Should You DIY? 3 Times You Need a Tax Relief Professional
Dealing with the IRS takes a very specialized skill set that most tax preparers don’t possess. Make sure you have a tax resolution specialist on your side. Before you end up in that horror story, here are 3 times you need a tax relief professional like TaxRezPro.
In the world of money, there’s only one person with your best interests at heart – and that person is you. Making your own financial decisions and handling your own finances can give you peace of mind and prevent costly mistakes. In terms of finances, the DIY approach has plenty to offer but it does have limitations especially when it comes to the IRS.
It is not uncommon for clients to attempt to handle their taxes on their own. However, this can raise red flags with the IRS, resulting in audits or getting slapped with a tax bill they cannot afford. 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.
So let’s take a look.
1. You just received a huge windfall
No matter how well you handle your finances, a major windfall can throw your plans into a loop. Whether you have won a lottery ticket or are the recipient of a major inheritance, seeking outside advice is a wise move.
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.
2. You have existing IRS tax problems
You cannot afford to go it alone when you have problems with the IRS. A single slipup could leave you liable for even more if you try to resolve tax issues on your own. Imagine you were in court without a lawyer representing you. Would you go before a judge without a lawyer? Most likely not. Here, it’s the same. Representing yourself before the IRS is generally not a good idea. Don’t do it.
In the event that you receive a notice from the IRS, time is of the essence. However, you should not let the desire for fast action be at the expense of professional guidance and help. 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.
3. Protecting your assets
Whenever you owe taxes, the IRS is only interested in getting paid what they believe you owe.
You’ll have everything you have in your bank account seized. If you run a business, that means you won’t be able to pay your employees, pay your office rent or keep your lights on, ultimately putting you out of business. They’ll also garnish your paycheck leaving you about 10% to 25% of your net pay to live on. Good luck with that.
In addition, they can attach liens to your real estate, personal property, and financial assets. In other words, everything you have worked so hard for is at stake.
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.
Here’s 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!
Contact Us Today
If you need an expert tax resolution provider who knows how to navigate the IRS maze, call us today at 1.888.4TAXREZ or use our contact form, and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem.
