Do You Have Unfiled Tax Returns? Here’s What To Do.
Unfiled Taxes are always a problem. Filing your taxes is never a fun thing to do, but if you don't file them at all then the IRS will come calling. They have powerful collection agency tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years worth of unfiled returns only adds fuel to the fire!
The IRS is always on the lookout for taxes that need to be paid. If you have unfiled tax returns, it’s only a matter of time before they find out and demand their money back with interest! When it gets to a point where the IRS contacts you personally, the amount they claim you owe will be far greater than the amount you actually owe. You don’t want this situation and unfortunately in these circumstances the amount they claim you owe is what you will have to pay unless you prove otherwise.
Before we jump into it, if you have back tax debt or years of unfiled tax returns, contact our firm for a consultation. You won’t have to talk to the IRS and our firm can provide the peace of mind you need to resolve your tax issue.
The longer you wait, the worse the situation will become. Here are some important steps you can take if you have unfiled returns with the IRS.
Get Your Documentation
If you’ve been neglecting your taxes for too long, it's time to take care of things. An experienced tax resolution firm can help get things back on track and oftentimes, even if the records are missing or destroyed, there is still enough information that a tax resolution professional will be able construct a strong case for your situation with just a little guesswork.
If you are missing W2 and 1099 forms from past years an experienced tax resolution pro has the ability to retrieve these.
Go Through the Numbers
The fear of high taxes has caused many people to avoid filing their returns, but those worries are often misplaced. According to the IRS statistics approximately one-third (34%) of all unfiled federal tax forms may actually be due a refund! Now that you have all the documentation you need, it is time to run the numbers. And while you may not be able to get exact figures without filing the returns, you can get an idea of how much you might owe.
Hire a Professional
Whether you are an individual, partnership or corporation there is a strong temptation to let your past mistakes go. But doing so would put both financial security and freedom at risk - which makes filing those old tax returns seem like tempting fate instead of bravely taking on the challenge ahead!
When you're dealing with back taxes, it's important to have someone on your side who knows what they are doing. A tax resolution professional can give invaluable advice and guidance about how to lower the amount that the IRS claims you owe and the best steps moving forward for your situation.
You're not alone in the battle against taxes. The IRS is ready and waiting for you, so it's best to have an expert on your side who knows how to get the help you need and deserve.
A tax resolution professional can give advice about what needs to be done; from gathering documents like W-2s or 1099’s right down to making sure everything looks perfect when filing those unfiled returns… all while filling out any paperwork needed along the way.
Contacting the IRS is a scary thought, but avoiding them will make your situation worse. When you don't file your taxes and lose track of what's owed to the government it can have devastating consequences for both yourself personally as well as financially. The IRS stores detailed records of everyone in their database and chances are, you are already on their radar due to your lack of compliance.
Filing those returns ASAP will go miles in helping you get back on track before any more damage becomes irreversible. Filing your taxes might seem like a daunting task, but there is help for you. The right professional can make things right with the IRS and relieve some stress from this difficult situation so that it doesn't keep hounding or troubling one's life away from what should be enjoyed!
The stress of not filing taxes can be enough to make you lose sleep. What's worse, if the IRS comes calling and finds out about your unfiled returns they will take action against both yourself as well as how much money was owed in back taxes! To avoid this disaster, do yourself and your sanity a favor by filing your returns now; it isn't nearly as scary or daunting as receiving the final collection letter from the IRS or getting your bank accounts levied.
If you are looking for tax relief, we can help! To help ease the stress from your situation, we offer a consultation with one of our tax resolution experts. You don't have to worry about confidentiality or cost because the consultation is completely free. Schedule an appointment with one of our experts today by following this link.
5 Critical Reasons to Hire a Tax Resolution Professional
Dealing with tax issues can often be a challenge and feel overwhelming for many people. Choosing to work with a tax resolution professional is often a great choice if you are dealing with the IRS. These tax relief specialists can guide you throughout the entire process to help you avoid making costly mistakes. You will also have much less stress knowing that an experienced professional is working on your behalf.
The IRS is no stranger to audit and it can be a stressful process. If you've received a notice from them, don't panic! There are many things that could help relieve the stress - like working with one of our top-rated tax resolution professionals who will fight hard on your behalf so there's less risk for penalties or interest charges along with preserving any possible defenses against accusations from this difficult situation.
Here are 5 critical reasons why you need to partner with a tax resolution expert.
1) Relief from the IRS & Your State of Mind
When you receive the first letter from the IRS, it can make your stomach drop and your heart beat a little faster, but working with a tax resolution expert can set your mind at ease because you have a professional working on your case to help you through this gut-wrenching experience. As an added bonus more often than not, once you hire a tax resolution expert you won’t have to meet or speak with the IRS.
2) Guidance from a Professional
One of the benefits of hiring a tax resolution professional is that it gives you access to professionals that do this type of work on a daily basis. Working with a tax resolution expert is especially important if you are dealing with any back taxes. They understand the latest laws impacting your case to help you make the best decision for your situation.
3) Saves You Money
An added benefit of hiring a tax resolution professional is that it can save you a lot of money. Yes it will cost money to hire them, but it's a lot less expensive compared to having no representation at all. A tax resolution professional also has more experience with handling different issues compared to an accountant, which is why it's recommended to hire a tax resolution professional if you are dealing with the IRS.
