tax resolution: 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 resolution: 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 resolution: 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 resolution: 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 resolution: 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 resolution: 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 resolution: 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 resolution: 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 resolution: Operation Hidden Treasure: Cryptocurrency and the IRS - 11/10/21 12:57 PM
Operation Hidden Treasure: Cryptocurrency and the IRS
 
Cryptocurrency has become an incredibly popular way to invest, but the tax side of this virtual coin can be difficult to navigate. The IRS vacillated its stance on cryptocurrency, throughout the years, making it confusing even for the most diligent investors.
In March of 2021, the IRS announced Operation Hidden Treasure, this initiative is “focused on taxpayers who omit cryptocurrency income from their tax returns” (Forbes). If you've bought and/or sold cryptocurrency recently, it's important to declare your crypto correctly on your tax forms to avoid fraud and evasion charges.
Before we jump into it, if … (1 comments)

tax resolution: 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 resolution: 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 resolution: 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 resolution: 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 resolution: 7 Tips to Reduce Your Chances of Falling Victim to Tax Identity Theft - 01/05/21 09:50 AM
Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf. According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year.
Consumer advocates believe that since Social Security numbers are so readily available on the dark web, a majority of Americans are at risk. Unfortunately, most tax identity fraud victims don't realize that they have fallen victim until they try to file their return. Luckily, there are some important tips that you … (2 comments)

tax resolution: 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 resolution: 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.
 
In this article we … (0 comments)

tax resolution: 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)

tax resolution: Did You Make Money with Cryptocurrency? How to Get Right with the IRS - 11/05/20 01:24 PM

 
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 resolution: 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)

tax resolution: Bankruptcy FAQ for Individuals - 10/29/20 10:54 AM

 
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)