by TaxRezPro

7 Reasons to Work with a Tax Resolution Professional to Resolve Your Back Taxes

7 Reasons to Work with a Tax Resolution Professional to Resolve Your Back Taxes

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 debtor 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. Taking on the agency, on your own, could be asking for trouble.

If you have received a notice from the IRS, you need to act fast, and you need the right assistance in your corner. Taking on the IRS requires specific expertise, and that is why it is so important to work with a quality tax resolution company. Here are seven reasons why working with a tax resolution specialist could save your good name – and your bank account.

1. You gain specific expertise. The IRS is a specialized agency, and you need expert advice and guidance to get the most positive resolution.

2. It will give you peace of mind. Being contacted by the IRS can make your heart beat a bit faster but working with a tax resolution expert can set your mind at ease, especially once you hire a tax resolution specialist. Once you hire a tax resolution expert you won’t have to meet or speak with the IRS. They will handle all communications and correspondence with the IRS.

3. The tax resolution process could save you a lot of money. Tax resolution professionals are experts at settlements and working with one could save you a ton of money.

4. Timely action could save your home and property. If you wait too long, you could put your home, business, bank accounts and personal property at risk. Time is of the essence when it comes to resolving tax issues, and timely assistance could make a world of difference.

5. You will feel less alone. Few things feel as lonely as fighting the IRS on your own. When you work with a tax resolution expert, not only do you not have to go it alone, but they actually step into your shoes to represent your best interests.

6. You will have a chance to file missing returns. When faced with a big tax bill, it is easy to do nothing, but failing to file legally required tax returns could have serious consequences down the line. If you have years of unfiled returns, a tax resolution expert can help you catch up.

7. You could save your credit score. Unresolved issues with the IRS will reflect badly on your credit report, lowering your credit score and making it harder to borrow money or qualify for a mortgage. Timely tax resolution could preserve your stellar credit score and help you avoid those serious consequences.

Owing money to the IRS can be pretty frightening. There is a reason those three letters strike so much fear into the hearts of ordinary citizens, even those who have done nothing wrong.

If you are in trouble with the IRS, you cannot afford to ignore the issue, so act fast and get the help you need today. Working with a tax resolution expert carries a host of benefits, starting with the seven outlined above.

Most likely, you wouldn’t go to court without a lawyer. Similarly, it’s best not to deal with the IRS without expert representation which can be provided by a tax resolution expert.

Contact us today and we’ll schedule a no-obligation confidential consultation to explain your options in full to permanently resolve your tax problem.

in Tax / Tax help
 by TaxRezPro

Avoid the April 15 Blues – Take a Step-by-Step Approach to Your Taxes This Year

It is no wonder so many Americans dread the April 15 tax filing deadline, the U.S. tax code contains hundreds of pages of rules while 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 minute; however, 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 owe plus penalties and interest. How do you know you didn’t make a mistake with your last-minute tax filing? Something as simple as a mathematical error could increase the odds of an audit and put you in the crosshairs of the IRS.

We specialize in helping people who owe $10,000 or more to the IRS or have years of unfiled tax returns, so we’ve seen our fair share of mistakes made by innocent taxpayers. 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.

Additionally, we recommend taking a methodical and step-by-step approach to preparing and filing your taxes and avoid burying your head in the sand on April 15th. As with any unpleasant and complicated task, breaking your taxes down into smaller and more manageable chunks can make things easier. This year, vow to take a step-by-step approach to your tax return. If you follow these simple steps, you could be done with your taxes before you know it.

Step 1 – Setup a command center

Chances are you will start receiving tax documents in early January, and you may still be receiving those documents in March. That means you need a convenient place to keep all those documents. Setting up a command center in your home makes it easier to store those documents and keep them at hand.

If you have a home scanner, take a few minutes to image each document as it arrives. Set up a special folder on your computer or cloud storage service to hold all those documents. Those electronic copies can be invaluable if the originals are damaged or destroyed.

Step 2 – Choose a good tax preparation service and employ a tax resolution service for more complicated IRS issues

While they cannot make the task totally painless, tax preparation professionals do make the process a great deal easier.

Keep in mind, if you owe multiple years of taxes and have multiple years of unfiled returns, we recommend reaching out to a tax resolution firm that will understand your unique situation and find the tax relief you need. Most tax preparers aren’t trained in complex tax resolution, so find the right firm to help you with your case.

Step 3 – Enter your tax documents as soon as you get them

One of the great things about technology is that you organize and file each tax document as you get it, often you can download all your tax documents from various online services. For example, your direct deposit payroll service will give you your W2 and different vendors provide statements and 1099’s online.  Scan any mailed 1099-INT or a W-2’s as soon as they arrive if using traditional mail services.

