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Payroll Tax Problems

Paying Down Your Tax Debt While Being Unemployed

Paying Down Your Tax Debt While Being Unemployed

By on Nov 17, 2015 in IRS, Payroll Tax Problems, Tax Tips | 0 comments

Unfortunately, the Internal Revenue Service (IRS) is not very sympathetic to unemployed taxpayers who are in debt to them. It cannot be stressed enough how serious of an issue neglecting tax debt can be. The IRS does not discriminate. If you are a United States citizen, and have collected wages, chances are highly probable you owe taxes. If you’re lucky, they might even owe you!   Yet, in the regrettable situation that it is the other way around—that you owe them, it is a case that requires your immediate attention, especially if you’re unemployed.  How is This Possible?  So the question pending in your head may be: How is it possible to owe the IRS when I don’t even have a job?  The real answer is most people hardly ever see a tax problem coming. No one ever plans to tangle with the IRS and there is no set time when they determine to bring an outstanding tax matter to your attention. The bottom line is that if you’ve worked in the United States, the IRS already has documentation of some sort that you have received a certain amount of wages. It is up to you to verify this on an annual basis around the early part of the year, a time that is referred to as “tax season”. If for some reason, you neglect to file your taxes around this allotted time, the IRS automatically penalizes you. The amount that you are penalized usually is based on how much you’ve earned that tax year as well as how much you owe. So it’s not uncommon to be in debt to the IRS while unemployed no more than it for a debt collector to reach out to you even though you may not have to funds to pay the institution they represent.  Pay Your Debt with Your Unemployment Checks  If you are unemployed, you are probably eligible to receive unemployment checks from the government. As long as you are able to verify that you are actively seeking work, the U.S. government will issue you a check based on your quarterly wages the previous tax year. Unemployment checks aren’t as healthy as a wage-earning job, but it’s an income. Even...

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Why Get Tax Relief Now Instead of Later

Why Get Tax Relief Now Instead of Later

By on Nov 12, 2015 in IRS, Payroll Tax Problems, Tax Resolution | 0 comments

Tax Relief is defined as any type of program designed to reduce the amount of taxes that an individual or business owes. As a result, it is one of the most coveted things taxpayers salivate over during the tax season, hoping they qualify.     Yet, tax relief is more than just getting a tax break. It’s also about receiving the service of getting a tax break. Sometimes, to get a tax break, it’s not as easy as entering numbers on a tax software system. If only! Often times, getting tax relief assistance can be a bit complicated depending on each taxpayer’s situation. When one thinks of getting tax relief assistance, the thought of being millions of dollars in debt, often comes to mind. It is usually dismissed as celebrity problems that Martha Stewart, Wesley Snipes, reality star Teresa Giudice—people with ‘real’ money have. Yet, that is not so. Seeking tax relief service is not designated only for the rich and is nothing to be ashamed of. In fact, one can benefit from tax relief service even if they are not in debt to the Internal Revenue Service (IRS).  What Kind of Issues Applies for Someone to Need Tax Relief?  There are a number of combinations that can lead to someone needing tax relief. It can be argued that if you qualify as a taxpayer, then you need assistance regardless of the amount you owe! At any rate, let’s take a look a few reasons why some may want to get tax relief now instead of later:  Missed a Year Filing Annual Taxes  Whether one has neglected to file their annual taxes or just honestly forgot, the IRS doesn’t really care! They want their money! The good news is if this is you and you haven’t received a letter from the IRS, you are in good shape. There is still time to rectify this issue by simply calling the IRS and letting them know your situation. You can expect to pay a late fee and other penalties, but the sooner you address this, the better for you and your financial situation.  Self-Employed  Being self-employed gives you the freedom to be your own boss…and accountant! However, entrepreneurs who are more...

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Payroll Tax Problems in Houston TX? We Can Help

Payroll Tax Problems in Houston TX? We Can Help

By on Jul 3, 2013 in Payroll Tax Problems | 0 comments

More changes On New Years Day, two payroll tax changes occurred with the Social Security portion of payroll tax increasing from 4.2% to 6.2% for workers. At the same time the Hospital Insurance portion of payroll tax increased by .9%. With these changes occurring alongside the tax system growing more complex, it is not surprising if you cannot stay on top of things when it comes to payroll tax obligations. Call to action However, if the IRS have notified you about your payroll tax payment and records then it is important you act swiftly. This situation can be very daunting because of the ongoing operation costs of running your business and the other financial commitments you may have. Preventing business closure Through various processes the IRS can force you to shut your company down if you have not met these tax obligations. These relate to your employees income taxes, social security tax and Medicare tax. You should have arranged for these to be included in their pay checks or be paid in appropriate portions directly to social security or Medicare tax. You may want to consider hiring our tax firm, Success Tax Relief, which has extensive experience working with the IRS to solve payroll tax problems. We can lead you quickly and thoroughly through the various steps drawing from people working in a collaborative team approach across several professional areas. Demonstrating a renewed emphasis In some instances we will focus on assisting you to become compliant with your payroll tax obligations for the coming quarter. This will not only assist with redressing erroneous payments in the past, but will also build your relationship with the IRS through committed demonstration of the corrected compliant behavior. Offer in Compromise There are some unusual trends occurring where your business could qualify for an Offer in Compromise to pay back payroll tax debt, if you can clearly demonstrate an inability to pay. While most payroll tax cases are still resolved through payment plans and penalty abatements and/or dissolution of your entity, the Offer in Compromise program is increasingly being used as an option for companies. With rules in Offer in Comprise being changed in 2012 there are new opportunities that could significantly reduce...

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