Tax Debt Relief: The IRS’s Best Kept Secret

Showing posts with label Have unfilled tax returns? File back taxes. Show all posts
Showing posts with label Have unfilled tax returns? File back taxes. Show all posts

Wednesday, November 4, 2020

What You Need To Know When Searching For Tax Resolution

There are five basic ways to get relief from tax debt caused by back taxes owed on a tax return. 


A tax resolution can best be facilitated by an expert.  If you would hire the services of a tax attorney, you’re sure to have the best representation when it comes to these matters. A tax lawyer would inform you, quite efficiently, the remedies that you could avail of. If you’re looking for the most favorable tax resolution, then a tax attorney is the best person to consult.




People who find themselves in deep tax problems experience the same symptoms, more or less: many sleepless nights spent in anxiety with calculators at hand hoping to find some ways to get out of the mess they are forced to endure; loss of appetite caused by the stress of possible litigation; reduced budgets for even things which are considered as necessities; and depression because of the seeming hopelessness of things. 





Indeed, during these times of despair, a tax resolution is always prayed for, one which would bring an end to all these fiscal woes. But how, exactly, would you be able to achieve a favorable tax resolution? What are the options available for you?




* Lawyer, however,s can be quite expensive for even a much needed tax resolution. A good alternative would be to procure the services of a tax advisor or even a tax accountant. A tax advisor is an expert on tax matters and the complex workings of the field.  He will charge for his services, but not as much as a titled attorney. A tax accountant’s primary concern, on the other hand, is to prepare your tax forms and declarations. But this doesn’t preclude you from asking some queries about the most favorable tax resolution you could gain, given your circumstances which the tax accountant should be familiar with.


* Consult online services for prompt answers to your questions. Self-study is well and good, but if you’re looking for definitive tax resolution, you would need some inputs from professionals. There are a lot of online tax resolution services on the Internet.



The best tax resolution you would be able to employ, however, is not something post-problems. Rather, it is something you should do beforehand, and that is to exercise diligence. Through diligence in the steps you take that would affect your fiscal personality, you would be able to lower your tax liability, stop onerous garnishments and levies, and prevent the execution of liens. Practicing diligence before jumping into the waters would be the best way to avoid having to seek out a tax resolution afterwards. 


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

Tax Relief Lawyer

​Do You Really Need A  tax lawyer?

Taxes can be quite a complicated matter. It involves numbers, and not everyone likes numbers. It involves ideologies, and every person possesses a divergent belief. It demands utmost diligence, and not everyone can spare such patience. But are these enough to make you decide on procuring the services of a tax advisory?



A tax adviser is basically a consultant. He would teach you quite several techniques on how to save on taxes, how to proceed with things and avoid undue tax obligations at the same time, and how to get out of tax messes which you might have gotten yourself into. Now this adviser won’t charge measly cents for their services, that’s a given. 






Theirs is a highly specialized field made worthier by their skills. You pay for their knowledge, and their knowledge is (usually) comprehensive and even awe-inspiring at times. But again, do you need a tax advisory? Will he say something new about your plight? How big of a help would he be? And how much would his services cost? 





These are perfectly valid questions you should ask yourself before accepting the necessity of hiring a tax adviser. In this article, we will discuss instead why you don’t need a tax adviser. Hopefully, you’d remember that there are always two sides to a coin, and though we will be presenting one side in this piece, the other should likewise be apparent as it is just the opposite of the things we will mention here. Ready? * You don’t need a tax adviser if you’re expecting to deal with a projected income, where the tax burden is low and applicable reductions won’t even be noticeable.


* You don’t need a tax adviser if you’re interested with the subject yourself and would like to learn a thing or two by reading up on some theories and applying them in the real world by practicing your own tax tips. 


* You don’t need a tax adviser if you already know the ins and outs of taxation. You don’t need a tax adviser if you have been paying a relatively regular tax imposition for some years now, which should have given you the chance to know the ins and outs of this field.


