Tax Debt Problems in Waco TX 76701

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Home > Texas > Tax Debt Problems in Waco TX 76701

Tax Debt Waco TX

If you need IRS tax relief when it comes to the unpleasant chore of filing as an independent contractor, you are not alone. This category of tax law is poorly understood by many people, and results in a very busy month of April for professional tax preparers.

There are several criteria that the IRS uses to determine if someone is an independent contractor. The main consideration is whether or not the Tax Relief Programs Waco TX taxpayer received a W2 form from an employer. In cases where a 1099 was issued instead of a W2, the IRS by default considers that person an independent contractor.

Independent workers pay the entire Social Security tax burden, which is normally shared between employer and employee. If you work for yourself, you have to pay both sides of the bill. The only saving grace to the Schedule C, which is the Waco TX form you will use to file as an independent contractor, is the business expense section. There, you will achieve a bit of IRS tax relief by deducting your annual business expenses from business income. The IRS is keen on documentation for this category, so make sure you maintain adequate records throughout the year.

After filling out the Schedule C and including it with your personal tax return, you are all through. Irs Debt Settlement Waco TX The process sounds much simpler than it is because many small businesses are quite complicated enterprises. Perhaps your expense category included depreciation or a loss due to property damage. In these and many other situations, you may seek IRS tax relief from a professional in order to file correctly. The last thing you need is for the IRS to audit your Schedule C and disallow some of the large deductions.

The Waco TX typical types of businesses that fall under the independent contractor category include just about anything that is done at home, unless the employer provides a W2 form for the work. Childcare, freelance writing, personal services, and even tax preparation are standard types of contract jobs.

For IRS tax relief regarding filing as an independent contractor this year, it is best to consult a tax professional. That way, you Waco TX will know that you are filing under the correct category and are taking the largest, legally allowable deductions for your specific situation. Independent contractor filings can be tricky and usually require at least a bit of outside help, so be sure you find help early on to avoid the rush.

 

Tax Relief Programs Waco TX

 

There are many rules and regulations by the IRS. It is not necessary to know everything. As a matter of fact, many IRS Agents do not know everything. Most IRS Agents don’t know much at all and either mislead or misrepresent the facts to the taxpayer.

The IRS is so short-staffed that only 61 percent of the more than 100 million customer service Irs Debt Waco TX phone calls made to the Internal Revenue Service last year were answered according to the nation’s Taxpayer Advocate in their report to Congress.

They also estimate that of the nearly 40 percent of phone calls they do answer, they actually provide over 8 million Americans with the wrong answers to even the most basic inquiries about the tax laws.

Money to train IRS customer Waco TX representatives also was cut, from $172 million in fiscal 2010 to $22 million in fiscal 2013, which increased that taxpayers are receiving incorrect information or no information. And listen to this, The IRS has announced it plans to stop answering tax law questions to the public after this year’s tax filing season ends. That means come Aril 16th if you call the Tax Attorney Waco TX IRS, you can expect little to no help.

Nina Olsen, the head of the Tax Payer Advocate Service said “At the risk of vast understatement, it is a sad state of affairs when the government writes tax laws as complex as ours, and then is unable to answer any questions beyond ‘basic’ ones from baffled citizens who are doing their best to comply,” Waco TX Olson said.

“In addition, the IRS will discontinue its longstanding practice of preparing tax returns for low-income, elderly, and disabled taxpayers who seek help,” Olson’s report says.

Here are some additional facts:

Fact: It is not illegal to owe taxes, but it is illegal not to file.

Fact: The IRS charges over 140 different penalties based on taxpayers situation. Many are for businesses.

Fact: The IRS is Waco TX the world’s largest debt collector and will do whatever it takes to get their money.

Fact: If the IRS imposes a wage garnishment, they can take up to 70% of the taxpayers check. They provide the employer with a garnishment rate sheet.

Fact: We can get the wage garnishment, levy or lien either stopped BEFORE it happens or, lifted if already in place.

Fact: Penalties Waco TX to taxpayers are implemented by the filing date if the taxpayer has not paid their tax due in full. The IRS will impose a ‘Failure To File’ penalty of 25% and/or/or both a ‘Failure To Pay’ penalty of 25%.

