Showing posts with label ​File all of your tax returns. Show all posts
Showing posts with label ​File all of your tax returns. Show all posts

Thursday, November 5, 2020

​File tax return

Whether or not you can afford to pay your tax liability, you are better off filing your tax returns timely. 

If you fail to file your Federal income tax return in a timely manner, you will be charged an additional 5% of the tax due per month for the first 5 months after the original due date the of the tax return. 

This equates to paying an additional 25% above the original tax liability due plus other significant penalties and interest on both the tax owed and penalties.You may ask “Why should I file if I cannot afford to pay?” Aside from the additional liability that continues to accrue by not having filed all of your returns, you are not in compliance. 

By definition, compliance requires that all tax returns, current and past be filed, that the taxpayer has paid current tax estimates and/or liabilities and that the taxpayer will continue to do so going forward. The IRS and most State taxing agencies will not negotiate with a taxpayer who is not in compliance. It is easier to pay someone to prepare and file a tax return each year rather than paying someone a much larger sum of money to prepare tax returns for multiple years all at one time. 

In the latter, the taxpayer is usually scrambling to gather information that is now several years old and to add additional stress, many taxpayers are required to prepare and file returns while their funds which were most likely limited to begin with, are now tied up due to a bank levy or wage garnishment. If you missed the boat to file your tax returns timely, file them as soon as possible. Contact the Taxing Agency (before they contact you) Whether you owe the IRS or your local State taxing agency, it makes sense to make contact sooner than later. Aside from the stress of not knowing what they expect from you, you face the threat of collection activity. Once a taxpayer becomes delinquent, they will receive several notices increasing in degree of seriousness. If a taxpayer continues to ignore these series of notices, they will surely encounter one of two types of collection.

Wednesday, November 4, 2020

Tax debt relief

Tax debt relief

Tax debt relief is opted for by people who have somehow failed to file their returns, which in result have made them liable to pay a repayment of back taxes. 

Tax debt relief

This is no doubt a severe and frightening state of affairs. This may occur due to various reasons. It might be an emergency such as individual or family illness, death in a family, change in economic condition, and lack of budgeting or lavish lifestyle. 

Tax debt relief

In these situations failure to pay the money or underpayment are the two most common things to happen. And if this thing really occurs one should fix it as early as possible that is because some forms of non-payment are liable to be punished by imprisonment for every year of taxes that has not been paid. 

Tax debt relief

Tax debt relief is the best solution that one can go for if he or she has failed to pay the taxes in time. There are several tax debt relief agencies that offers tax settlement plans so that their clients may come out of their debt quickly. They have specialized professionals who work round the clock to help out their clients. Government also on the other hand has many provisions for the people who have their taxes due. An underpayment is easier to pay back than the person who has just refused to pay the money. With the help of a professional mediator one can reduce his or her payable amount to a smaller fee, which will enable the government to get back a portion of the money that is owed.

Tax debt relief

Tax debt relief may often call for legal proceeding that is why a proficient lawyer who is qualified in this field is indispensable. The professional attorney can help to get the relief without imprisonment. Whatever the reasons be, taxes due are always offensive in the eyes of law. The tax collectors in the first hand send legal notifications which if not answered leads to the prosecution and the professionals best handle these situations.

Tax debt relief

Conditions that lead to inescapable delinquency are always unacceptable but not beyond negotiation which can be done with the help of a professional tax debt relief help. A proper Tax debt relief program provides quite a few pertinent assistance such as embellished salary, bank charges, bankruptcy among other circumstances. A responsible citizen should never ignore to pay tax. Even if he or she failed in first position, a solution should be tried to find out and the amount should be paid back. The person who has failed to pay his or her tax for the first time shall also have to plan certain things for future so that it might not happen again. A tax debt relief might work first time but it should be kept in mind that government is always willing to help people but those who commit the same mistakes again and again shall be considered irresponsible and be put on trial. That is why it is always advised to have a certified help plan for the future payments. 

Tax debt relief

Wednesday, October 28, 2020

Offer in Compromise

Offer in Compromise: This is a program is for struggling taxpayers who have a small likelihood of ever paying off the taxes they owe. 

tax resolution

The IRS looks at a taxpayer’s reasonable collection potential when determining whether to accept an Offer in Compromise. Under this resolution method, a taxpayer can settle their taxes for less than the total amount owed. Call 855-913-0249 for tax settlement consultation. 

