Monday, November 7, 2022

TAX RELIEF OPTIONS FOR THE SMALL BUSINESS OWNER

 If you are running a small business, you have one unwanted partner that will dig into your pocket every year, it’s the IRS. The IRS wants to know what you are doing, how much you are earning and most importantly how much you are paying in taxes, and the tax agency is becoming increasingly aggressive in this regard. 

While the audit rate for individual returns has been hovering at far less than 1%, the audit rate for small businesses can be as much as 10 times higher.



 

NEED HELP WITH AN OFFER IN COMPROMISE, TAX DEBT HELP, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 

ADVANCE TAX RELIEF LLC

Call (713)300-3965

www.advancetaxrelief.com

BBB A+ RATED

 

 

 

It does not matter if you operate as a sole proprietor and use Schedule C to claim your income or if you are set up as a C-corp, S-corp or LLC - the IRS is watching what you do, and if they think you are not paying your fair share they will certainly come calling. 

When that demand letter from the IRS arrives, knowing what to do next can make all the difference, and the more you educate yourself the easier it will be to deal with and eliminate, the tax debt.

 

Note: As a tax resolution firm, we always recommend that you reach out to a professional who knows how to aggressively negotiate and defend you against the IRS on your behalf. If you owe back taxes, are under examination or are under audit, our firm can help negotiate with the IRS and potentially settle your tax debt. Call Advance Tax Relief at (713)300-3965. 

 

Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about.

 

Small business owners are increasingly the target of enforcement efforts by the IRS, but the IRS does have some programs in place to make paying what those business owners owe easier. In some cases, those small business tax relief and tax resolution programs let you settle for less than what you owe, but qualifying is not as straightforward as you might think.

 

For businesses that may be eligible, the assistance of a tax resolution specialist is absolutely critical. These experts can help guide you through the process and make sure you qualify, so you can rest a little easier and get back to building your business.

 

Payment Plans/Installment Agreements

If the amount your small business owes to the IRS is relatively small and you do not want to deal with additional hassles, it may make sense to pay the entire bill in full. If paying in full would be a hardship, the IRS does offer payment plans and setting one up can make paying back what you owe easier and more financially palatable.

 

Keep in mind that interest will continue to accrue while the debt remains outstanding, and that is something to think about.

 

Offer In Compromise 

If you’re under a lot of financial hardship, it may make more sense to try for 

an offer in compromise (OIC), a special IRS program that could allow you to pay back much less than you owe.

 

The offer in compromise program is a popular one with individual taxpayers and small business owners. If paying the entire amount would create a financial hardship for you, your family or your business, a tax resolution specialist can help you make the case to the IRS that you deserve a break.

 

What’s the best option?

Each of these options has its pros and cons, and it is important to understand how these programs work and who qualifies to use them. If your small business is in trouble with the IRS, taking the right action right away could reduce the amount you owe, give you some breathing room and allow you to focus on your clients - not on your taxes.

 

Running a small business has its challenges, but those difficulties are nothing compared to the stress and anxiety small business owners feel when dealing with the IRS. With so many small business owners now in the IRS crosshairs, it has never been more important for freelancers, gig workers, and the self-employed to have an advocate in their corner.

 

If you find yourself on the wrong end of an audit, an examination, a tax bill, or an enforcement action from the IRS, the steps you take next are absolutely critical. Trying to take on the IRS on your own is a dangerous and potentially expensive thing to do, and you should always contact a tax resolution firm.

 

By working with an expert, you can gain access to vital information about small business settlement programs the IRS offers. You can gain access to the expertise you will need to settle your tax bill for less than you owe and get back in the good graces of the IRS. Time is of the essence when the IRS comes calling, and with the interest and penalty clock ticking, you do not have one second to waste. So call us, your tax resolution expert, for a case evaluation.

 

Contact Advance Tax Relief to Help Deal with Back Taxes

If you have a tax levy on your paycheck or the IRS is threatening you with one, you need a tax professional who specializes in tax debt relief on your side.

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

 

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today at (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies


Wednesday, November 2, 2022

IRS COLLECTIONS HAVE BEGUN. WHAT TO DO IF YOU OWE BACK TAXES.

