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Made a Mistake On Your Tax Return? Here’s What To Do.

  Tax returns can be complicated and tricky to understand. Even for a professional, it can be surprisingly difficult to get every number and detail right .   Often, you only notice the mistakes when you take a casual look at your return days after you submit it online or drop it in the mailbox. Or worse, the IRS sends you a letter telling you something is off.   So i s there anything that you can do after your return is in?   Actually, there's a lot that you can do. But if you don’t know where to start, it’s best to leave it to a professional. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about. We help people who owe back taxes or have back tax debt. Call us today for a free consultation at (470) 305-1233, or visit us online at www.fairtaxsolutions.com!   3 Major Types Of Mistakes There are many red flags the IRS looks for on each tax return, but here are 3 common ones taxpayers make.   1: Not reporting all your in

Self-Employed and Gig Workers: Should You Claim the Home Office Deduction?

  Self-Employed and Gig Workers: Should You Claim the Home Office Deduction?   The rise of freelancing, self-employed and gig work is one of the biggest labor stories of the last 20 years. More and more workers have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. COVID-19 only accelerated this trend.   Working as a freelancer or gig worker can also open up a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability to write off office supplies and other essentials, this class of workers enjoys some truly phenomenal tax breaks.   Generous Deduction or Audit Trap? One of the most generous of those tax breaks is also one of the most misunderstood. The home office deduction has been around for decades, but many freelancers and memb

The Procrastinator's Guide to Surviving Tax Day

  If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference.   Most Americans voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law.   There are times when normally law-abiding citizens fail to file. Why? IRS research shows that sometimes people don’t file in years their filing status changes, such as due to the death of a spouse or divorce. Emotional or financial reasons may cause a person to not file. Or it could simply be due to procrastination.   Unfortunately, failing to file a return c

Filing Your Taxes When You Know You'll Owe Money to The IRS

  Filing Your Taxes When You Know You'll Owe Money to The IRS   As we being the new year, most people are thinking about their taxes. Planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes.  In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to the IRS or state.   Note : If you already have tax troubles or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed. Return to the main page of www.fairtaxsolutions.com to learn more.   Report All Your Income One of the biggest reasons people get in trouble with the IRS is their failure to report income. Oftentimes it’s an honest mistake and they simply forget about income they’ve made throughout the year.   -Did you take on a consulting gig? Your client might have f

Do You Need A Tax Attorney if You Owe Back Taxes?

  Do You Need A Tax Attorney if You Owe Back Taxes?   If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing.   When you owe the IRS back taxes, it’s best to have the right tax relief firm representing you so you can get the best result possible. Don’t try to face the most brutal collection agency on the planet alone. You’ll be sorry you did.   In this article we talk about some of the differences between a tax attorney and someone who specializes in tax relief and IRS negotiation.   Note : If you already have a tax problem and owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of

Did You Know You Might Owe Taxes On Debt That's Forgiven? Here’s How It Works.

  Did You Know You Might Owe Taxes On Debt That's Forgiven? Here’s How It Works.   When you owe creditors money that you can't afford to repay, sometimes you may be able to get the debt forgiven or otherwise canceled. When this happens, you no longer owe your creditors the money that you used to owe them.   The IRS, however, usually treats such canceled debt as income that you've received. Income that you could owe taxes on . If you fail to report it or fail to pay your taxes on the cancelled debt, you’ll end up owing penalties and interest and over time, that could be just as big of a hassle as your original debt.   Note : If you have any tax trouble or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed. Go back to our home website to learn more about how we can help you.   When Do I Not