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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.   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

Why Doing Your Own Business Taxes or Resolving Your Own Tax Problem is a Terrible Idea

Running your own business means wearing a lot of hats, from office cleaner and supplies buyer to client schmoozer and payroll maker. But should you add tax preparer to your already long list of duties? What if you have a tax problem with the IRS? What if doing your own taxes creates a tax problem? We often see small business clients, clients with either a schedule C, or a corporation, partnership or LLC,   with payroll and income tax problems, or an audit, simply because they thought they could do it on their own.   It’s a bad idea. If you are used to doing your own taxes when you were an employee or freelancer, you may think that preparing the tax return for your small business will be no big deal. After all, there are plenty of great tools on the market, from expense tracking apps for your smartphone to software like QuickBooks for your laptop. But before you start scanning those receipts and filling out those endless forms, you might want to reconsider. Note; we enco

Tax Tips for the Self-Employed

Tax Tips for the Self-Employed: A Freelancer's Guide to Paying Taxes If you are an employee, you get a p aycheck every pay period and most likely pay little attention to your taxes until the end of the year. Your employer does a lot of the work for you and you get a W2 at the end of the year. However, if you are a freelancer or are self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to land there if you’re self-employed and don’t fully know what to do when it comes to taxes. Below are some simple tips to help you 1) reduce your tax liability and 2) keep you out of tax trouble. Make sure to check with your tax professional to discuss your unique situation. If you’re already tax trouble, you’re not alone but you must take action before the IRS levies your bank account or seizes any property you have. Contact us for a free, no-obligati

Top 10 IRS Audit Red Flags

Top 10 IRS Audit Red Flags No one wants to pay more income taxes than they are required to, but be careful if you do your own taxes. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later on. You don't have to do anything unethical to get your return pulled for an audit, you just have to raise too many of these red flags. If you’re in the middle of an audit or owe back taxes, contact us to schedule a free consultation.     Click here to contact us! 1.   Making too much money. Sounds like a problem everyone would like to have, but making over $200,000 may make you more likely to be audited. The fact is that there are fewer auditors, so the IRS is focusing on where they can make the most bang for the buck. 2.   Not reporting all your income. No matter how much or little you make, report everything. In some way or other, unless you run a strictly cash business (another red flag), all of your income is reported to the IRS. W2, 10