2020 threw a huge wrench into everything and the IRS collections proceedings are no exception. With the tax, deadline pushed until July 15th and a lot of the IRS closed under shelter-at-home orders due to COVID-19, to the IRS being tasked with sending millions of Americans their stimulus checks, the IRS collections proceedings took a backseat.

 

If you owe back taxes you might just assume you got some breathing room. However, things are starting to pick back up.



 

NEED HELP WITH AN OFFER IN COMPROMISE, TAX DEBT HELP, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 

ADVANCE TAX RELIEF LLC

Call (713)300-3965

www.advancetaxrelief.com

BBB A+ RATED



According to the Taxpayer Advocate, as of late June 2020, the IRS generated more than 20 million notices, yet these notices were not mailed to anyone. The IRS is once again starting to send threatening notices to taxpayers who owe back taxes. 

 

Stop Tax Levy Symbol — Houston, TX — IRS Tax Fighters

 

In this article, we share a few things you must do in order to get out of tax trouble and settle your back-tax debt.

 

IMPORTANT: We highly recommend readers to reach out to our firm first. Our clients never have to talk to the IRS, and tax resolution through our firm can save you money and time in the long run. You might also be eligible for other relief programs or get your penalties forgiven. Reach out to our firm, Advance Tax Relief, today for a consultation by calling 713-300-3965. 

 

FILE BEFORE JULY 15th

Before we talk about any tax relief options, you must first get into compliance. That means being current on all your tax return filings, including your 2019 tax return.

 

If you missed the deadline, you must still file as soon as possible before you begin exploring tax relief options. If you have multiple years of unfiled tax returns, reach out to our firm for help today.

 

PENALTIES AND INTEREST

 

Any time you do not pay your taxes, the IRS first hits you with a club called penalties and interest. Under normal circumstances, these penalties start accruing from day 1 after the tax deadline. Because of COVID19, The IRS is providing additional time to respond before interest or penalties apply. 

If your tax bill already has penalties, our firm might be able to help remove some of the penalties by negotiating with the IRS on your behalf.

 

OFFER IN COMPROMISE

You might have heard advertisements about settling with the IRS, or the IRS Fresh Start program. Not everyone qualifies for it, but if your income or business was drastically affected by COVID19, there is a chance you can qualify now. This means the IRS will reduce your tax debt to a fraction of what you owe. 

 

It is important to hire a tax relief firm like ours to walk you through this process and properly represent you before the IRS. Talking to the IRS before talking to us would be like going to court without a lawyer. 

 

DON’T TALK TO THE IRS IF YOU OWE $10k OR MORE.

 



Even though things are tough right now, the IRS’s main job is still to collect the taxes it thinks you owe them. That by nature pits them against you. Often talking to the IRS can be a treacherous path and you risk the chance of saying something self-incriminating. Save yourself the headache, time, and money by reaching out to our tax relief firm today. You would not go to court without a lawyer and you definitely do not want to approach the IRS without expert representation.

 

 

Contact Advance Tax Relief to Help Deal with Back Taxes

If you have a tax levy on your paycheck or the IRS is threatening you with one, you need a tax professional who specializes in tax debt relief on your side.

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

 

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies


Tuesday, November 1, 2022

SELF-EMPLOYMENT TAXES AND COMMON TRAPS TO AVOID SO YOU DON’T OWE BACK TAXES

Self-employment can be a rewarding career decision, but it can lead to higher taxes and tax returns that are more complex that what you initially bargained for. 

If you’re self employed, it is important to understand how taxes work so you can avoid making a mistake and owing more than your fair share of taxes. 

Note: If you owe back taxes and need tax relief, our firm can help! We specialize in resolving complicated self-employed and small business back tax problems. 



 

NEED HELP WITH AN OFFER IN COMPROMISE, TAX DEBT HELP, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 

ADVANCE TAX RELIEF LLC

Call (713)300-3965

www.advancetaxrelief.com

BBB A+ RATED

 

 

Definition of Self-Employment

The IRS considers you to be self-employed if you work as a contractor, freelancer, small business owner or are otherwise in business for yourself. If you earn income directly from clients and you don’t have an employer that withholds money from your pay for tax purposes, you are self-employed.