Tax relief

Installment Agreement: If you can afford a monthly payment with the IRS or State, then we can set you up with a payment plan. Once you are entered into this type of agreement, you are considered to be in tax compliance and the IRS and some states will lower the failure to pay penalty by 50%. Furthermore, once you have successful made consecutive monthly payments, we may also consider for penalty abatement (discussed below). Call 855-913-0249 for tax settlement consultation. 

Tax relief

Partial Payment Installment Agreement: Allows taxpayers to pay a smaller monthly payment towards their taxes owed. Many times the statute of limitations on the debt expires before the total amount of debt is paid off. Currently Not Collectible: This puts a hold on tax collection activities. If a taxpayer does not have enough funds to make payments towards the debt the taxing authorities will wait until their financial situation improves before collecting. In many cases, the statute of limitations or the collection statute of expiration (CSED) on the tax debt expires before the taxes are fully paid off. Call 855-913-0249 for tax settlement consultation. 

Tax relief

Penalty Abatement: This option is considered in conjunction with all other resolution methods. Penalties can be removed if the taxpayer has a “reasonable cause” for not staying in compliance with the tax laws. 

Thursday, October 22, 2020

IRS will accept an offer in compromise

Tax relief

An offer in compromise (OIC) is an agreement between a taxpayer and the government that settles a tax liability for payment of less than the full amount owed. 

Tax relief

The IRS will accept an offer in compromise when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential. 

Tax relief

Doubt as to liability (DATL) comes into play when a taxpayer doesn’t actually owe the tax the IRS claims they do. This isn’t a question of amount or inability to pay the requisite tax, but rather a claim that a certain portion of the tax isn’t owed at all, because doubt as to liability isn’t a question of finances, you won’t need to provide any of your client’s financial information to qualify for the offer. 

Tax relief

Doubt as to collectible (DATC) is what most people associate with offer in compromise. This offer comes into play when the taxpayer doesn't dispute that the tax is owed, but has no way of paying the full amount owed. A doubt as to collectible offer will be based on what the IRS calls reasonable collection potential, or RCP. There are three components when calculating reasonable collection potential: equity, income, and allowed expenses. 

Tax relief

  • At its core, the settlement comes down to an equation:
  • Lump Sum Equation (to be paid in 5 months or less)
  • Disposable Monthly Income x 12 months + Net Realizable Equity = Settlement Amount 
  • Periodic Payment Equation (to be paid in between 6 and 24 months)
  • Disposable Monthly Income x 24 + Net Realizable Equity = Settlement Amount 

Taxation Law for Small Businesses.

Taxation Law for Small Businesses. 

Taxation law is a complex and in-depth area of concern for the small business owner.  With potential pecuniary and criminal consequences, it is of paramount importance to ensure as a business owner, you are familiar with the tax consequences in your jurisdictions, and the ways in which you can minimize your liability. Call 855-913-0249 for tax consultation.

Whilst one of the most legally important things to understand as a small business owner, taxation law also provides an excellent opportunity for saving money and increasing profitability within a small business environment.  In this article, we will look at some of the main and most common tax implications of running a small business, and some of the most effective ways of ensuring you pay less tax through your small business operation. Call 855-913-0249 for tax consultation.

Tax regimes vary from jurisdiction to jurisdiction, and the implications of running a small business also vary, both in terms of the legal and financial requirements. Having said that, there are a number of common elements that transcend jurisdiction and appear in numerous guises across various systems that can be of use to the small business owner. One of the first things to consider as a small business owner is to establish a limited liability company. The primary reason for this is that limited liability companies usually provide a more relaxed tax regime as compared to income tax liability. A sole proprietor operating out-with the parameters of a corporate entity is liable to account for profits as income, which can lead to a greater tax liability and potential individual state contributions. As a corporate entity, the owner can pay himself via share dividends, which carry a lower tax liability and thus minimizing his overall liability to tax. This is significantly better than paying oneself a wage, which bears the tax liability from both ends, i.e. the company is liable to taxation as is the employee. 