Fact: If a taxpayer has not filed their taxes for past years and the IRS has their wage and income information, the IRS can Waco TX file on behalf of the taxpayer. This is called a ‘Substitute For Return’ (SFR). It is the worst type of filing for the taxpayer because the IRS files as single, no dependents, no deductions and no benefits. It generates the highest amount of taxes to be paid by the taxpayer.

Fact: There is a 10 year ‘Statute of Limitations’ to collect back taxes. Waco TX However, that 10 year time period can be adjusted based on circumstances.

Fact: Interest is charged on unpaid back taxes and penalties assessed from the time the payment was due. Interest rates are set by Congress quarterly and they base it on inflation and present interest rates. The current rate is 3% annually, However, that rate is COMPOUNDED DAILY so it means that Waco TX every day (365 days a year) the amount of tax owed goes up.

Fact: The IRS charges additional fees in addition to penalties and interest. The most common fees are to set up an Installment Agreement (I/A) or an Offer in Compromise (OIC). These fees vary based on circumstances.

Fact: The IRS is NOT a part of the Federal Government (More on that later).

Fact: Waco TX The IRS reviews every tax return by computer. If the computer sees a discrepancy between the filed tax return and what they have on file from employers and other income sources it will automatically raise a red flag and an internal audit will happen. It will take 3 to 4 months before the IRS computer matches filings. The taxpayer will not be Waco TX notified for at least 3 to 4 months after that.

Fact: When the IRS issues an “Intent to Levy” letter to the taxpayer, it gives the taxpayer 30 days to respond. If taxpayer does not respond the Levy/Lien is imposed. Some people do not respond out of fear. Some people call us. Some people call the IRS.

These are just some facts for taxpayers Waco TX to understand. You can be further educated by visiting our website. In addition, you can request a free copy of our eBook “The 7 Biggest Mistakes When dealing With The IRS.”

 

Irs Debt Settlement Waco TX

 

If you receive a tax bill this summer for outstanding taxes, you are expected to pay that bill in full including any penalties and interest. If you can’t pay the outstanding balance, it is sometimes prudent to get a loan to pay the bill in full rather than to make installment payments to the IRS. This is because acceptable Installment Agreements (IA’s) require approval. Often, what the IRS approves could Tax Relief Help Waco TX be beyond your capacity to pay. Any amount sent will be deducted from your balance, however you still could be vulnerable to collection enforcement action.

The Internal Revenue Service (IRS) is the world’s most powerful collection agency. Often, tax payers that owe taxes find themselves in difficult situations due to the harsh tactics used to collect. The IRS can levy your bank account, wages, investment(s), place liens on your property, and Waco TX even destroy your credit.

The good news is the IRS also offers many different resolution options designed to assist tax payers who may not be able to pay their tax liability. The bad news is a very large percentage of tax payers that owe make the biggest mistake of all. They fail to respect the IRS instead of fearing them.

As such, the first thing to do is don’t ignore any notices Irs Settlement Waco TX you receive. Most notices provide amble opportunity for you to respond, or obtain additional time to respond if needed. Next, schedule a consultation with a licensed tax professional. Licensed tax pros have demonstrated proficiency at understanding how to apply the rules that govern various tax scenarios and compliance issues.

Another important step is to review the tax return(s) from which your tax liability derived. Simple mistakes, like claiming income or deductions Waco TX twice could cause you to miss eligible deductions or increase your tax liability. This could be easily corrected by filing an amendment.

If your liability has been caused due to underpayment and you’re a W-2 employee, make changes to your withholding amount to ensure that you don’t create another tax bill moving forward. If you are an independent contractor who receives 1099’s, ensure that you make estimated tax payments moving forward. Waco TX This will go a long to show that not only have you corrected the problem, but you plan to be compliant moving forward.

In addition, inquire as to how to minimize penalties and interest. Owing a tax liability can be challenging enough without added assessments that could increase your tax bill significantly. You may qualify for exceptions to underpayment of tax penalties, or penalty abatement.

Finally, don’t panic. If you respond reasonably Waco TX to notices and are honest with the IRS, they are not bad creditors to deal with. If all else fails and you can’t afford professional assistance, contact your local tax payer’s advocacy. You may qualify for free assistance.