Friday, September 11, 2020

Trucker Tax Help


  1. Keep your receipts – a credit card statement and bank statement is not enough to prove an IRS tax deduction. If you buy fuel at a gas station the IRS does not know if you purchase food, beer or fuel without the receipt. The fuel receipt will prove that you purchased fuel. Therefore your receipt is evidence of your purchase. The IRS requires the credit card statement or bank statement and the Keep all of your receipts. 


  1. Receipts fade over time make copies of your receipts. Many stores today give receipts that fade over time and once they fade they cannot be read. If you have a receipt that has faded you have lost your IRS evidence to prove your tax deduction. I strongly recommend that every few weeks you take the time to copy all of the receipts that could possible fade. Copy as many receipts as you can fit on a page and then staple the original receipts to the copy. Therefore if you original receipt fades the copy of the receipt qualifies as IRS evidence of your purchase. Make copies of your receipts. 

  1. Best Evidence for a tax deduction – The best evidence for any tax deduction is a copy of a canceled check with the bank statement and the receipt or a copy of the credit card statement and the receipt.

  1. Do not pay for business expenses in cash – Try to pay all of your expenses with a credit card or check and get a receipt because this creates a paper trail to prove your tax deduction. If you have to pay in cash get a receipt and be aware that if you lose the receipt you lose your tax deduction.

  1. File your tax return even if you do not have the money to pay the IRS tax – The IRS imposes a Failure to File penalty and a Failure to Pay penalty. Therefore everyone should file the tax return even if you do not have the money to pay the tax to avoid the Failure to file penalty which can increase your tax liability by up to 25% over time. Remember you can always set up a monthly payment play with the IRS to pay the tax. So file your tax return on time. Keep in mind that if you do not pay your tax on time you will incur interest charges and Failure to pay penalty charges.

  1. Form 1099 for contract labor – The IRS requires that form 1099 be issued to any contract labor that is paid over $600. Therefore if you pay lumpers over $600 you are required to issue a form 1099. I strongly recommend that you obtain a copy of the lumper’s driver’s license, copy of their social security card and a receipt from the lumper. Also pay lumpers with a check not cash. If you do not get this information from the lumper your tax deduction for this expense will not be allowed by the IRS.

  1. Expenses under $25 – The IRS does not require a receipt for expenses that are under $25, however you are required to keep a diary and list what was purchased, the price and the name of the store that you made the purchase. If you do not keep a diary then get the receipt.

  1. Keep a Diary – Keeping a daily dairy is an excellent way to keep track of your expenses, locations of your overnight travel for your Per Diem and a summary of your business. Having a diary is a huge help for you to remember things during an IRS audit. You can also list purchases that are under $25 so you do not need a receipt. I strongly recommend that you maintain a daily diary for your business.

  1. Truck Expenses – Almost anything that you purchase for your truck is a tax deduction this includes but is not limited to: TV, microwave, coffee maker, computer, printer, car vacuum, pillow, bed sheets, tools, cleaning materials, load chains, GPS unit, jumper cables, air cleaner, CB radio, heater, fan, etc. keep in mind that these expenses add up to a lot of money over the year but if you do not keep track of your expenses you lose them Go to TAXRESOLUTIONXPERTS.com for your free list of over 200 Tax Deductions for Truckers.

  1. Consider hiring a bookkeeping service – Want to avoid all the hassles of keeping track of your business expenses and receipts, hire a bookkeeping service. You can find a bookkeeping service for under $100 per month and this service could save you thousands of dollars in taxes. Consider buying a Fujitsu Scansnap iX500 high speed scanner for about $400 to scan all your receipts into your computer and you can email the receipts to your bookkeeper. Even if you do not have a bookkeeper this scanner is an excellent way to keep track of your receipts and business documents.


How to Discharge of an IRS Tax Lien?