Just open each document, scan it to create an electronic backup and log on to your favorite secure cloud storage to file your documents. Whether you get five tax documents a day or just one, entering the information now can save you time later on.

Step 4 – Review your documents and final tax return

After you think you have all your documents organized and your tax return is ready to file, the next step is to review everything and make sure there aren’t any obvious issues. Go through the paper and electronic copies and check each one off on your tax return. If any of those documents are missing or anything is wrong, go back and enter them right away.

Step 5 – Bring it all together

Now that the final review is complete and all the documents have been entered, it is time to bring it all together and actually file your return. Your tax prep professional should include a series of checks designed to catch common errors and point out audit flags. Be sure to ask questions and correct any problems you might find. Be sure to print off a copy of your tax return and save an electronic version to your computer.

Nothing can make filing taxes fun, and this annual chore will never be a pleasant one. Even so, you can make the task less taxing by breaking tax filing down into its component parts. Following the steps outlined above can help you deal more effectively with your tax bill and all the complexities of the tax code.

OWE BACK TAXES?

Our firm specializes in tax resolution and helping people who owe the IRS or state $10,000 or more. We’ve seen taxpayers 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 our firm today to discuss your tax debt settlement options.

 

in General
 by TaxRezPro

Tax Relief Options for Small Business Owners

If you are running a small business, you have one unwanted 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.

It does not matter if you operate as a sole proprietor and use Schedule C to claim your income or if you are set up as a C-corp, S-corp or LLC – the IRS is watching what you do, and if they think you are not paying your fair share they will certainly come calling. When that demand letter from the IRS arrives, knowing what to do next can make all the difference, and the more you educate yourself the easier it will be to deal with, and eliminate, the tax debt.

Note: As a tax resolution firm, we always recommend that you reach out to a professional who knows how to aggressively negotiate and defend you against the IRS on your behalf. If you owe back taxes or are under audit, our firm can help negotiate with the IRS and potentially settle your tax debt. Call us today at 1.888.4TaxRez so our tax resolution specialists can navigate the IRS maze leaving you with nothing to worry about.

Small Business Owners

Small business owners are increasingly the target of enforcement efforts by the IRS, but the IRS does have some programs in place to make paying what those business owners owe easier. In some cases, those small business tax relief and tax resolution programs let you settle for less than what you owe but qualifying is not as straightforward as you might think.

For businesses that may be eligible, the assistance of a tax resolution specialist is absolutely critical. These experts can help guide you through the process and make sure you qualify, so you can rest a little easier and get back to doing what’s important…building your business.

Payment Plans/Installment Agreements

If the amount your small business owes to the IRS is relatively small and you do not want to deal with additional hassles, it may make sense to pay the entire bill in full. If paying in full would be a hardship, the IRS does offer payment plans, and setting one up can make paying back what you owe easier and more financially palatable.

Keep in mind that interest will continue to accrue while the debt remains outstanding, and that is something to think about.

Offer In Compromise

If you’re under a lot of financial hardship, it may make more sense to try for an offer in compromise (OIC), a special IRS program that could allow you to pay back less than you owe.

The offer in compromise program is a popular one with individual taxpayers and small business owners. If paying the entire amount would create a financial hardship for you, your family or your business, a tax resolution specialist can help you make the case to the IRS that you deserve a break.

What’s the best option?

Each of these options has its pros and cons, and it is important to understand how these programs work and who qualifies to use them. If your small business is in trouble with the IRS, taking the right action right away could reduce the amount you owe, give you some breathing room and allow you to focus on your clients – not on your taxes.

Running a small business has its challenges, but those difficulties are nothing compared to the stress and anxiety small business owners feel when dealing with the IRS. With so many small business owners now in IRS crosshairs, it has never been more important for freelancers, gig workers and the self-employed to have an advocate in their corner.

If you find yourself on the wrong end of an audit, a tax bill or an enforcement action from the IRS, the steps you take next are absolutely critical. Trying to take the IRS on your own is a dangerous and often expensive, thing to do. It’s important always contact a tax resolution firm to negotiate on your behalf.

By working with an expert, you can gain access to vital information about small business settlement programs the IRS offers. You can gain access to the expertise you will need to settle your tax bill for less than you owe and get back in the good graces of the IRS. Time is of the essence when the IRS comes calling, and with the interest and penalty clock ticking you do not have one second to waste. Call us, your tax resolution expert, for a free case evaluation.

in General