 

Tax Withholding and Estimated Taxes

 

If you work as an employee, your employer automatically takes a certain amount of money out of your pay each month to cover your tax obligations, which is called tax withholding. 

 

Self-employed workers do not have an employer to withhold income for tax purposes, so they are responsible for paying their own taxes to the IRS through estimated tax payments. Estimated tax payments must be sent to the IRS on a quarterly basis if you expect to owe at least $1,000 in income tax at the end of the year. 

 

The due dates for estimated tax payments are April 15, June 15, September 15 and January 15. Failure to plan properly and pay enough estimated taxes during the year can result in a tax penalty and a large surprise tax bill. If you pay at least 90 percent of the tax you owe or 100 percent of the total tax you owed from the previous year, the IRS typically will not assess a tax penalty. 

 

Self-Employment Taxes

 

Self-employed workers must pay the self-employment tax (SE tax) which goes toward Social Security and Medicare in addition to normal income tax. Employees split the cost of paying into Social Security and Medicare with their employers, but self-employed workers must pay the full amount themselves. 

 

We always recommend hiring a professional to handle your taxes and stay compliant, but we especially recommend hiring a qualified tax relief firm if you find yourself behind on any taxes or you’re hit with a large tax bill you can’t afford to pay.

 

Do I Have To Report Side-Income If I Have A Normal Job As Well?

 

Individuals with self-employment income must file an income tax return if they have net income from self-employment of $400 or more. In addition, you must report any self-employment income you make during the year on your taxes even if you hold down a normal job. 

 

For example, if you work as an employee year round but you take on small contract jobs on the side to make extra cash, that money must be reported as self-employment income when you file your tax return even if you don’t make enough extra cash to warrant paying estimated taxes.

 

It’s a common misconception that you don’t have to file or report income if it’s “cash” or if it’s from a side hustle. Not reporting it could lead to more trouble than it’s worth and the IRS will add penalties and interest on top of the taxes owed.

 

OWE BACK TAXES?

 

If you’re going to owe money to the IRS after filing your return, it’s important to note that only experienced firms like ours are able to handle tax debt cases since negotiating with the IRS requires specialized skills that often fall outside of the scope of most conventional accounting, tax, and tax law firms. 

 

Our firm specializes in tax problem resolution. We can serve clients virtually so don’t hesitate to reach out. If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem.

 

Contact Advance Tax Relief to Help Deal with Back Taxes

If you have a tax levy on your paycheck or the IRS is threatening you with one, you need a tax professional who specializes in tax debt relief on your side.

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

 

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies


Monday, October 10, 2022

HAVE UNFILED TAX RETURNS? WHAT TO DO..

Filing your taxes is never a fun thing to do, but if you don't file them at all then the IRS will come calling. They have unbridled power to file a return on your behalf in their, not your, best interest.

 

They have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years' worth of unfiled returns only adds fuel to the fire!

 

The IRS is always on the lookout for taxpayers who have not filed legally required income or payroll tax returns. If you have unfiled tax returns, it’s only a matter of time before they find out and demand the tax return and their money with penalties and interest! When it gets to a point where the IRS contacts you, the amount they claim you owe will be far greater than the amount you actually owe if you haven’t filed. 



 

NEED HELP WITH AN OFFER IN COMPROMISE, TAX DEBT HELP, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 

ADVANCE TAX RELIEF LLC

Call (713)300-3965

www.advancetaxrelief.com

BBB A+ RATED

 

You don’t want this situation and unfortunately in these circumstances, the amount they claim you owe is what you will have to pay unless you prove otherwise.

 

Before we jump into it, if you have back tax debt or years of unfiled tax returns, contact our firm for a consultation. You won’t have to talk to, or meet with the IRS and our firm can provide the peace of mind you need to resolve your tax issue.

 

The longer you wait, the worse the situation will become. Here are some important steps you can take if you have unfiled returns with the IRS.