Another essential for the small business owner is what is known as capital allowance. By means of capital allowance, business owners can offset the acquisition cost of assets on a graduated scale in accordance with the specific principles of the regime in question. This is in effect a deductible expense, which ultimately minimizes yearly tax liability. There is a particular benefit in that many regimes allow an accelerated relief for business assets. This can be exploited to an extent by acquiring assets through the business, for example a car, which can also be used for personal purposes. Rather than buying a car from personal income, buying it through the company allows you to offset the amount of the expense quickly against your business profits, which ultimately reduce your liability to tax.

Before embarking on any tax reducing strategies, it is important to ensure you are acquainted with the specific laws of your jurisdiction to avoid running into trouble with the authorities. In some of Europe, for example, there is a requirement to declare any specific tax minimizing strategies to the government to allow for rectification of loopholes. It is important to ensure you are acquainted with the specific laws to avoid potential criminal liability as a consequence of ignorance. 

Texas Tax Attorney

The Importance of Tax Attorney

For such a long time, Texas is known to have the best reputed Dallas tax attorneys. Tax attorneys cater to the tax problems and issues of the taxpayers in a light manner. 

Meaning, these tax attorneys provide their clients the best services they can in the range of legal tax laws. There are plenty of Texas tax attorneys spread all over the region and they are often attached to the law firms which are known to be effective.

Of course, there are also a lot of private Texas tax attorney practitioners within reach. Tax resolution X-perts helps you find the best tax attorney in Texas. When problems about taxes arise, you know you will be dealing with a very stressful and complicated matter. It is not a surprising thing to figure out that numerous individuals are dealing with issues with the Internal Revenue Service on a yearly basis. Messing with your taxes is punishable by the law. So, whether you intentionally evaded your yearly taxes, incurred a minimal mistake in your computation and payment, or have missed something, the hands of IRS will get you.

Texas tax attorneys can come to your rescue especially in cases involving corporate taxes, inheritance taxes, personal income taxes, and all other types of taxes. With an efficient Dallas tax attorney acting on your behalf, these kinds of situations can be lightened. You know that you cannot handle these things by yourself and you need an expert to guide you. Ease yourself with the worries because Dallas tax attorneys are all over the state to save you. You may be worried with the expenses to be incurred for hiring an attorney, but you will realize it in the end that you can better save money if you hire one Dallas tax attorney. 

Tuesday, September 22, 2020

Back taxes are one of the most potentially crippling forms of debt

Don’t let unpaid tax debt lead to property liens, drained bank accounts and wage garnishment. Call (855) 203-5032 right now for tax settlement consultation

Back taxes are one of the most potentially crippling forms of debt, so it’s critical to find solutions quickly. The IRS can garnish wages, places liens and even use levies to take money directly out of your bank accounts. Whats more, penalties and interest add up quickly, turning even a minor issue into a major problem. Call (855) 203-5032 right now for tax settlement consultation.

There is not just one right solution that provides tax relief. This means that you either need to know which option is the best for your situation or you need professional tax debt help. In most cases, it’s best to go with professional help so you can find relief quickly and minimize costs. Call (855) 203-5032 right now for tax settlement consultation

1. First, you find a licensed tax attorney you can trust.
2. They will review your tax returns, as well as your budget and overall financial situation.
3. Then they can help you select the best tax debt relief option for your needs.
In many cases, the initial consultation is complimentary, so you can at least get free tax debt relief advice. Then you can decide what you want to do from there.

Call (855) 203-5032 right now for tax settlement consultation

Tuesday, September 15, 2020

IRS tax debt relief

How can I avoid IRS tax debt relief scams?

A: Although most tax relief companies are legitimate, there are scams that prey on people’s desire to find a quick solution. There are two main types of scams:

  1. Tax settlement companies that charge upfront high fees but don’t provide results.
  2. Companies that charge fees by telling you to do something illegal, then they take your money and run.

The second one is the most damaging to you, because they advise you to do something that breaks the law. For instance, they tell you to use a new Social Security number or Employer Identification Number. Basically, the advice is to try to hide from the IRS and start fresh with a new identity. This is a felony offense, so don’t do it!

The first scam for settlement is, by far, the most common. Companies claim that they can settle your tax debt for “pennies on the dollar” and that they “guarantee they can reduce your debt.” Again, they charge high fees to give you a quick settlement, but they don’t deliver. They also don’t give you your money back, even though they said they guaranteed the service.

To be clear, tax settlement is possible, but it’s not as common as these companies make it sound. You must fully disclose your financial situation to the IRS. After a thorough review, they may grant an Offer In Compromise ONLY if they see there is no reasonable expectation that you can repay everything you owe.

