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Tax Resolution

The Difference Between Tax Relief and Tax Break: Why Get Tax Relief Now Instead of Later

The Difference Between Tax Relief and Tax Break: Why Get Tax Relief Now Instead of Later

By on Dec 12, 2019 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. Definitions: Tax Relief and Tax Break 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,...

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How to Successfully Get Out of Tax Debt in 1 Year!

How to Successfully Get Out of Tax Debt in 1 Year!

By on Nov 25, 2019 in Debt Relief, Tax Resolution, Tax Tips | 0 comments

If you realize that you owe a significant amount of money to the Internal Revenue Service (IRS) this year, your attention may quickly turn to how into getting out of debt as quickly as possible.  Thinking ahead and developing a specific plan about how you will settle your debt to the IRS is an important first step. Owing money to the IRS can be stressful as the IRS has the power to garnish wages and/or seize property in order to make sure that the debt is paid. As long as you have a legitimate tax return and have no intent to commit fraud, then you have a chance to reduce the amount that you owe. The IRS wants to get paid, and they would rather you do it as soon as possible and with legitimacy. Here are some tips for successfully getting out of your tax debt quickly in as little as one year: Request An Installment Agreement: An installment agreement can allow you to pay your tax debt to the IRS in monthly installments over a period of time.  This gives taxpayers more time to pay, rather than requiring a lump sum payment. You can set up a designated amount within your means.  Apply For An Offer In Compromise: In some cases, a taxpayer may be able to settle their tax debt for less than the full amount they owe. This is ideal for those whose tax debt exceeds what they can actually afford to pay.  If you qualify, you will be able to make a lump-sum payment or a short-term payment plan. Consider An Alternate Payment Method: If you owe a large sum of money to the IRS, you don’t have to rely on your bank account. It may be wise to think of other sources of payment such as forms of credit. A personal loan from a bank, opening a credit card at a low-interest rate, or even asking for a loan from a family member can be a way to pay the debt to the IRS. Such a choice eliminates the risk of wage garnishment and/or seizure of property. Declare Yourself Currently Not Collectible: There are instances in which you may be unable to pay...

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IRS Tax Relief Programs: Best Ways to Start Paying Off Your Debt

IRS Tax Relief Programs: Best Ways to Start Paying Off Your Debt

By on Apr 23, 2018 in IRS, Tax Resolution, Tax Tips | 0 comments

The Internal Revenue Service (IRS) estimates that well over 8 million Americans owe back taxes to the IRS.  Are you one of them? If so, it’s wise to consider how you are going to pay off your debt, as the IRS is not likely to forget that you owe them money. The best approach is to apply to a current IRS tax relief program that can help you start paying down the debt so that you are not the subject of a further investigation that could lead to a levy on your property or even a charge of tax evasion.   Here are some ideas about how to face your tax issues head on and get out from under debt once and for all: Installment Agreement Requesting an IRS installment agreement essentially allows you to pay off your back taxes over a period of time, instead of all at once. An installment agreement works very much like a credit card. You make a monthly payment that includes interest and penalties, and over the course of several years, you pay off your debt. The IRS is fairly willing to approve installment agreement requests. You can now apply for an installment agreement online if your debt is less than $50,000 and if are up to date on filing your returns.  Keep in mind that there is a small fee for applying for this program and you will still be responsible for paying interest and penalties.  Also, make sure that you make your installment agreement payments on time to avoid further problems penalty fees. Offer in Compromise  If you have a financial hardship and cannot afford to pay your debt to the IRS, you can request what is called an Offer in Compromise. The IRS will consider your income, assets, and debts when they determine if you qualify. So, you will need to be prepared to show detailed financial information in order to be considered. The IRS recommends that you explore other options for payment before an Offer in Compromise. You can find more information about the application process here.   Request More Time If you cannot pay your taxes right away and need a short-term solution until you have the money, you...

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State Tax Debt Resolution: When Should You Seek Professional Help?

State Tax Debt Resolution: When Should You Seek Professional Help?