 

 

Get Your Documentation

If you’ve been neglecting your taxes for too long, it's time to take care of things. An experienced tax resolution firm can help get things back on track and oftentimes, even if the records are missing or destroyed, there are alternative methods to reconstruct your tax return. However, only a tax resolution professional will be able to accomplish this.

 

If you are missing W2 and 1099 forms from past years an experienced tax resolution pro has the ability to retrieve these as well.

 

Go Through the Numbers

The fear of not having the money to pay has caused many people to avoid filing their returns altogether , but those worries are often misplaced.

According to the IRS statistics approximately one-third (34%) of all unfiled federal tax forms may actually be due a refund! Now that you have all the documentation you need, it is time to run the numbers. And while you may not be able to get exact figures without filing the returns, you can get an idea of how much you might owe.

 

Hire a Professional

Whether you are an individual, partnership or corporation there is a strong temptation to let your past mistakes go. But doing so would put both financial security and freedom at risk - which makes filing those old tax

 

returns seem like tempting fate instead of bravely taking on the challenge ahead! It is a misdemeanor and possible jail time for failing to file legally required income tax returns. Don’t let this happen to you.

 

The IRS will assess a 25% failure to file penalty as well as up to a 25% failure to pay penalty, plus interest. Just filing your return, even if you can’t pay, will save you big time!

 

When you're dealing with back taxes, it's important to have someone on your side who knows what they are doing. A tax resolution professional can give invaluable advice and guidance about how to lower the amount that the IRS claims you owe and the best steps moving forward for your situation.

 

You're not alone in the battle against the IRS. The IRS is ready and waiting for you, so it's best to have an expert on your side who knows how to get the help you need and deserve.

 

A tax resolution professional can give advice about what needs to be done; from gathering documents like W-2s or 1099’s right down to making sure everything looks perfect when filing those unfiled returns.

 

Contacting the IRS on your own is not only a scary thought, it’s highly not recommended, but avoiding them will make your situation worse. When you don't file your taxes and lose track of what's owed to the government it can have devastating consequences for both yourself personally as well as financially. The IRS stores detailed records of everyone in their database

 

and chances are, you are already on their radar due to your lack of compliance.

 

Filing those returns ASAP will go miles in helping you get back on track before any more damage becomes irreversible. Filing your taxes might seem like a daunting task, but there is help for you. The right professional can make things right with the IRS and relieve the stress from this difficult situation.

 

The stress of not filing taxes can be enough to make you lose sleep. What's worse, IRS problems usually affect all aspects of one's life. Do yourself and your sanity a favor by filing your returns now; it isn't nearly as scary or daunting as receiving the final collection letter from the IRS or getting your bank accounts levied.

 

Contact Advance Tax Relief to Help Deal with Back Taxes

If you have a tax levy on your paycheck or the IRS is threatening you with one, you need a tax professional who specializes in tax debt relief on your side.

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

 

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies


Thursday, October 6, 2022

SELF-EMPLOYED? HOW TO PREPARE FOR TAX TIME AND AVOID GETTING INTO TAX DEBT

One of the biggest stories in the world of business is the growing shift toward self-employment. An ever-increasing number of men and women are saying goodbye to their colleagues, their cubicles, and their corporate overlords, choosing instead to make their own way in life.

 

If you are one of these self-employed individuals or a new member of the gig economy, tax filing season could be more complicated than you think. Instead of merely plugging in the numbers from your W2, you will need to gather multiple forms, crunch the numbers, seek out deductions and look for solutions to tax problems you did not even know existed.



 

NEED HELP WITH AN OFFER IN COMPROMISE, TAX DEBT HELP, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 

ADVANCE TAX RELIEF LLC

Call (713)300-3965

www.advancetaxrelief.com

BBB A+ RATED

 

Faced with those difficulties, you will want to start your tax planning early. Here is a step-by-step plan for making the April 18 tax filing deadline a little bit less daunting.

