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Tax Tips

Unpaid Business Taxes: 5 Steps to Getting Out of Debt

Unpaid Business Taxes: 5 Steps to Getting Out of Debt

By on Dec 1, 2017 in Tax Debt, Tax relief, Tax Tips | 0 comments

If your business has accrued tax debt over time, you may be worried about how you can possibly pay off the debt without sacrificing the viability of your business.  Small businesses are particularly vulnerable when tax problems surface and many end up closing their doors as they cannot stay profitable in the midst of the looming debt to the IRS.  Here are some steps to getting out of tax debt without worrying about your business shut down. Tips to Saving Your Business From Tax Debt Do not ignore the IRS:  If you have received any written notices about an unpaid business debt from the IRS, you should respond and begin working on a plan..  Ignoring the IRS only escalates the situation and can take it from bad to worse.  Penalties and interest begin to increase the debt that you owe. Currently, most tax debts compound at a rate of up to 14%, so waiting to address a tax issue will only put your business in an even more difficult situation.  Ask for a payment plan or an Offer in Compromise:  The IRS can put a tax lien on your property and eventually seize your assets, so your best bet is always to pay your tax debt off as soon as possible. One strategy is to apply for an installment agreement, which means that instead of paying your tax bill in one lump sum, you pay it off over time. This can be much easier for your monthly cash flow and keep your business from taking a big hit all at once.  An Offer in Compromise is another program that allows you to pay the IRS less than the full amount due. This process is lengthy and requires detailed financial records but nearly 25% of businesses that owe taxes to the IRS successfully use this approach to pay their debt.  If your situation is dire, explore other options: If your situation is truly dire, you may want to explore bankruptcy or requesting what is known as “uncollectible” status.  Bankruptcy can eliminate some of your tax debt and being put on an “uncollectible” status means that the IRS will leave you alone for a period of time (though you will still...

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The First Steps You Need to Take to Settle Your Back Taxes

The First Steps You Need to Take to Settle Your Back Taxes

By on Nov 20, 2017 in Tax Debt, Tax Resolution, Tax Tips | 0 comments

If you owe back taxes to the Internal Revenue Service (IRS), chances are you have already spent a lot of time worrying about how to resolve this debt without significantly impacting your day to day life.  Tax debt is a large financial and emotional burden and can be difficult to navigate on your own. Here are some tips on how you can settle your tax debt with the IRS once and for all. Key Steps to Settle Your Outstanding Tax Debt Confirm the exact amount that you owe:  If you have received a written notice from the IRS that includes an amount that you owe in back taxes, you should check this against your tax returns to ensure it is an accurate reflection of your debt. Your calculation may be different than the calculation the IRS has made, so it will be helpful to know the amount you actually owe. This will include the debt plus any interest and penalties accrued. File all tax returns: Even if you cannot pay what you owe, it is extremely important to file your tax returns each year. If you do not, you disqualify yourself from several important and possibly helpful programs that could settle your debt without paying it in one lump sum.  Filing your returns on time automatically reduces the number of penalties the IRS will charge you. Penalties and interest can add up fast and compound your problem. Face your problem sooner rather than later:  The longer you wait to address your back taxes, the worse the problem becomes. The IRS may not contact you for a period of time about your back taxes, but they will eventually want a payment.  The longer you wait to address the issue, the more you will owe in penalties in interest and the more difficult it will be to pay. Do you qualify for a payment plan?:  The IRS offers installment agreements to many taxpayers who owe money to the IRS. This allows you to pay your debt (and interest and penalties) over time via monthly payments, rather than a large lump sum.  Just like a credit card, you will have a minimum amount due and as long as you pay on time....

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Can You Negotiate Your Georgia State Back Taxes?

Can You Negotiate Your Georgia State Back Taxes?

By on Nov 13, 2017 in Tax Debt, Tax Resolution, Tax Tips |

Negotiating back taxes is not generally something most taxpayers think is even possible. But, over the last decade or so, the Internal Revenue Service (IRS) and state tax agencies have been working to improve overall accessibility and the perception that they are willing to work with taxpayers. The Georgia Department of Revenue (GDOR) has instituted several programs to help Georgia taxpayers with a fresh start.  It does require some negotiation and communication with the IRS. You can negotiate directly with the IRS to reduce the amount of tax that you owe or to request that you pay it back over time rather than in a large lump sum.   Here are some tips on how to negotiate in a way that may yield positive results for you! Offer in Compromise: If you are unable to afford the tax debt you have incurred with the state of Georgia, you may qualify for an Offer in Compromise (OIC). This agreement allows you to pay less than the amount you owe.  You should be aware that before you apply, you must have already filed your past tax returns.  You may qualify for a Georgia OIC if you meet one of the following criteria:   You are unable to pay the entire amount of taxes you owe, even by selling assets or through an installment agreement. There is a legitimate doubt that you actually owe part or all of your assessed tax debt. There is a special circumstance that makes full payment of the taxes owed an economic hardship.       2. Installment Agreement:  An installment agreement allows you to pay your tax debt off over time, rather than all at once. Spreading the   payment of your debt over time can offer the flexibility that you might need to finally pay off your tax debt.  You should complete Form GA-9465 to apply. In order to be eligible, you cannot have filed bankruptcy, have any unfiled or late tax returns, or have a pending offer in compromise with the Georgia Department of Revenue.  Finally, if your state tax liability has been assigned to a private collection agency, you will not be eligible for an installment agreement. How To Negotiate With The GDOR The best way to...

