Filing taxes can be a daunting process, but for some, it’s much more than that – tax audits. This stressful situation involves having the IRS put your tax return under a microscope to see if you reported all your income and to see if you overstated your deductions and expenses. The IRS’s main goal in an audit is to assess more taxes, penalties, and interest. It’s an intimidating experience that most Americans dread facing!
An IRS audit can cause even the most squeaky-clean of taxpayers to become fearful and anxious when faced with defending themselves to an auditor. It’s understandable why the majority feel powerless in this situation. You also have to understand and get comfortable with, in the eyes of an IRS auditor, you are guilty until proven innocent. Navigating the tax code on your own is not a good place to be.
Tax audits don’t have to be a source of fear as long as you’ve remained compliant with all the rules and regulations. The best way to ensure peace of mind is to work with an experienced Tax Resolution Specialist who represents clients in such matters and has a good track record. Contact our firm for a complimentary no-obligation consultation to assess your situation. https://calendly.com/premierbusinessstrategist/freeconsult
An IRS audit can be a very time-consuming and intrusive exercise that can include a visit from the auditor. Audits can also be conducted remotely. This method, known as a desk audit, involves sending documents through fax or mail to evaluate accuracy and compliance with established law.
Filing taxes is a complex process and the IRS seeks to ensure accuracy by auditing income tax returns. These examinations may be focused on certain deductions, particularly if taxpayers have claimed for more than what their reported incomes suggest – but this does not necessarily indicate any wrongdoing or misconduct. The IRS can also select your return to be audited for no reason at all. These are referred to as “random” audits to ensure compliance with tax laws.
Taxes are a fundamental pillar of our society and the government strives to ensure that everyone is compliant. To this end, random audits from both Federal and State authorities may be conducted in order to verify taxpayers’ income as well as expenses incurred throughout the year; making sure all taxation payments due remain accurate.
Preparing for a tax audit should be an ongoing process. To avoid any problems, ensure that all deductions taken are backed up with proof and every receipt is kept on file along with the return – you never know what may arise in the future! It’s important to remember: only declare items that can easily be defended – your documents are a crucial piece to your defense. Ensure each tax record remains safely stored away for at least seven years as per IRS regulations.
Protect your finances and future by taking the time to review your tax returns before signing off, even if you have a professional do them. A thorough examination of the documents will not only help ensure accuracy in filing but also offers an invaluable opportunity for you to gain knowledge on taxes – safeguarding against potential penalties or interest charges related to inaccuracies down the line.
Tax audits can be intimidating, but with a little foresight and the right representation it doesn’t have to cause stress. Staying organized throughout the year is key for having peace of mind when tax season rolls around. Finding an experienced professional who understands your individual needs will help make dealing with the audit as painless as possible.
Take the worry out of representing yourself in front of the IRS, which is like going to court without a lawyer. Let our expert team lift this from your shoulders and navigate the IRS on your behalf. Schedule a no-obligation consultation to explore your options and get on track toward permanently resolving any worries you have over having to meet with and defend yourself in an IRS or State income tax audit. https://calendly.com/premierbusinessstrategist/freeconsult
Filing your taxes is never a fun thing to do, but if you don’t file them at all then the IRS will come calling. They have unbridled power to file a return on your behalf in theirs, not yours, best interest.
They have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years worth of unfiled returns only adds fuel to the fire!
The IRS is always on the lookout for taxpayer’s who haven’t filed legally required income or payroll tax returns. If you have unfiled tax returns, it’s only a matter of time before they find out and demand the return and their money with penalties and interest! When it gets to a point where the IRS contacts you, the amount they claim you owe will be far greater than the amount you actually owe if you haven’t filed. You don’t want this situation and unfortunately in these circumstances the amount they claim you owe is what you will have to pay unless you prove otherwise.
Before we jump into it, if you have back tax debt or years of unfiled tax returns, contact our firm for a consultation https://calendly.com/premiersmlbus/consult. You won’t have to talk to, or meet with, the IRS and our firm can provide the peace of mind you need to resolve your tax issue.
The longer you wait, the worse the situation will become. Here are some important steps you can take if you have unfiled returns with the IRS.
If you’ve been neglecting your taxes for too long, it’s time to take care of things. An experienced tax resolution firm can help get things back on track and oftentimes, even if the records are missing or destroyed, there are alternative methods to reconstruct your tax return. However, only a tax resolution professional will be able to accomplish this.
If you are missing W2 and 1099 forms from past years an experienced tax resolution pro has the ability to retrieve these as well.
The fear of not having the money to pay has caused many people to avoid filing their returns altogether , but those worries are often misplaced.
According to the IRS statistics approximately one-third (34%) of all unfiled federal tax forms may actually be due a refund! Now that you have all the documentation you need, it is time to run the numbers. And while you may not be able to get exact figures without filing the returns, you can get an idea of how much you might owe.
