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease - 07/08/22 09:50 AM
Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has unbridled power to attack your wages, freeze your bank account and even confiscate your property, and that is enough to send a chill up the spine of any taxpayer.
If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. It may be a frightening situation, but there are things you can do to settle your tax debt and get back on the good side of the IRS. Taxpayers do have options when resolving tax … (2 comments)

tax debt: Don't Have the money to pay your taxes? You have options. - 06/21/22 11:00 AM
If you don't have money to pay what you owe the IRS, you have a few options to work with. 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 to pay your taxes. Note, … (2 comments)

tax debt: 7 Reasons to Work with a Tax Resolution Professional to Resolve Your Back Taxes - 05/19/22 11:43 AM
When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due.
Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your freedom. No other creditor even comes close in terms of its power and influence and taking on the agency on your own could be asking for trouble.
 If you have received a notice from the … (2 comments)

tax debt: Do You Owe Back Taxes? Why You Should Stop Panicking & Start Planning - 05/09/22 11:30 AM
 
If you owe back taxes to the IRS, some amount of panic is understandable. After all, the Internal Revenue Service has the power of the federal government in its corner, something no other debt collector can claim. They are considered the most brutal collection agency on the planet.
 
It is easy to freeze up and just do nothing when you owe back taxes to the IRS, but hiding from, or doing nothing about your tax debt will not make it go away. In fact, ignoring the taxes you owe will only make the situation worse, since interest and penalties can really add … (1 comments)

tax debt: Tips for Making Self Employment Less Taxing - 03/11/22 09:40 AM
A growing number of people are leaving the world of traditional employment behind. These are the folks who are opening their own small businesses. The people who are embracing freelancing. And the men and women who are using gig work to make a good income.
As this trend continues, many of those newly self-employed individuals are finding themselves at a loss, especially when tax season rolls around. One of the worst feelings is working so hard throughout the year, only to get blindsided by a huge tax bill you weren’t ready for.
While traditional employees can rely on the companies they work for … (1 comments)

tax debt: Common Tax Relief Programs the IRS Offers - 01/20/22 01:59 PM
  The old saying that nothing is certain in life except death and taxes has never been truer, or more frightening. In the current environment, fear of the IRS is creeping in, and nothing will get your heart racing quite as fast as opening the mailbox and finding a letter from the tax agency.   When the IRS comes calling, you might think that there is nothing you can do. You may worry that you will have to liquidate your assets, sell your car, or even put your home on the market to afford what the IRS says you owe. The … (1 comments)

tax debt: What Can the IRS Do to Collect Back Taxes? - 01/06/22 11:54 AM
  Opening the mailbox and finding a letter from the IRS is frightening, but what happens next can be even scarier. The tax agency wields incredible power, and if they claim you owe additional taxes they have many different options for forcing you to pay.   When the IRS claims you owe additional money, they will act quickly, and that could leave you reeling, and trying hard to preserve the money you need to pay your bills, feed your family and keep a roof over your head. If you are employed, the IRS can reach into your paycheck, forcing the company … (2 comments)

tax debt: Tax Deductions You May Be Eligible for as a Freelancer - 12/20/21 02:26 PM
Tax season can be a stressful time, especially for freelancers who might owe taxes at the end of the year. It can be overwhelming to look at the tax debt you owe from the profits you have made.
Our firm specializes in tax resolution and helping people who owe the IRS or state $10,000 or more. We’ve seen small business owners and freelancers get blindsided every year by a huge tax bill and often falling behind on their taxes for years on end. If that’s you, we can help. Contact us to discuss your tax debt settlement options. 
So, if you're … (2 comments)

tax debt: 8 Ways to Get Ready for Tax Season and Avoid a Back Tax Problem - 11/22/21 09:25 AM
  The holidays are here. Not to be a grinch but right around the corner is a less fondly anticipated time of year. Before you know it, you will be taking down the Christmas tree, pulling down the holiday lights and getting ready for the tax season to come. Just like the holidays, tax season requires lots of preparation and planning, and if you want to be ready, you need to start early.   Why am I writing this article? It's not to spoil your holiday cheer, it's because we've seen what it's like when you're not prepared. We help people … (2 comments)

tax debt: 4 Common Tax Return Mistakes That Could Get You in Trouble with the IRS - 10/05/21 02:09 PM
Each year, many taxpayers choose to prepare their own tax returns. This can be an easy way to save a few hundred dollars but, it’s important to watch out for common tax filing mistakes. Tax preparation software makes some errors like addition and subtraction blunders less likely, but even the best software cannot eliminate all potential problems and human error.
 
If you are getting ready to file your tax return, be sure to take a second (or third) look before you hit send. Keeping a close eye out for these common tax filing mistakes is the best way to ensure the … (1 comments)

tax debt: Tips for Finding a Qualified Tax Resolution Firm - 10/05/21 01:38 PM
Given how high the stakes are, it is surprising how little thought many people give to their taxes. All too often, individuals simply walk into a neighborhood storefront, hand over their most personal information and trust the person on the other side of the desk to do the right thing and prepare their taxes properly.
 
In many cases that trust is well placed, and the individual preparing the taxes is indeed the honest and trustworthy professional they claim to be. In other cases, however, the trust is misplaced, and the tax preparer will end up making mistakes that could cost you a … (1 comments)

tax debt: 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)

tax debt: How to Turn Your Side Hustle into a Massive Tax Deduction - 07/12/21 09:48 AM
If you took on a side hustle last year to make ends meet and earn some extra cash, you may have found a surprise when you filed your taxes. If you did not prepare carefully, you probably ended up with a big tax bill for your troubles, possibly with penalties and interest added on.
 
Given the unpleasant surprises of the past, you may be resigned to a life of higher taxes, all courtesy of the very side hustle you thought would help you gain financial freedom. But before you put away your driving gloves and give up on ride sharing and grocery … (2 comments)

tax debt: 5 Things That Can Unexpectedly Raise Your Taxes - 07/09/21 02:12 PM
Proper tax planning is a year-round proposition. You cannot afford to wait until April to start planning your taxes and assessing your tax liability.   Knowing which factors can raise your taxes is one of the best ways to keep more money in your pocket. These five factors can unexpectedly raise your taxes owed at the end of the year.   Note: If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt. Call us today. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about. … (1 comments)

tax debt: Recordkeeping Tips for Freelancers and Gig Workers So You Can Avoid Getting in Tax Trouble - 06/03/21 10:57 AM
If you are working as a freelancer or gig worker, you are certainly not alone. Millions of men and women are earning extra income driving for ride sharing services, designing websites for online entrepreneurs and writing for local businesses.
 
Some freelancers and gig workers have even said goodbye to their traditional careers, trading the security of a steady paycheck for the freedom and flexibility of gig work and freelance clients. But whether you are freelancing full time or just for extra cash, you need to keep careful records so come tax time, you can stay out of tax trouble.
 
Note: If … (0 comments)