How to Discharge of  an IRS Tax Lien?



You need to submit form 14135, Application for Certificate of Discharge of Property from Federal Tax Lien at least 45 days before the sale or settlement meeting. Publication 783 provides the instructions for completing form 14135. 



You will need to describe the property, its appraised value, and other information. Most importantly, you need to provide a basis for the discharge of the IRS tax lien. When the IRS grants a lien discharge, it is doing you a favor. You need to give them a reason why they should grant your request. 




As stated above, the IRS will approve the discharge of a tax lien on a specific piece of property or properties with good reason. Taxpayers may use the following as a basis for a lien discharge: Your other property subject to the IRS tax lien is worth twice as much as your tax liability. For example, if your total tax liability is $45,000, you will need to have at least $90,000 worth of assets subject to the Federal tax lien after the IRS grants the lien discharge for the requested property. You pay the IRS an amount equal to their lien interest in the property being discharged. If you pay the IRS the same amount they could receive from their lien interest, they may give you a lien discharge. The IRS interest may be less than the full value of your property because other creditors, such as a mortgage lender, may have interests that are superior to the IRS tax lien. The mortgage lender’s interest is superior to the IRS tax lien, so the government’s interest in your property has no value You agree to sell your property and hold the funds subject to the IRS tax lien in escrow. You can use the sales proceeds to pay off a creditor with a superior interest to the IRS. In many cases, this could be a mortgage lender. But the rest of the funds have to stay in escrow subject to the IRS tax lien.



  • A third party provides a deposit or bond equal to the IRS lien interest in the property. If a third party owns property subject to your IRS tax lien, they can get a lien discharge by paying a deposit to the IRS. The third party has to file an action in district court challenging the lien interest within 120 days, or they forfeit the deposit.

Tax Lawyers in Chicago

Looking for a tax attorney near you? 


The tax relief maze is complicated and difficult to maneuver, which is often difficult for taxpayers. Tax Resolution Xperts represents individuals and businesses before the IRS and the Illinois Department of Revenue. Our experienced team of tax lawyers assist clients with unfilled tax returns and all types of unpaid tax liabilities and penalties. 

                                                           



Release of Wage or Bank Levies

A wage or bank levy can leave you financially devastated if you do not take immediate action. Whether you have received a Notice of Intent to Levy or you are currently under a wage levy or bank levy, IRS Tax Resolution Experts can help. Tax Resolution Experts has obtained the release of thousands of wage and bank levies for their clients, helping solve their tax problems and financial woes. 

IRS Installment Agreements & IRS Fresh Start Program

If you live in Chicago IL and owe money to the IRS, but cannot pay it all right away, tax resolution experts can determine if an installment agreement is right for you. An installment agreement allows a taxpayer to pay his or her liability over time in convenient monthly payments. There are new exciting programs under the IRS Fresh Start Program that offer different types of installment agreements that might work for your personal situation. Let Tax resolution experts help you negotiate the most affordable payment plan.

IRS Offer in Compromise

With an IRS Offer in Compromise, sometimes you only pay “pennies on the dollar” on your tax debt. Not all taxpayers are eligible, but an Offer in Compromise will allow you to pay less than what you actually owe. Tax resolution experts perform a thorough financial analysis to determine your eligibility for an Offer in Compromise and will then negotiate with the IRS on your behalf. 


Wednesday, August 26, 2020

Do You Really Need A Tax Advisor?



Tax Relief, Levy Relief & Affordable Tax Solutions. 



Taxes can be quite a complicated matter. Ask any law students, and they’ll tell you that the subject “Tax” is one of their most dreaded courses. It involves numbers, and not everyone likes numbers. It involves ideologies, and every person possesses a divergent belief. 

It demands utmost diligence, and not everyone can spare such patience. But are these enough to make you decide on procuring the services of a tax advisor? 




Monday, August 24, 2020

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Tax Relief


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Tax Relief

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