The Most Tax Debt We’ve Ever Seen
This client was hit with a $2.6 million tax bill from the IRS… All because they didn’t file 1099s for their subcontractors. Yes, you read that right — $2.6 million! They were audited and penalized for not reporting their payments correctly. The IRS disallowed ALL their subcontractor expenses and dropped a massive assessment on them. […]
If You Withdraw From Your 401(k) Too Early…
If you withdraw from your 401k before age 59 you typically face: A 10% Early Withdrawal Penalty The IRS imposes this penalty on the amount withdrawn. Income Taxes: The withdrawn amount is taxed based on your ordinary tax income bracket. Here are some ways to access your 401k funds with without the penalty: You can […]
Struggling with IRS Negotiations?
Let us help! Negotiating with the IRS can be complex, stressful, and costly if handled incorrectly. Without the right knowledge and experience, you risk paying more than necessary or facing legal consequences. Here are some common challenges when dealing with the IRS: — > Common Problems When Negotiating with the IRS: Confusing Tax Laws: The […]
IF YOU HAVE MULTIPLE YEARS OF UNFILED RETURNS – FOLLOW THESE STEPS:
2. Determine your filing requirements Check what you were required to file in each year based on income thresholds and filing status. Complete the tax returns for each unfiled year, starting with the oldest. Overdue balance including penalties and interest. Consider payment options like an installment agreement or Offer in Compromise if you can’t pay […]
Why We Focus on Tax Debt Relief
My Passion for Taxes Began…While working for a small accounting firm. That experience inspired me to branch out on my own where I quickly discovered a much bigger challenge than just filing taxes. Many clients facing a tax balance were unaware of their options for managing and paying back taxes. That’s why we specialize in […]