To avoid scams, just follow the three tips we provide above to review any company before you sign up. As long as you do your homework, you can avoid getting scammed..

Do you owe tax debt? IRS will Bank Levies - Wage Garnishments

There a good chance that you are reading this article because a taxing agency has either levied your bank account, garnished your wages.

Tax Levies and garnishments while effective, are not done with the intent to collect unpaid taxes in full. Rather, these methods are used as effective calls to action. A bank levy is accomplished by freezing the available funds in one’s bank account or accounts. After a waiting period (21 days for the IRS), the funds will be remitted to the taxing agency unless the taxpayer can (1) prove they do not owe the money, (2) prove they qualify for hardship status or (3) in some instances enter into an alternative agreement to pay. Keep in mind that upon levy, the money is tied up and is for all intents and purposes in the taxing agency’s “court”. We say, “whoever has the money…wins”. Simply asking for the money back rarely works. A bank levy is a one-time occurrence but new levies can recur indefinitely.

Settle back tax debt issues.

IRS tax debt issues are more common than you may think and it is our mission to help you get out from under the burden and devastation that delinquent IRS tax debt problems can cause you if left unresolved. 

Your financial future is far too important to be left to chance or to gamble with how the IRS will decide to handle your tax debt relief without your proactive involvement. That's where we help with your tax debt. You, an inexperienced novice, do not want to take on the IRS especially when the stakes are this high. Our trusted, experienced and top rated tax debt law firms know how to represent your interests and negotiate an IRS tax debt solution for you that works. 

Our top rated tax resolution firms can help you avoid or stop IRS wage garnishment, IRS bank levies and IRS property seizure. A good IRS tax attorney can even help you with reducing your IRS tax debt interest and penalties. Anxiety and worry are lousy crises management tools. Anyone can find themselves with an IRS tax debt problem but the smart person gets the facts from the top tax debt resolution lawyers, learns his options and takes action to solve the problem. That's where we come in. 

Tax Debt Attorneys

Tax Relief

Tax Debt Attorneys

Tax Debt Relief

Looking for tax debt attorneys, then you should try looking in the Internet. This is probably the best resource you can use as it gives you access to the largest collection of information available today.

Be careful, however, as the Internet can become quite a maze if you do not know where to look. What you need is a guide or at least something to point you in the general direction where you should go. Here are some places in the Internet you can check out. 

1) On-line encyclopedias– These sites are visited a lot on the Internet because of the various types of information that can be gotten from them. These on-line encyclopedias are often used by people in search of comprehensive information regarding a certain topic or subject. If you are looking for information on tax debt attorneys for research purposes, then you can go to one of the on-line encyclopedias available on the Internet today. These on-line encyclopedias often offer information regarding the various specializations of tax debt attorneys, the methods that they use to help people and how they can be found. This means that you can actually find out how a tax debt attorney can help you through an on-line encyclopedia.

tax debt relief

2) Listings– Many firms prefer to list their contact details in various websites in order to become accessible to more clients. Searching through these listings for tax debt attorneys can pretty much be equated to searching in the yellow pages. Sites like these offer the various contact details of tax debt attorneys under one heading. This can be very convenient especially if you are still trying to make up your mind on which tax debt attorney to hire. Listings can also be very helpful if you have very little idea of what type of tax debt attorney that you will need. This way, you will be able to scout out if a certain firm or tax debt attorney will be able to help you before committing to anything.

3) Company sites– If you are interested in a specific firm or tax debt attorney but do not know how to contact them, you should try to find out if they have a website. Most companies today realize the fact that the Internet has become a very important medium in bringing information to people. Because of this, companies try to advertise on the Internet.

4) Web directories– People more or less begin their searches using web directories. Using this type of website, a person looking for tax debt attorneys would be able to screen results quite quickly. This means that a person looking for tax debt attorneys will be able to eliminate the ones that he or she does not need and stick to the ones that can help him or her the most.

Web directories are also very user friendly. This means that people using these sites to look for tax debt attorneys will have an easy time and not have to go through different processes such as clicking various buttons only to find out that they lead you to dead ends. This guide should at least help you get started on your search for tax debt attorneys. By following these tips, you should do just fine and you should be able to find the information you need in no time at all.