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The Reasonable Causes Qualified by the IRS to Abate a Tax Penalty

The Reasonable Causes Qualified by the IRS to Abate a Tax Penalty

By on Oct 23, 2017 in IRS, Tax Tips | 0 comments

In light of all of the natural disasters that have displaced people from their homes, Success Tax Relief would like to alleviate some concerns regarding tax responsibilities for some victims affected by such tragedies. The Internal Revenue Service (IRS) will abate a tax penalty if extreme circumstances call for it. This doesn’t mean that anyone affected in any of the most recent hurricanes or fires will be absolved of their tax penalties or obligations either. Like any tax case, the IRS will need to conduct a thorough investigation to determine whether or not an individual qualifies for tax abatement. Reasonable Cause is Needed to Qualify for Tax Abatement First, the IRS needs to establish that you have a Reasonable Cause. Here are some situations that might fall under such terms: Natural disaster like a tornado, earthquake, hurricane, or a disturbance like a fire Death or serious illness that renders one unable to carry out taxpayer responsibilities Any other reason that proves you have done everything possible to meet your tax obligations, but still wasn’t able to take care of the responsibility Many people may confuse the last bullet point with just not having enough money, but according to the IRS, it’s not the same. Not having the funds is not a good enough reasonable cause. It’s rather why you don’t have the money. This is the question that the IRS will investigate should you file for a tax abatement. You will need to be able to clearly communicate what events occurred that has rendered you unable to pay your tax obligations and what efforts you’ve made to try and pay. The IRS Will Investigate Deep into Your Financial Situation The IRS will go further into your situation to determine if your circumstances have changed that would’ve allowed you to make the payments. Then they’ll determine if those changes made it possible for you to meet your tax obligations and if so, why didn’t you do it? What this all means for you is that you’re going to need to provide the proper documentation to support why you should qualify for an IRS tax abatement. If you’re able to support such claims, it’s highly probable that the IRS will waive...

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Georgia State Tax Relief Service That Will Get You Out of Debt

Georgia State Tax Relief Service That Will Get You Out of Debt

By on Oct 20, 2017 in Debt Relief, Tax Tips, Taxes | 0 comments

  Many United States taxpayers may sometimes forget about their obligation to pay their state tax debt. Typically, it’s included in most electronic filing software. For many filers, a refund is allotted to them and therefore, no debt is acquired. However, depending on the yearly income accrued the previous year, it is possible to owe the state tax dollars. Usually, the amount of state taxes owed isn’t that much. However, the amount owed can quickly increase when it’s neglected. Interest and penalty fees can balloon the amount owed into a debt that’s unmanageable. Unfortunately, how some taxpayers deal with such issues is just by ignoring it. That’s not the solution. What You Need to Know about Georgia Department of Revenue The fact is the Georgia Department of Revenue is very much like the Internal Revenue Service…they won’t ignore you! With every passing deadline comes another interest fee and penalty that’s tacked on the new amount from the last accrual of fees. It’s an ever-growing mound of debt that can go on for months until the Georgia Department of Revenue says enough is enough and takes other measures to collect what is owed to them. Such extreme measures the Georgia State Tax Service can include are wage garnishment, levying your property and/or bank account, and possibly even imprisonment. To avoid such extremities, you must first face the responsibility of paying the debt. Even if you don’t have the funds to take care of the entire debt right away, The Georgia Department of Revenue will work with you by either negotiating an affordable monthly payment agreement, reviewing an Offer in Compromise or a Request for Penalty Waiver. Monthly Payment Agreement If you don’t owe an egregious amount, but it’s substantial enough to prevent you from paying the balance in full right away, the Georgia Department of Revenue offers an installment agreement plan that you can apply for. The stipulations of the plan require that you’d have to pay the full balance within 36 months. In order for you to qualify, you cannot be assigned to a collection agency, you can’t have filed for bankruptcy, and you can’t have already filed for an Offer in Compromise. Offer in Compromise An Offer in...

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How to Stop the IRS From Freezing Your Bank Account

How to Stop the IRS From Freezing Your Bank Account

By on Oct 15, 2017 in Tax Tips | 0 comments

  Unless you relocate quite frequently, it really shouldn’t come to a surprise to discover that the Internal Revenue Service (IRS) has levied your bank account. Before the IRS takes an extreme measure like this, they will have already given you every opportunity to prevent this. However, if you’ve already made it to this point, the question is not about how to prevent it—it’s about how to make all of this to go away! Success Tax Relief is a tax relief firm with two locations based in Houston, Texas and Atlanta, GA. We have over 30 years of experience alleviating the tax debt of taxpayers just like you. We have a proven history of reducing or even eliminating the total amount of tax dollars owed to the IRS. Most importantly, we have experience helping taxpayers when they’re in the middle of a nasty tax debt situation such as a frozen bank account. Here’s how you can end the nightmare of a bank account levy: Pay the debt off. Sorry. We know that if it were that easy, you might not be in this situation in the first place. However, it’s worth saying. Everyone’s tax situation is different. Some people may find themselves with a levied bank account simply because they neglected to take care of their tax responsibility. Money might not even be a problem. It could just be the lack of discipline it takes to file the papers. In a case like this, we can help you take care of all of the necessary paperwork. All you need to do is pay the balance—plus interest and penalty fees. File for Financial Hardship If you are at a financial point where the quality of your lifestyle could leave you in poverty, then you can try to file for financial hardship. According to the IRS, “If the levy on your bank account is creating an immediate economic hardship, the levy may be released.” Make Payment Arrangements Not everyone knows that you can negotiate an affordable monthly payment plan with the IRS. They’re reasonable. All you have to do is make the initiative to communicate your intentions to pay your debt. If the IRS agrees to make a payment arrangement with...

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