Whether you are an individual, partnership or corporation there is a strong temptation to let your past mistakes go. But doing so would put both financial security and freedom at risk – which makes filing those old tax
returns seem like tempting fate instead of bravely taking on the challenge ahead! It is a misdemeanor and possible jail time for failing to file legally required income tax returns. Don’t let this happen to you.
The IRS will assess a 25% failure to file penalty as well as up to a 25% failure to pay penalty, plus interest. Just filing your return, even if you can’t pay, will save you big time!
When you’re dealing with back taxes, it’s important to have someone on your side who knows what they are doing. A tax resolution professional can give invaluable advice and guidance about how to lower the amount that the IRS claims you owe and the best steps moving forward for your situation.
You’re not alone in the battle against the IRS. The IRS is ready and waiting for you, so it’s best to have an expert on your side who knows how to get the help you need and deserve.
A tax resolution professional can give advice about what needs to be done; from gathering documents like W-2s or 1099’s right down to making sure everything looks perfect when filing those unfiled returns.
Contacting the IRS on your own is not only a scary thought, it’s highly not recommended, but avoiding them will make your situation worse. When you don’t file your taxes and lose track of what’s owed to the government it can have devastating consequences for both yourself personally as well as financially. The IRS stores detailed records of everyone in their database
and chances are, you are already on their radar due to your lack of compliance.
Filing those returns ASAP will go miles in helping you get back on track before any more damage becomes irreversible. Filing your taxes might seem like a daunting task, but there is help for you. The right professional can make things right with the IRS and relieve the stress from this difficult situation.
The stress of not filing taxes can be enough to make you lose sleep. What’s worse, IRS problems usually affect all aspects of one’s life. Do yourself and your sanity a favor by filing your returns now; it isn’t nearly as scary or daunting as receiving the final collection letter from the IRS or getting your bank accounts levied.
If you are looking for tax relief, we can help! To help ease the stress from your situation, we offer a free consultation with one of our tax resolution experts. You don’t have to worry about confidentiality or cost because the consultation is completely free. Schedule an appointment with one of our experts today by following this link: https://calendly.com/premiersmlbus/consult.
If you don’t have money to pay what you owe the IRS, you have a few options to work with. Whatever you do, don’t ignore the letters from the IRS, and don’t let your back tax problem go unattended. The IRS has a great deal of power when it comes to recovering the money they think is theirs.
When you owe the IRS money, they can garnish your wages, levy your bank accounts, put a lien on your home, and seize other assets.
Here’s what you can do if you find yourself not being able to pay your taxes. Note, we always recommend getting in touch with a tax resolution professional to help avoid the harsh penalties and interest that accrued on your back taxes. It’s far easier to navigate towards tax resolution if you have a professional working on your behalf. If you’d like to schedule a no-cost confidential tax relief consultation, contact us here. https://calendly.com/premiersmlbus/consult
First, make sure that you file your returns
Even if you have no hope of being able to pay your taxes, you must at least file your income tax returns. Whatever the penalties are for not paying your taxes, the penalties for not filing are much larger and non-filers can be subject to a criminal investigation. . The IRS will remove penalties for not filing and not paying but you have to have a good reason. We can request to have your penalties removed or reduced. It’s also important to remember that when you file for an extension, it only gives you more time to file. Your payment date remains unchanged.
Revisit your W-4 withholdings
If your employer withholds money from your salary to pay your taxes with, you shouldn’t have to worry about paying anything extra from that income source. If you do owe more, it’s a sign that your withholding exemptions are incorrectly reported on your W-4 form. To make sure that you don’t get into tax trouble repeatedly, you should make sure your W-4 form is correct and get advice from a tax professional about the kind of withholdings necessary for exemptions.
Make a partial payment
If you can’t afford to pay all that you owe, you should pay whatever you can. While you will still be hit with interest and penalty charges, they will be smaller than they would be if you paid nothing. These charges are proportional to what you owe the IRS.
Try to work with the IRS
If you can’t pay, there are resolution options available to you if you qualify for them. They include a payment plan or an offer in compromise to name a few. You need to first step up and admit to your inability to pay, though.
An offer in compromise is an agreement between the IRS and the taxpayer that allows the taxpayer to settle their debt for less than the amount owed. Sometimes, for a fraction of the amount owed. There are strict eligibility requirements and you should consult with a tax resolution specialist first.
An installment agreement, aka payment plan, is an agreement between the IRS and the taxpayer that permits the taxpayer to pay back their debt over time, generally in 60-72 months. Depending upon the amount owed, and ability to make monthly payments, determines the type of installment agreement the IRS will allow, as there are several variations of these payment plans. An experienced tax resolution specialist will guide you through the maze and myriad of these different options.
If you need an expert tax resolution provider who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem. https://calendly.com/premiersmlbus/consult