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How to Choose the Right Professional Tax Relief Consultant

How to Choose the Right Professional Tax Relief Consultant

By on May 20, 2017 in tax companies, Tax Preparation, Tax relief | 0 comments

1. Find a consultant who has a team. In the tax profession, there are many accountants, tax preparers, CPA’s and lawyers who work independently. As a taxpayer looking for a tax relief consultant, you will most likely get the most out of your money if you hire a consultant who has a team of professional tax experts working alongside him or her. You’ll not only have the confidence in knowing that you have a team of experts on hand to alleviate your tax situation, you can rest assure that all of your information is secure. If you’ve hired an independent contractor, then chances are he or she may have to outsource your case to someone who is more qualified to handle a certain kind of situation that may present itself. This means that your private information will be disclosed to a business that you did not originally hire. This is the risk you take when you don’t hire a team of tax professionals. 2. Make sure that the consultant has proven success. Even if you manage to find a team of tax professionals, make sure that you do your research and find out more about the company. For starters, visit their website and look for any testimonials. If they are a reputable firm, they will proudly post their client’s testimonials. You can also ask around and interview any former clients of theirs. Ask them how they handled their case and were they pleased at their level of professionalism. Nothing speaks louder about a company’s success than satisfied clients. 3. Be sure that your consultant has enough experience. It is possible to find a team of tax consultants who only have a handful of happy clients. This is something you would need to carefully consider because although the firm may have happy clients, you’ll have to ask yourself exactly what kind of cases were resolved, and how complicated were they? A tax firm might have only helped prepared a taxpayer’s tax return. Anything else like handling an audit or an Offer in Compromise may not be in their line of experience or expertise. Choosing this type of tax relief consultant may cost you more money in fees and penalties with the...

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Do You Owe the IRS But Can’t Pay? Here Are All Your Options

Do You Owe the IRS But Can’t Pay? Here Are All Your Options

By on May 15, 2017 in IRS, IRS Audit, IRS Cases, tax companies | 0 comments

It may be difficult to figure out how you’re going to pay your taxes to the Internal Revenue Service (IRS) when you may already be struggling with other outstanding debt. Tax debt is very different from your “regular” debt, because when it comes to taxes, it’s a federal issue, and unlike other debt, a federal tax issue cannot and will not be ignored. Ignoring your tax debt is something that shouldn’t be taken lightly. Doing so will result in serious consequences that could disrupt your life. The good news is that such serious consequences can all be avoided, even if you cannot afford to pay the entire tax debt. The IRS is Not as Bad as You Think! The IRS may react with serious consequences toward negligent taxpayers, but they also provide an ample amount of fair warning. You’ll first receive an official letter from the IRS stating that you owe ‘x’ amount of dollars. It is then your responsibility to confirm this or pay. It is highly recommended to call the IRS yourself to confirm that it is a legitimate claim. At that point, you’ll need to communicate to them that you can’t afford to pay the entire amount. Be Honest It’s OK to say this. You won’t get in trouble. It’s better than not saying anything at all. By not saying anything, the IRS will assume that you are purposely ignoring them and have no intentions of paying your tax debt. You don’t want them to assume this. Wage garnishments, loss of property, and worse, imprisonment along with addition fines to pay can be the consequences you’ll have to face. That’s why it’s always better to communicate with the IRS to make sure that they have a record of you trying to work out some sort of payment arrangement with them. Just don’t ignore them! Communicate and You’ll Be OK! The IRS is more reasonable than you may think as long as you’re keeping the communication lines open. As long as you let them know that you’re not able to pay the full debt amount off, but are willing to comply, then an IRS representative will arrange an affordable monthly payment plan with you. The Catch… The...

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What If My Online Tax Program Makes a Mistake?

What If My Online Tax Program Makes a Mistake?

By on Mar 10, 2017 in Filing Taxes, tax companies, tax firms, Tax Problems | 0 comments

The Internal Revenue Service (IRS) estimates that in both 2015 and 2016, more than 90% of Americans filed their tax returns electronically, and surveys indicate that well over 40% used a digital tool to help them prepare each year. Have you ever wondered what the consequences would be if your online tax program made a mistake on your tax return? The real truth is that these tax programs typically catch errors, not cause them. Errors on your tax returns are typically user error. As a result, you are held responsible for those errors. The most common filing errors include: Math miscalculations: Online tax software minimizes some calculation errors, but if you input an incorrect numeric value, the software tool cannot possibly know that there is an error. If you invert a set of numbers on your income, for example, that can really impact your tax return. The IRS will definitely follow up on a numeric inconsistency. Misspelled names or incorrect information: If you include your name (or that of your spouse) and it does not match exactly with the information the Social Security Office has on file, the IRS will automatically kick back your return or slow down the process. Forgetting to report additional income: If you did a small amount of work on the side, received a 1099 Form and forgot to report this income, the IRS will see this as a major red flag. No computer software tool can know whether you have entered all of the forms that you have received. Keep in mind that the IRS receives copies of each 1099 Form as well, so be vigilant when it comes to accurately reporting income. Incorrect direct deposit information: You must input your bank account information in order to receive a refund or to pay tax debt. So if you enter incomplete or incorrect bank information, the IRS will take notice, but the online software may not. It’s always good to triple check this information before submitting your return. Missing the deadline: Online tax programs cannot force you to file your taxes, so if you miss the April 15th deadline, this is also your responsibility.   Benefits of Partnering With an Experienced Tax Firm While online...

