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How Taxes Can Threaten Your Well Being?

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How Taxes Can Threaten Your Well Being? There are few things that can threaten your well-being. This is a big one. The harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. Procrastinate,  attempt to represent themselves, and hire sub-par representation.

Here are some kinds of services a Tax Attorney can provide: Compromise Cases, Penalty Abatement Petitions, and Full Audit Representations Business Strategy Sessions. Preparation and Filing of Tax Returns. Settle your taxes for Pennies on the Dollar owed, Stop IRS wage and bank levies (garnishments), Have property liens lifted, get affordable installment agreements, File bankruptcy against the IRS, have penalties and interest forgiven, reduce taxes by running out the IRS’ time to collect. Offer in Compromise: Settle your taxes for Pennies on the Dollar owed Professional law offices can help you get a favorable settlement with an experienced IRS tax attorney. The IRS’ Offer in Compromise program allows taxpayers to settle their tax debt.

What is an IRS offer in compromise?

It settles your tax liability for less than the full amount owed, providing you can prove you don’t have the ability to pay. Depending on how much you can afford, you really can pay “Pennies on the Dollar Owed” in taxes. If it is done correctly – this option could save you an enormous amount of money and is the best strategy for most taxpayers. You should take extreme caution. You should hire a professional with knowledge of the IRS’ procedures. This professional should determine the least amount that the IRS will accept from you. If the Offer is not submitted correctly it will be rejected, or you may be required to pay more than is necessary.

An Offer in Compromise may save you a LARGE amount of money. Do you know that the IRS only has a limited time to collect your back taxes? Let a Professional Tax Attorney determine when the IRS’ time limit to collect taxes runs out. In most cases the IRS has only a limited time to collect the unpaid taxes. You must CAREFULLY evaluate exactly when that period will run out. Your troubles may be solved. and moreover: If the IRS’ time has run out, or if it will run out soon, your troubles may be over.

Delaying tactics may be used to stall the IRS while their time runs out. Once the IRS is out of time, they MUST stop ALL collection action against you.

The IRS MUST release all property liens.

TAX RETURNS – FAILURE TO FILE

Many people fail to file Individual Income Tax Returns for a variety of reasons. Some reasons are innocent, although the most common is the fact that people can’t afford to pay the taxes.

When this happens, it becomes difficult to get back into the system. “I filed for 1998. I could not pay for 2000, so I did not file. Then I was afraid to file for 2001. I haven’t filed since then. What can I do now?”

If you do not file Income Tax Returns you commit a criminal offense. However, no one who has voluntarily filed back returns before being caught has ever been criminally prosecuted. That is the first key: filing BEFORE they catch you.

IRS Penalties
Some IRS penalties can be as high as 100% to 150% of the original taxes owed. Even if you could pay the taxes owed, the extra penalties will make it impossible to pay off the entire balance.

The IRS imposes penalties to punish taxpayers and keep them in line. The IRS does forgive penalties. Before you pay the IRS any penalty amounts, you may want to consider requesting the IRS to not punish you because it was not your fault.

 

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