4) Get Your Time Back
Trying to research all of the regulations involving the tax code is nearly impossible for most people. Reading all of the different pages requires a lot of time, and it can often be confusing. However, working with a tax resolution professional is a great way to keep up to date with the latest laws while saving you a lot of hard work. These professionals understand all of these codes to ensure you receive the best outcome possible.
5) Avoid Costly Mistakes
Mistakes can easily happen while you are dealing with the IRS without you even knowing it. Unfortunately, even small mistakes can lead to significant penalties and cause plenty of headaches. Hiring a tax resolution professional is a great option for avoiding these mistakes. They deal with these situations on a daily basis and understand how to work with the IRS to ensure you can save the most amount of money.
Closing Thoughts
Working with a tax resolution professional is something that many people find to be both beneficial and necessary. They can help you avoid costly mistakes when filing taxes or during an IRS audit, as well offer much needed guidance throughout the process of doing so! By partnering up for this kind work, you'll have saved yourself tons time by working together instead spending hours trying figure out what's wrong on your own - while avoiding stress altogether.
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OWE BACK TAXES?
If you owe the IRS or state $10,000+ and are feeling blindsided every year by a huge tax bill - don't wait. We can help! Contact us today for more information about how we'll work to settle your debt so that it doesn’t become impossible tomorrow. It's always difficult when faced with major financial problems such as unpaid taxes; however there is relief available through reputable organizations like Propono, which specializes in settling debts without going into collections agencies.
Gig Workers and the IRS: 3 Steps to Tax Filing Success
If you are a member of the gig economy, you are not alone. Millions of others have made the same choice, voting with their feet and their time, and leaving the world of traditional employment behind.
As a member of the gig economy, you have a lot to look forward to, but tax season is probably not one of them. April 15 is a stressful day for everyone, but gig workers face some additional challenges their traditionally employed counterparts do not. Faced with these issues, it's important to tackle the problem head-on. Here is a three-step plan for making tax time a little more manageable.
Note: It’s not uncommon for gig workers to find themselves behind on their taxes. If you find yourself in tax debt, owe back taxes or are under audit, our firm can help negotiate with the IRS and potentially settle your tax debt.
As a tax resolution firm, we always recommend that you reach out to a professional who knows how to aggressively negotiate and defend you against the IRS on your behalf. Contact us today. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about. That said, let's jump into the 3 steps.
Step 1 - Start As Early As Possible
It's always a good idea to start your tax planning early, but it's even more critical when you are self-employed or a member of the gig economy. If you are used to getting your taxes done in an afternoon, you have a serious wake-up call in front of you. If you do not start early, you might not finish on time.
Keep in mind that you may not be able to file early, as it likely will take some time to wrap your head around the complicated tax laws, find the right tax professional, research deductions and ensure that all your income numbers are correct. That does not mean, however, that you cannot start early. Taking initiative early is sure to make your life less stressful when the April 15 tax filing deadline rolls around.
Step 2 - Make Sure You Are Accounting for All Your Income
It's easy to overlook some of your income when you are self-employed, especially if you are juggling multiple clients and doing possibly hundreds of different gigs. If you let something slip through the cracks, however, the IRS is likely to call you on it -- and hand you a big tax bill for their trouble.
As you get ready to file your taxes, take the time to add up all your income across many different sources, including gig work, freelancing, consulting work, and anything else that brought in money in the year just past. You might even want to cross-reference that income against other sources such as bank deposits and payments by payment processors like PayPal, Stripe, and others. This final step could help you uncover income you might otherwise have missed.
Step 3 - Review Your Possible Deductions
The bad news is that being a member of the gig economy can cause some tax headaches but there is good news as well. As a gig worker or self-employed individual, you have access to some lucrative tax deductions, and now is the time to review and claim them.
Depending on your situation, you may be able to write off things like the amount you pay for internet access, phone service, and office supplies, and those deductions could lower the amount of income subject to the self-employment tax, an important consideration for gig workers and their families.
If you maintain a dedicated space for conducting business in your home, you may be able to take the home office deduction, but it is important to know and follow all the rules. Doing this wrong can trigger a nasty letter from the IRS. These rules can be complicated, and that brings up one final piece of advice.
When you work for a traditional employer, your tax filing needs are pretty simple. Your employer sends you a W2 at the beginning of each year, and you simply report the amount you made and how much you paid in taxes. From there, it's simply a matter of math, and in no time your taxes are done.
Your life and your tax situation are far more complicated when gig work and self-employment income are involved. Even if you have been comfortable doing your taxes up to now, your first year of gig work might also be the first time you reach out for help.
The gig economy is going strong, and this fast-growing segment of the economy is showing no signs of slowing down. If you have been working in this economy, you have enjoyed the freedom and flexibility inherent in the business model, but now it's time to pay the piper -- and the IRS. The three-step plan laid out above can make tax time at least a little easier, so you can get on with the rest of your life.
Owe Back Taxes?
If you find yourself a large surprise tax bill or a collection notice from the IRS, the steps you take next are absolutely critical. Trying to take on the IRS on your own is a dangerous, and potentially expensive, thing to do, and you should always contact a tax resolution firm.
By working with an expert, you can gain access to vital information about small business settlement programs the IRS offers. You can gain access to the expertise you will need to settle your tax bill for less than you owe and get back in the good graces of the IRS. Time is of the essence when the IRS comes calling, and with the interest and penalty clock ticking you do not have one second to waste. So call us, your tax resolution expert, for a case evaluation.