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Should You Talk to the IRS Without Speaking to a Tax Expert First?

Should You Talk to the IRS Without Speaking to a Tax Expert First?

By on Jul 14, 2016 in IRS, tax companies | 0 comments

It all depends on how well informed you are about tax laws. It also depends on the exact matter of why you need to talk to the Internal Revenue Service (IRS) in the first place. First Things First: Be Informed First, you need to determine the nature of your issue with the IRS. It could be something minor, or it might be an issue to take very seriously. This is important to know before preceding any further. While you are free to call the IRS, a representative will be more than happy to answer any questions you have, but it’s always best practice to be fully informed about your tax situation instead of having the IRS do it for you. It can be said that if this practice was executed more often, there might not be as many tax cases today. You Hold the Power! At any rate, no matter how informed or uninformed you might be about your tax situation, it’s always best to consult a tax professional before calling the IRS. Oftentimes, a tax representative may not even know what your situation is until he or she has pulled your file. They will only be relaying information that is in your tax file. While that is a significant amount of information, you ultimately hold the power in communicating effectively with the IRS so that they can work with you to resolve your tax situation. How the IRS Typically Communicates If you’ve received a letter from the IRS, the first thing you should do is keep calm. The IRS reaches out to taxpayers by mail to communicate on all sorts of matters big and small. They won’t contact you by phone or email because there’s too many tax scammers who impersonate themselves as IRS representative. The only authentic way for the IRS to verify who they are is by documentation. So, if you get a letter from the IRS, open it. Don’t ignore it. Even if you think it might be a falsified letter, address it accordingly. Protect yourself from tax scams by educating yourself. Read “How to Avoid Getting Caught in a Dirty Dozen Tax Scam” here. If you need to communicate with the IRS, but are...

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Choosing a Corporate Tax Relief Service

Choosing a Corporate Tax Relief Service

By on Mar 17, 2016 in tax companies, Tax Resolution, Tax Tips, Taxes | 0 comments

Some people may think that a corporate tax relief service is strictly for businesses and corporations, and for some companies, this is true. In fact, corporate tax relief companies are extremely beneficial to entrepreneurs and small to mid-size businesses. If all starter businesses consulted a corporate tax relief service, they might save themselves thousands of dollars of learning-curve losses. Whether you are operating a business or managing your own financial matters, there should always be someone to look over your accounts to make sure that you are doing exactly what you are supposed to do. The last thing anyone wants is to find out the hard way that they have been handling their financial fairs incorrectly. This could lead to unnecessary debt, and not to mention unnecessary stress. Why Do I Need A Tax Relief Service? “Tax relief,” or anything with word “tax” involved, can oftentimes have a negative connotation. For some reason, it’s intimidating, but it doesn’t have to be IF you are managing your taxes properly. It’s when you don’t manage your personal and business taxes well, that makes tax issues become burdensome. You don’t have to wait until you are in tax trouble to reach out to a tax relief service. As a matter of fact, it is greatly encouraged to schedule a consultation appointment with a tax relief company to prevent such unfortunate circumstances. Unfortunately, more people wait until tax trouble arises before they get on the preventative bandwagon of tax relief service! How Do I Start Looking for Preventative Tax Relief? A common mistake that most taxpayers do is consult a company that specializes in only tax preparation. There is a difference between tax preparation and tax relief. Just because a tax preparation service practices one area of the tax law industry does not make them experts on all things that concern taxes! When dealing in the world of taxes, there are personal taxes, and business/corporate taxes. Then there are the experts who specialize in either one of these: tax lawyers, accountants, and CPAs. Most of these experts are often housed under a corporate tax relief company. So seeking the assistance of a corporate tax relief firm would offer you the convenience of having...

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Why You Should Prepare for Tax Season Now

Why You Should Prepare for Tax Season Now

By on Jan 21, 2016 in tax companies, Tax Preparation, Tax Tips | 0 comments

Tax season can often be one of the most stressful times of the year. However, it doesn’t have to be. Some of the added stress comes from not being prepared. The frustration of digging through filing cabinets, shoeboxes, and piles of deteriorating documents to find that one form needed to complete annual taxes can often be the tipping point to throwing one’s hands up and simply ignoring his or her tax obligations resulting in a late filing or worse, neglecting to file. If at all possible, the best time to start preparing for the next tax season is in the month of January! This maybe difficult to do as most are preparing to account for the previous year, but it’s not impossible. It simply takes planning and organization. Here are some helpful tips to follow to make the next tax season less frustrating: TIP #1 – Make Sure All Legal Documents are Accessible  This is when it’s time to make sure that every person who will be included in the annual filing has all of his or her legal documents. Be sure to have legal United States (US) identification with a picture I.D. such as a driver’s license, passport, visas, green cards, adoption papers, marriage certificates, social security cards—anything that proves that individual is a legal US citizen. These types of documentations will always have a series of unique numbers that will identify a person. Even if the taxpayer knows these numbers by heart, it is still important that one has legal documentation to back up every bit of information provided in an annual filing.  TIP #2 – Gather Tax Documents  Usually at the beginning of the year, one can expect tax documents to show up in his or her mailbox. It’s quite common to not have a clue what they are for! Some may look familiar and others won’t. The type of tax documents one receives depends on what they did that previous year. For example, if someone started college that tax year, he or she will receive a 1098-T statement indicating the amount of qualified expenses that student has paid. If a person started a freelancing job and earned over $500 that tax year, he or she...

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