That is exactly what happened to my client, Susan. The IRS filed substitute returns on her behalf and assessed her with over $70k in taxes, penalties, and interest. Why? Because when the IRS files for you, they don’t include deductions, credits, or business expenses. They use the highest possible tax rate and base it on […]
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. […]
Listen up! If you owe the IRS don’t let your tax debt hit $10,000. Once you cross that threshold the IRS slaps you with a tax lien, wrecking your credit and making it nearly impossible to buy a house, get loans, or even secure certain jobs. Here’s how to stay under the radar: 1. If […]
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your 401k before age 59 you typically face: A 10% Early Withdrawal Penalty The IRS imposes this penalty on the amount withdrawn. Income Taxes: The withdrawn amount is taxed based on your ordinary tax income bracket.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 […]
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 […]
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 […]
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