You can
run, but you can not hide from the IRS. In 2008, the IRS collected $ 56.4 billion, $ 7.7 billion more than in 2006. And Congress has sent another $ 12.2 billion to the IRS this year resulting in a record $ 5.5 billion budget and hundreds of new IRS agents dog who have been hired to crack down on back taxes and delinquent tax returns.
With the record federal deficit, Americans can expect more tax audits and aggressive collection tactics Increasingly by the IRS. But the good news is the sooner you take care of your delinquent taxes, penalties and interest the less you?ll owe. If you have unfiled tax returns or owe IRS back taxes, it?s important to figure out what the best IRS tax relief option is for your Particular situation. It is therefore important to understand the process for resolving your IRS tax debt so you have realistic expectations and know which tax resolution strategies you can benefit from. tax relief from back taxes or unfiled tax returns tip # 1: Know that there is a solution to every problem. If you have unfiled tax returns it is always better to file them ? whether they?re a couple days or a couple years late ? than to not file them at all filing any tax returns that are due as soon as possible can help you resolve IRS back taxes and penalties and reduce additional interest. The longer you put off dealing with past due taxes, the more serious your IRS problems will be. Failing to file tax returns makes you vulnerable to potential IRS collection tactics, seeking as a levy on your wages or bank account, and may be construed as a criminal act by the IRS, Punishable by one year in jail and $ 10,000 for each year not filed. Regardless of what you?ve heard, you have the right to file your original tax return, no matter how late it?s filed. Sun Whether you have 1 year or 10 years of unfiled tax returns, know that there?s a solution to every problem tax relief from back taxes or unfiled tax returns tip # 2. Get help to save time and money.
If you owe more than $ 15,000 in back taxes or have 3 or more years of unfiled tax returns, it?s important to hire an expert tax attorney or Certified Tax Resolution Specialist. An expert tax relief professional can help you save time, money, and frustration by educating you up front on what you need to do to resolve your specific IRS problems -. While helping Ensure you do not pay a penny more than you have to
tax relief from back taxes or unfiled tax returns tip # 3. File your tax returns before the IRS files them for you If you do not file your taxes, the IRS may file them for you. What many people do not know is that the IRS prepares substitute for returns in the best interest of the government, Which often results in the overstatement of what taxpayers owe in back taxes and IRS. Penalties
To even if you can not afford to pay your tax bill, it?s important to file your most recent tax returns, as well as any prior delinquent tax returns, as soon as possible so you can have the chance to state what you truly owe. . This will ultimately save you money and help you avoid significant long-term financial Repercussions
tax relief from back taxes or unfiled tax returns Tip # 4: Make the IRS an offer they can not refuse . If you qualify for an offer in compromise tax settlement, you can save thousands of dollars in back taxes, penalties and interest. Having expert representation can greatly improve your chances of successfully negotiating tax settlements and winning.
If you do not qualify for an offer in compromise, there are other tax relief options including negotiating for your account to be placed in a ?currently not collectible? status. An expert IRS tax attorney or Certified Tax Resolution Specialist can help you explore potential tax relief optionstax relief from back taxes or unfiled tax returns Tip # 5:.. Get on a plane If you can not pay your back taxes in full but could potentially pay them back over time, you can negotiate a reasonable monthly payment plan with the IRS. A tax attorney or Certified Tax Resolution Specialist will aggressively negotiate an arrangement for the lowest possible monthly payment and options for making those payments. Once an IRS Payment Plan (also known as on Installment Agreement) is established, the IRS will not enforce collection action, including the levy of bank accounts or wages, as long as you remain current with all filing and payment obligations. However, interest and penalties continue to accrue.
Additionally, a tax lien may be filed as part of the terms of the installment payment agreement, Depending on the amount of the total back tax liability. While it is always in the best interest of the IRS to get a signed waiver, it may not be in the taxpayer?s best interest, so seek the advice of your tax attorney or tax resolution expert first. The IRS is trying to put forth a child and gentler image in the face of the current economic meltdown. But the fact remains that in order to get the tax relief you need, you may need help filing those unfiled tax returns and paying the back taxes you owe. Remember that the key word in tax relief is relief, and you now have the power and the knowledge to make that happen id=?article-resource?> Michael Rozbruch, one of the nation?s leading tax experts, is a Certified Tax Resolution Specialist (CTRS), licensed CPA in the state of Maryland and the founder of Tax Resolution Services. He teams up with an expert staff of tax attorneys, CPAs, and tax relief professionals available to help individuals and small businesses solve their IRS problems with tax liens, unfiled back taxes, offers in compromise, wage levies, tax relief, delinquent returns, tax debt installment plan, bankruptcy and protecting an innocent spouse from unfair tax burdens. Michael also shares valuable tax advice and information in his blog Tax Resolution UniversityArticle Source:
If you work but do not make a lot of money, see if you are eligible for the earned income tax credit.
Video Rating: 0/5
the perfect storm wwe royal rumble trisomy leon panetta luck sag awards 2012 nominees sag awards
No comments:
Post a Comment