Thursday, October 27, 2016

IRS Problems? Eastside Tax Expert Answers Common Questions About Owing Money to the IRS

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Are you constantly thinking about how much money you owe the Internal Revenue Service? Do you worry about how, if ever, you will get out from under your tax debt? You are not alone! I work with people every day to solve their tax problems, and I can help you too. Below are some common questions about owing money to the IRS. If you’d like to know more, call me for a free consultation at (323) 363-2325.

Do I really need to hire someone to help me with my IRS problem? Can’t I just call them myself and work it out?

Let me put it to you this way: would you walk in to court without an attorney? Owing money to the IRS is like being sued by the most powerful entity on the planet. If you call them on your own, they will tell you to do what’s in their best interest, not your best interest. You need an experienced, authorized representative to keep the IRS in check. Doing so may save you thousands of dollars in the long run.

I haven’t filed my taxes for the past few years. What should I do?

You should work with me to file those returns as soon as possible. Just because the IRS hasn’t come after you yet doesn’t mean they won’t soon. The IRS moves slowly and has a backlog of cases. They will catch up to you and when they finally do, you will owe that much more in back taxes, interest and penalties. Being proactive will save you lots of money and headaches. And you might actually be due a refund and not know it, so file those returns.

Will I owe my tax debt forever?

No. This is some good news that not widely publicized. The IRS has only 10 years (in most cases) to collect from you, starting with the date the tax was first assessed. This ticking clock plays a key role in choosing the best strategy to resolve your tax problem. Timing is critical in a lot of cases, so be sure to work with a qualified representative who can quickly identify where you stand.

I saw an ad that said I could settle my tax debt for “pennies on the dollar”. Is that possible?

If you owe a substantial amount in back taxes to the government, you may be eligible to make what is known as an Offer in Compromise. This allows you to make an offer to the IRS for significantly less than what you owe. Not everyone is eligible, and sometimes there are even better solutions, which is why it pays to work with an expert who will spend the time needed to get to know you and your case.

I’m having a really hard time financially and literally can’t pay anything. What do I do?

You may qualify for currently not collectible status. That means that the IRS has determined that it cannot collect from you (without causing hardship) and will leave you alone for a specified period of time.

I got a letter from the IRS saying they are going to take money out of my bank account. Can they do this?

Yes, they can. But there are ways to stop it before it happens. If you are facing a lien or levy from the IRS, call me right away so I can take action to prevent financial harm being inflicted upon you.

I make a decent living, but can’t pay my huge tax bill all at once. Can I make payments?

Yes, it’s called an Installment Agreement and it is one of the most common tax resolution tools available. In fact, the IRS is required to automatically grant an installment agreement under certain amounts, making it a good choice for those who can pay but not all at once.

My best advice: never ignore the IRS. Doing so will only make your problems worse. I’m a local, friendly, licensed tax resolution expert who will get you the best possible outcome for your situation, no matter how bad you think it is. Call me to set up a free consultation at (323) 363-2325, and take the first step toward putting your IRS problems to rest. Permanently.

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