tax problems: 8 Common IRS Tactics You Need to Know - 01/16/24 03:49 PM
The IRS is known for its formidable reputation when it comes to collecting taxes and pursuing non-compliant taxpayers.
However, there are common misconceptions about the extent of their powers and the severity of the tactics they can pose.
In this article, we'll shed light on some common IRS tactics and what the IRS can actually do, providing valuable insights from a tax relief professional's perspective.
If you have dealt with any of the common tactics listed below, contact our office today at (860) 580-5183 for a free, no-obligation consultation to review your options.
 
Tactic #1: Seizing Your Home or Assets
One of the most … (0 comments)

tax problems: Everything You Need To Know About Back Tax Relief... - 01/16/24 03:25 PM
Back tax relief is a lifeline for individuals and businesses burdened by unpaid or delinquent taxes.
As tax relief professionals, we understand that navigating the IRS maze of complexities of back taxes can be overwhelming.
In this article, we'll provide an in-depth perspective on what back tax relief is, its significance, and how it can transform your financial outlook. Contact our office today at 860-580-5183 to understand how exactly back tax relief pertains to your situation.
 
What Are Back Taxes?
Back taxes, sometimes referred to as delinquent taxes or tax arrears, are taxes that have not been paid by the due date.
They … (0 comments)

tax problems: Gig Workers on the Radar: How on Demand Workers Can Reduce Their IRS Audit Risk - 09/07/23 11:40 AM
The gig economy has been around a lot longer than the term, which was coined in 1915, according to some sources. While the gig economy has been growing for decades, the pandemic saw a boom in the number of traditional 9-5ers shifting to self-employment and business ownership.
The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand-new small business owners. Taxpayers, holding a traditional job that issues a W-2, have less than a 1% chance of getting a notice from the IRS; the audit rate is on the … (1 comments)

tax problems: Understanding a Notice of Federal Tax Lien and What to Do About It - 08/17/23 01:59 PM
Neglecting to pay your taxes can lead to serious consequences, and one of the most severe repercussions is the federal government filing a legal claim against all your current and future property through a federal tax lien. In this article, we'll break down what a federal tax lien is and provide guidance on what steps you should take if you receive a certified letter indicating that you have one. Please note that it's always advisable to seek the assistance of a specialized Tax Resolution Professional who can negotiate with the IRS on your behalf. If you'd like to schedule a free … (0 comments)

tax 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)

tax problems: 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 problems: 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 problems: 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 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)

tax problems: Filing Taxes When You Owe Money: What to Do and What You Need to Know - 12/08/22 10:43 AM
The tax-filing deadline will be here before you know it and pretty soon, you’ll be gathering up your receipts and plugging in numbers. I know you’re hoping for good news, and praying for a big refund in the process.
If all goes well you won’t owe anything and you might even be getting back a nice refund. But, what should you do if you owe money? If you know you owe money to the IRS, you might be tempted to not file a return, but that is the worst thing you can do!
If you fail to file on time, the IRS will … (1 comments)

tax problems: What to Do If You Receive a Collection Letter from the IRS - 10/04/22 01:12 PM
  You open your mailbox, expecting the usual mix of bills and catalogs, but what you find is a collection letter from the IRS. It’s a living nightmare that you can’t wake up from.     Even worse, that letter includes a demand for payment, which is the last thing you need to deal with. So, what do you do now? The steps you take could make all the difference, and here are some key things to do next.   Take a Deep Breathe It is easy to panic when you get a notice from the IRS but getting scared will … (2 comments)

tax problems: 5 Critical Reasons to Hire a Tax Resolution Professional - 09/06/22 08:59 AM
Dealing with tax issues can often be a challenging, and even overwhelming for many people. Choosing to work with a tax resolution professional is often a great choice if you are dealing with the IRS. Tax relief specialists can guide you throughout the entire process to help you avoid making costly mistakes. You will also have much less stress knowing that an experienced professional is working hard on your behalf.
 
The IRS is no stranger to audits, and it can be a stressful process. If you've received a notice from them, don't panic! There are many things that could help relieve the … (2 comments)

tax problems: Do You Have Unfiled Tax Returns? Here’s What To Do. - 09/06/22 08:42 AM
Filing your taxes is never a fun thing to do, but if you don't file them at all then the IRS will come calling. They have unbridled power to file a return on your behalf in their, not your, best interest.
They have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years’ worth of unfiled returns only adds fuel to the fire!
The IRS is always on the lookout for taxpayer’s who haven’t filed legally required income or payroll tax returns. If you have unfiled … (2 comments)

tax problems: 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 problems: 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 problems: 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 problems: Made a Mistake on Your Tax Return? Here’s What to Do. - 04/27/22 11:33 AM
 Tax returns can be complicated and tricky to understand. Even for a professional, it can be surprisingly difficult to get every number and detail right.
Often, you only notice the mistakes when you take a casual look at your return days after you submit it online or drop it in the mailbox. Or worse, the IRS sends you a letter telling you something is off.
So, is there anything that you can do after your return is in?
Actually, there's a lot that you can do. But if you don’t know where to start, it’s best to leave it to a professional. Our … (1 comments)

tax problems: Tax Relief Options for Small Business Owners - 02/18/22 12:02 PM
If you are running a small business, you have an unwanted, not so silent partner that will dig into your pocket every year: the IRS.
The IRS wants to know what you are doing, how much you are earning and most importantly how much you are paying in taxes. And the tax agency is becoming increasingly aggressive in this regard. While the audit rate for individual returns has been hovering at far less than 1%, the audit rate for small businesses can be as much as 10 times higher.
The IRS is watching what you do, and if they think you are not … (1 comments)

tax problems: Avoid the April 15 Blues - Take a Step-by-Step Approach to your Taxes - 02/16/22 11:26 AM
So many of us dread the April 15 tax filing deadline. The U.S. tax code contains more words than the Bible and hundreds of pages of new rules and regulations are often added. With so much complexity, it is no wonder so many of us put off filing our taxes until the last possible minute, but taking that approach introduces its own stresses and can potentially land you in hot water with the IRS.   What if you do not get it done on time? You can file for an extension, but you are still required to pay the taxes you … (1 comments)

tax problems: 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)