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Showing posts from 2021

Which Tax Records to Keep and For How Long. Do This And Avoid Tax Problems Later.

  Whether you are expecting a nice tax refund or preparing to write a big scary check, you know that April 15 is the annual tax filing deadline. What you may not know, however, is that tax day is every day at the IRS, and the tax agency is always reviewing the information taxpayers and business owners have provided.   That means that keeping tax records is about more than just smart bookkeeping - it is an integral form of self protection. You see, millions of Americans get letters from the IRS stating they owe back taxes or requesting more information about their tax returns.   It may be disconcerting, but the IRS has the right to request additional information months, or even years, after the return you filed has supposedly been processed and accepted. In fact, the much feared tax agency can request additional documentation for up to three years after the annual tax deadline has come and gone.   We help people resolve their back tax problems and often sett

Do You Owe Back Taxes? Take These Steps to Protect Yourself and Your Finances

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  Few things are as frightening as opening the mailbox and finding a letter from the IRS, especially when you know you owe them money. The much feared tax agency does not contact taxpayers just to say hello and receiving communication from them is not likely to be good news.   When your heart stops pounding and you get the courage to open the letter, you get another shock - in the form of a large amount due, one you cannot possibly afford. So what do you do, and how do you react?   The steps you take next could make all the difference, and here are some immediate actions you need to complete right away.   Step #1 - Stop Panicking, Take Action If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt. Click the link below. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about.    https://calendly.com/ fairtaxsolutions/30-minute- consultation-call   If you think you do

Key Things to Look for in a Tax Relief Firm

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No one wants to be on the bad side of the IRS, yet that is where millions of taxpayers find themselves each and every year. As enforcement efforts ramp up at the IRS, the number of letters and communications landing in mailboxes is continuing to increase and one of them could land in your mailbox.   If you do receive a notice from the IRS, it is important to act fast, especially if you cannot afford to pay what the IRS says you owe. You may be tempted to do nothing or ignore the situation, but every day   you wait will just make an already bad situation that much worse.   The good news is you may not have to pay what the IRS says you owe! There are a number of programs designed to give taxpayers relief, in many cases allowing them to settle their tax debts for much less. But before you can enjoy that financial relief, you need to find the right partner, and here are some key things to look for.   The Right Tax Relief and IRS Negotiation Experience. When you hire a tax rel

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