tax relief: 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 relief: 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 relief: 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 relief: 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 relief: 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 relief: 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 relief: 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 relief: 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 relief: Self-Employed and Gig Workers: Should You Claim the Home Office Deduction?
- 03/02/21 03:05 PM
The rise of freelancing, self-employed and gig work is one of the biggest labor stories of the last 20 years. More and more workers have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. COVID-19 only accelerated this trend.
Working as a freelancer or gig worker can also open a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability … (0 comments)
tax relief: Self-Employment Taxes and Common Traps To Avoid
- 03/02/21 02:46 PM
People often dream of quitting their jobs and going into business for themselves so that they can pursue a passion and work without a boss. Self-employment can be a rewarding career decision, but it can lead to higher taxes and tax returns that are more complex that what you initially bargained for.
If you’re self-employed, it is important to understand how taxes work so you can avoid making a mistake and owing more than your fair share of taxes.
Note: If you owe back taxes and need tax relief, our firm can help! We specialize in resolving complicated self-employed and small … (0 comments)
tax relief: The Procrastinator’s Guide to Surviving Tax Day
- 03/02/21 02:39 PM
If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference.
Most Americans voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a … (0 comments)
tax relief: How to Amend a Tax Return for a Prior Year
- 03/02/21 12:31 PM
Tax returns can often be filed with incomplete or incorrect information, leading you to more tax trouble than you bargained for. If you filed early, you might have overlooked income from a temporary job or a side gig, only to get a 1099 or late W2 for the income earned.
Other filers may eventually realize that they were entitled to an extra deduction or exemption. The Internal Revenue Service routinely processes a significant number of amended returns each year and provides a specific form for changing the status of an earlier tax return.
Individual income tax returns filed with the IRS can … (2 comments)
tax relief: 3 Essential Steps to Prepare for Tax Season and Avoid Tax Trouble
- 01/05/21 09:28 AM
Taxes are one of those topics people hate to talk about or even think about, especially if they end up owing money in back taxes every year. That's why many taxpayers wait until the very last moment to prepare for tax season. It’s also why nearly 14 million Americans find themselves receiving threatening letters from the IRS and in some sort of collection proceedings. With the new Biden administration taking office this month, more tax changes are almost certain. COVID relief is another factor to account for, and things are changing almost daily. So it's never too early to start … (0 comments)
tax relief: Do You Need A Tax Attorney if You Owe Back Taxes?
- 12/01/20 02:59 PM
If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing.
When you owe the IRS back taxes, it’s best to have the right tax relief firm representing you so you can get the best result possible. Don’t try to face the most brutal collection agency on the planet alone. You’ll be sorry you did.
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.
For early adopters of Bitcoin, Ethereum and other popular cryptocurrencies, the profit potential has been simply stunning. While there have been some heart stopping moments and frightening ups and downs, the clear long-term trajectory has been upward.
If you are one of those early adopters who profited from the rise in cryptocurrency values, you are probably feeling pretty good about your decision. But your good fortune could soon take a dark turn, one that could leave you in hot water with the IRS.
After many years of taking a hands-off approach to cryptocurrency investments, the IRS is now making up for lost time. … (1 comments)
tax relief: If You Don't Have Money to Pay Your Taxes, You Have Legitimate Options
- 10/29/20 11:06 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, we always … (0 comments)
Filing for bankruptcy is a difficult and draining process. People often feel ashamed, scared, or confused. If you find yourself with no other options, bankruptcy can be a good way to clear out old debts, change financial patterns, and most importantly get a fresh start. Here is everything you need to know about filing for bankruptcy.
Note: Depending on what type of taxes you owe, you might not be able to wipe out your back taxes in bankruptcy proceedings. Our firm specializes in tax resolution and back tax debt settlements with the IRS. So if you’re considering bankruptcy in part because of … (0 comments)
COVID-19 has caused many tax problems, but some taxpayers received a reprieve from the IRS when they released their “People’s First Initiative” back in March. Basically, the IRS realized businesses were shutting down and millions of people were losing their jobs. If people are not working, they don’t have money to pay the IRS. As a result, the IRS decided to step back and hold off on most new collection activities. That means that most people who were on track to have their wages garnished in April or have a lien attached to their home in May did not actually have … (0 comments)
Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. In this article, we look at what an IRS levy is, why it happens, and what you can do about it.
Note: If you have any tax trouble or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief. Often, we can resolve your IRS levy without you having to talk to the IRS. Call today. (860) 580-5183
What is an IRS Levy? Simply put, if … (1 comments)
The IRS is known for its formidable reputation when it comes to collecting taxes and pursuing non-compliant taxpayers. 
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