Did You Know the IRS Can File a Return on Your Behalf?
That is exactly what happened to my client, Susan. The IRS filed substitute returns on her behalf and assessed her with over $70k in taxes, penalties, and interest. Why? Because when the IRS files for you, they don’t include deductions, credits, or business expenses. They use the highest possible tax rate and base it on […]
The Most Tax Debt We’ve Ever Seen
This client was hit with a $2.6 million tax bill from the IRS… All because they didn’t file 1099s for their subcontractors. Yes, you read that right — $2.6 million! They were audited and penalized for not reporting their payments correctly. The IRS disallowed ALL their subcontractor expenses and dropped a massive assessment on them. […]
Avoid a Tax Lien: Pay SMART
Listen up! If you owe the IRS don’t let your tax debt hit $10,000. Once you cross that threshold the IRS slaps you with a tax lien, wrecking your credit and making it nearly impossible to buy a house, get loans, or even secure certain jobs. Here’s how to stay under the radar: 1. If […]
If You Withdraw From Your 401(k) Too Early…
If you withdraw from your 401k before age 59 you typically face: A 10% Early Withdrawal Penalty The IRS imposes this penalty on the amount withdrawn. Income Taxes: The withdrawn amount is taxed based on your ordinary tax income bracket. Here are some ways to access your 401k funds with without the penalty: You can […]
Struggling with IRS Negotiations?
Let us help! Negotiating with the IRS can be complex, stressful, and costly if handled incorrectly. Without the right knowledge and experience, you risk paying more than necessary or facing legal consequences. Here are some common challenges when dealing with the IRS: — > Common Problems When Negotiating with the IRS: Confusing Tax Laws: The […]
IF YOU HAVE MULTIPLE YEARS OF UNFILED RETURNS – FOLLOW THESE STEPS:
2. Determine your filing requirements Check what you were required to file in each year based on income thresholds and filing status. Complete the tax returns for each unfiled year, starting with the oldest. Overdue balance including penalties and interest. Consider payment options like an installment agreement or Offer in Compromise if you can’t pay […]
Every Tax Season I see These Risks
People risk audits, fines, and huge financial headaches because they’re trying to DIY complicated tax issues or trusting bad advice from unqualified sources. → Your cousin who ‘heard something’ on TikTok is NOT a tax professional. → That Facebook group comment thread? Not your solution. Taxes are tricky and the IRS doesn’t mess around. If […]
Why We Focus on Tax Debt Relief
My Passion for Taxes Began…While working for a small accounting firm. That experience inspired me to branch out on my own where I quickly discovered a much bigger challenge than just filing taxes. Many clients facing a tax balance were unaware of their options for managing and paying back taxes. That’s why we specialize in […]
Did you know every tax assessment has an expiration date?
That’s right – the IRS only has a limited time to collect what you owe. The magic number is 10 years after the tax assessment date. But here’s the good news: If you’re struggling with tax debt, there’s a powerful solution you may not know about. Enter PPIA (Partial payment installment agreement) With PPIA, you […]
Does owing the IRS feel like highway robbery?
If you’re drowning in tax debt, you’re not alone. We’ve helped thousands of taxpayers negotiate down their tax debt using the IRS Fresh Start Initiatives. We can help you, too. – > Recently, we helped a client (professional musician) turn his tax nightmare of $444k in tax debt into a $100/month payment -> Another client, […]