 

Back Taxes Help Waco TX

 

Are you a small business owner or a corporate employee who is looking to solve tax related issues? Or maybe you are just an average person that has had some major financial setbacks over the past couple of years and have not been able to pay your back taxes? If any of these are the case then you should consider consulting with an experienced tax relief attorney Tax Debt Help Waco TX who can help you get out of serious tax related issues. These lawyers can assist you by providing you with all of their expertise and knowledge in getting maximum possible tax relief. Most people know virtually nothing about the tax rules and regulations, and even fewer know the correct way to handle tax debt issues. Using a qualified tax attorney may be the perfect solution to your Waco TX problems.

If you are looking to reduce the back taxes that you owe then you should seek experts that can guide you to the various tax relief programs available to citizens. You can reduce the tax debts on your overall income and assets with the help of such relief programs. For most business owners and corporate employees, there is usually a program or two that can help reduce Optimum Tax Relief Waco TX the total amount of taxes owed. Often times getting such help from state and federal authorities is a daunting task. Most of the times, you will find it difficult to contact these government authorities and insist them to work for you. Having a qualified tax relief attorney on your side can making finding these programs (and getting approved for them) much more likely.

Going about this alone may Waco TX be one fatal mistake you’d probably like to avoid. Having a tax relief attorney on your side can be a godsend. These experienced lawyers can provide you all types of legal services like full audit representations, penalty abatement services and compromise petitions. You can find them either working at a firm or working as a sole practitioner. You can also get tax forms preparation and filing services Waco TX from these lawyers.

You need to find lawyers who have proper training and experience about tax relief programs. The legal professional that you choose should be well aware about all the latest updates of state as well as federal level tax regulations. If you want tax reduction in your business then be sure to select tax relief attorneys that have experience dealing with business taxes. In many cases, Waco TX you can get the amount of your tax debt drastically reduced. Unless you are familiar with tax laws and regulations, getting this type of reduction is mostly likely achievable when you have an experienced tax relief attorney on your side.

There are other important services like audit representation, tax advice, investment advice, trust fund recovery and levy management which are offered by these lawyers. They have all the Waco TX expertise regarding rules, regulations and all the legal procedures related to tax penalties. If you fail to pay your due taxes then IRS (Internal Revenue Service) can charge you one or more of the approximately 140 different types of tax penalties.

You can defend yourself in the court against the IRS levied penalties. If you have legitimate reasons like natural disasters, illness, death of a family member, etc, Waco TX then you can fight against the back taxes with the help of a reliable and experienced tax relief attorney. These experienced lawyers can reduce your tax debts with their expert knowledge and can save you a lot of money in the process.

 

Tax Relief Services Waco TX

 

Struggling with mounting debts? With professional help from your local tax attorneys and back taxes relief specialists, you can settle your financial woes and get back on a strong footing once again!

Does it seem like you’ll never get out from under the weight of your back taxes? Is the stress and financial anxiety of a tax debt making your life unbearable? Don’t suffer with your financial problems a moment longer: you Tax Attorney Waco TX need professional tax resolution services. With help from trained, compassionate experts you can put your tax problems securely in the past! Keep reading to learn how tax attorneys and tax debt resolution specialists can help you.

If you’re behind on your payments; if you’re worried you’ll never be able to pay back your tax debts; if you’re dealing with penalties, wage garnishment, liens, or levies, you need the help of a professional Waco TX tax resolution company. Often branches of accounting firms, these experts specialize in helping people and businesses just like you overcome their tax problems. While it’s easy for an individual to be intimidated by the IRS, these professionals have the experience and hands-on know-how to navigate complex tax codes to help you resolve your back taxes both efficiently and effectively.

Tax resolution specialists can help you create a customized plan to eliminate your Tax Attorney Waco TX tax problems. Offering solutions for both state and IRS back taxes, they can make certain you achieve the best possible outcome for your specific tax woes. Among the potential options for your owed back taxes issues, most tax debt pros offer:

 

  • Late Tax Return Filing
  • Solutions for Liens, Levies, and Wage Garnishment
  • Offers in Compromise
  • Penalty Abatement Negotiations
  • Innocent Spouse Relief Claims
  • Tax Audit Representation

 

So if you have back tax problems, Waco TX don’t go it alone. Get trained, professional accountants on your team and let them help you put your tax problems where they belong: behind you! Tax resolution can help you get on with your life, so don’t wait to call a tax relief pro for your customized tax resolution plan!

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