We see clients that have tried to handle their taxes on their own, sometimes raising red flags with the IRS, resulting in audits, or getting hit with a big tax bill they can’t pay. They might set up an installment agreement on their own, but oftentimes, the DIY approach just makes the penalties and interest keep stacking up, placing you in an endless loop of compounding interest, penalties and your tax debt growing every month despite making monthly payments. Many of our clients started out by trying to do this on their own or with their current tax preparer and didn’t get the results they were hoping for.
Dealing with the IRS takes a very specialized skill set that most tax preparers and even CPA’s don’t possess. Make sure you have a tax resolution specialist on your side.
If you choose the DIY approach and make a mistake, you could end up paying more in taxes than you should, but a high tax bill is not the only danger. Handling your windfall the wrong way could throw off your asset allocation, impact financial aid for your college-bound children and create additional problems down the road.
If you receive a notice from the IRS, time is of the essence, but you should not let the desire for fast action override the need for professional help and guidance. If you want to resolve your issues fairly without going broke, do yourself a favor and find the right tax resolution firm. Hiring an enrolled agent, CPA or an attorney that is trained in tax relief is the best way to preserve your rights, and you do not want to go it alone
They’ll also garnish your paycheck leaving you about 10% to 25% of your net pay to live on. Good luck with that.
They can also put a lien on your assets, including real estate, personal property and financial assets. This puts in jeopardy everything you’ve worked so hard to attain.
Hiring the right tax relief professional can help you avoid such extreme measures taken by the IRS. They’ll communicate with the IRS on your behalf and can often remove a lien or levy. If you have assets you can’t afford to lose, then hiring a tax relief pro is the only way to go.
The Bottom Line
Even if you are confident in your Do It Yourself (DIY) approach or feel your tax problem isn’t so serious, it never hurts to get a second opinion. If you are doing everything right, that tax resolution specialist’s advice will give you peace of mind. If there are deficiencies in your actions, the advice you get could stop you from making a devastating, and possibly irreversible, mistake. Plus, you may find out that you can settle your back tax liabilities for less than what you owe. Oftentimes, for a fraction of what’s owed!
If you do run into tax trouble, reach out to our tax resolution firm and we’ll schedule a no-obligation confidential consultation to explain your options in full to permanently resolve your tax problem.
Call us today at 973.840.7350 and meet with me for tax resolution alternative like offer in compromise, OIC, Installment Agreement, penalty abatement, currently not collectible, CNC.
OnPoint Resolution LLC
309 Fellowship Road, suite 200
Mount Laurel, NJ 08054