Showing posts with label Whether or not you can afford to pay your tax liability. Show all posts
Showing posts with label Whether or not you can afford to pay your tax liability. 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.

Experts in taxation issues and tax relief.

Do you owe $10,000 or more in #taxdebt to the #irs? Dealing with the IRS on your own can be a horrible experience, and means that you haven't hired an tax resolution expert.

Nonetheless, they are considered a great help in advising their clients on how to lessen their tax liabilities. 

Tax debt advisers also provide valuable tax advice on what tax exemptions you qualify for, along with giving the demarcation line between legal and illegal ways of reducing or avoiding taxes.

​A tax attorney guides a client to avoid future tax problems. They also defend clients in cases of criminal and civil suits regarding tax troubles. When a taxpayer has trouble with the state department of revenue or Internal Revenue Service, they may try to remedy it themselves or hire the services of a tax debt specialist

If you choose to take on this huge task and do-it-yourself, you may fail to satisfy the tax debt or pay more than you had to pay. 

Monday, August 24, 2020

Tired of suffering from tax problems?

If you’re suffering from tax problems with the IRS and owe $8,000 or more in back taxes, penalties, and interest. 

X-pert Tax Resolution has the skills and experience to end wage garnishment, release tax liens, and find solutions for all kinds of IRS tax problems. 

Call the Tax X-perts at (844) 449-8473 we’ll make sure you understand your rights and explore all the tax relief options available to identify the best course of action for your needs and circumstances.

X-pert Tax Resolution is a reputable tax resolution firm that helps people just like you to settle back taxes for pennies on the dollar. When taxpayers try to deal with the IRS on their own, the results are usually stress and frustration but if you enlist our help, all that worry will go away. We’ll negotiate directly with the IRS on your behalf to set up an affordable payment plan or take advantage of a suitable tax relief program.

What You Need To Know When Searching For Tax Resolution 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.