By on Feb 7, 2018 in IRS, Tax relief, Tax Resolution | 0 comments

If you owe taxes to your state or to the Internal Revenue Service (IRS), the time to act is now.  Very often, state collection agencies come after tax debt even faster than the IRS can, and this can cause significant financial hardship. Each state is different when it comes to the collection of tax debt, so if you are concerned about the best approach is for getting out of tax debt, your best bet might be to partner with a tax professional to make sure that you take the steps necessary to protect yourself. 5 Signs That It’s Time for Professional Tax Help Here are 5 signs that you might be in a position to qualify for professional tax assistance: Your tax situation has recently changed:  If you just launched your own business, or changed jobs, got married, became self-employed, purchased a home (or other property) or had a child, your tax situation may not be as simple as in years past. This would be an excellent time to get tax expert so that you do not make a mistake on this year’s tax return. A tax professional can help with your taxes during these types of transitions where there is likely to be an impact on your tax liabilities. You already have tax debt:  If you know that you owe the state (or the IRS) money from a previous year and you’re heading into tax season, you might want to seek the help of a tax professional who can advise you about your options for paying off your current debt and filing on time. Your income is high:  Your chances of being audited go up with your income so if you make over $200,000 each year, it is good practice to partner with a tax firm who can help manage your taxes.  That way, if you do find that you owe money to the state or the IRS, you can make a plan to pay on time and stay in good standing. You are unable to pay your debt:  If you owe money to the state and are unable to pay your debt, you may have options. Many states allow you to apply for an installment agreement, which...

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Georgia’s State Tax Liens Statute of Limitations

Georgia’s State Tax Liens Statute of Limitations

By on Nov 26, 2017 in State Tax Lien, Tax relief, Tax Resolution | 0 comments

If you have received notice that the Georgia Department of Revenue (GDOR) has issued a tax lien or are concerned that this may be on the horizon, now is the time to act and resolve your back tax debt once and for all.  A tax lien is a very serious legal claim that the state can issue against taxpayers that gives legal claim of your property to the state as security or payment of your tax debt.  A tax lien is generally a last resort effort by the GDOR, after many attempts have been made to recover a taxpayer’s debt.  It can have significant impact on your personal (or business) financial outlook, including your credit score and ability to qualify for a wide variety of loans. How to Release a Georgia State Tax Lien A release of a tax lien is possible and can be obtained if you meet one of the following criteria: When the tax liability has been resolved (ie. paid in full); If you can prove that the lien was filed in error (you can request a formal withdrawal of the lien); Expired liens (also known as statute-barred liens) do not attach to any property interest of the taxpayer whose name appears on the lien. Statute of Limitations Related to State Tax Liens There is a defined statute of limitations on tax liens that you should also be aware of. Georgia State tax liens must be filed within seven years of the assessment date of the tax liability.  Once the Georgia Department of Revenue files a lien, it has seven years from the date the lien was recorded to collect the debt from a taxpayer. It’s also important to note that a tax lien may also be renewed for an additional seven-year period by re-recording the lien prior to the expiration of the previous seven-year period. Even if a tax lien is released, withdrawn, or expires, it can be extremely difficult to get this “mark” off of your credit report if it hits one of the three main credit bureaus: Equifax Experian TransUnion National credit bureaus make their own rules for how long a tax lien can be kept as public record.  This can impact your...

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5 Things to Consider Before Negotiating With the IRS

5 Things to Consider Before Negotiating With the IRS

By on Nov 25, 2017 in IRS, Negotiating with IRS, Tax Resolution | 0 comments

In the last few years, the Internal Revenue Service (IRS) has made it easier for taxpayers to make headway when it comes to back taxes.  The Fresh Start programs offer Americans with tax debt a way to pay it off and actually get a clean slate. These changes include expanding the Offer in Compromise program that allows taxpayers to pay their debt for less than they owe, creating easier pathways for installment agreements so that payments can be made over time rather than in one lump sum. Negotiating with the IRS about your tax debt can still be tricky and sometimes stressful.  Here are five tips for how you can negotiate with the IRS: Steps to Take When Negotiating With the IRS Act Sooner Rather Than Later:  Penalties and interest add onto your tax debt every single day. So, there is no better time than now to get control over your tax situation once and for all. Whether you have received a written notice from the IRS about your debt or you know you owe money but the IRS may not have reached out yet, the sooner you pay the tax debt, the better the outcome will be for you down the road. The IRS will not forget that you owe them money and the consequences of not paying get more serious as time passes. Always File Your Tax Returns:  The only way that you can qualify for the tax programs that may help you get that fresh start is to be current on your tax returns.  Even if you’re unable to pay what you owe, you should file the return because it can reduce some of the penalties. Request an Installment Agreement:  An installment agreement is a great way to get your tax debt under control. Instead of paying your debt in one large lump sum, an installment agreement allows you to make monthly payments and pay it over time.  The IRS has loosened its restrictions in this regard and are now allowing more installment agreements, so this could be a great option for finally paying your debt. Get Help If You Need It:  If you have received written communication from the IRS and trying to decide the...

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