 

Note: If you find yourself in tax debt, owe back taxes, or are under audit, our firm can help negotiate with the IRS and potentially settle your tax debt. As a tax resolution firm, we always recommend that you reach out to a professional who knows how to aggressively negotiate and defend you against the IRS on your behalf. Call us today. Our tax resolution firm can navigate the IRS maze so that you have nothing to worry about.

 

Verify Your Advance Tax Payments

The only thing worse than paying money to the IRS is not getting credit for it. As a self-employed individual or gig worker, you have probably made advanced payment to the tax agency on a quarterly basis, so dig out those canceled checks, grab those receipts and get ready for tax time.

 

When you file your taxes you will need to input the dates you submitted those quarterly payments, and those days may or may not coincide with the formal schedule laid out by the IRS. 

 

Add Up Your Income

Even if you are relying on your clients to issue 1099 forms, it is a good idea to tally up your income on your own. Keep in mind not all clients may issue 1099s, and the ones that do could report inaccurate or incomplete figures, and by adding it up on your own you will be able to catch these problems early, while replacement forms can still be issued. Also, all income received is required to be reported whether or not 1099 is issued.

 

Adding up your income will also serve a number of other purposes, each important to your timely tax filing and the maximizing of your hoped-for refund. For one thing, knowing how much you earned will allow you to maximize retirement plan contributions aimed at the self-employed, big potential savings you might otherwise miss out on. Adding up your earnings will also allow you to estimate your tax due or refund, giving you time to prepare and helping you avoid an unpleasant shock when April 18 rolls around.

 

Tally Your Expenses

The world of self-employment can be taxing, but there are also potential savings to be had. As a self-employed individual or member of the gig economy, you may be able to write off everything from office supplies and furniture to computers and gasoline for your car.

 

Now is the time to tally your expenses so you do not miss out on a valuable deduction when filing season rolls around. Be sure to look at expenses that may have been paid automatically as well, including recurring payments for routine costs like internet access and phone service.

 

Seek Out Additional Deductions

The calendar year may be over, but you still have time to reap some valuable deductions. Now that you know how much you have earned in self-employment income, you have the opportunity to seek out new deductions and maximize the ones you have already taken.

 

If you participate in a retirement program for the self-employed, for instance, you can contribute additional money up to the tax filing deadline, giving you a chance to pile current earnings in and apply them against the taxes that would otherwise be due. These generous tax breaks for retirement savings are among the most valuable for the self-employed, and you still have time to take advantage of them.

 

It goes without saying that you should consult a tax expert for specific questions about retirement plan contributions, possible deductions, and other applicable subjects. Even if you plan to file your own taxes, consulting with an expert could save you a lot of money.

 

Run the Numbers through a Tax Estimator

For many in the self-employed community, early filing is simply not an option. If you have investments in a brokerage account, for instance, you may not receive the tax forms you need until well into February or even March, making tax planning that much more difficult.

 

The fact that your personal tax filing season will likely be delayed is certainly frustrating, but it does not mean you cannot run the numbers on your own. You can estimate your tax bill online using the figures you have already compiled, giving you a good idea of what to expect when the real filing season rolls around.

 

A number of tax preparation companies, including big names like H&R Block and Intuit, provide free online calculators, so you can assess your tax situation well in advance. If you prefer you can simply enter the numbers you do have into your favorite tax filing software program for a fast and easy estimate.

 

Tax filing season is stressful for nearly everyone, but it can be a particularly challenging time for gig workers and the self-employed. From chasing down forms from reluctant clients to finding deductions that will lower the tab, the self-employed and members of the gig economy must overcome many hurdles by the time the tax filing deadline rolls around, and the sooner they get started the easier their lives will be. The tips listed above will help you slay your own personal tax demons, so you can rest easy and focus on building your business.

 

If you find yourself a large surprise tax bill or a collection notice from the IRS, the steps you take next are absolutely critical. Trying to take on the IRS on your own is a dangerous, and potentially expensive thing to do, and you should always contact a tax resolution firm.

 

By working with an expert, you can gain access to vital information about small business settlement programs the IRS offers. You can gain access to the expertise you will need to settle your tax bill for less than you owe and get back in the good graces of the IRS. Time is of the essence when the IRS comes calling, and with the interest and penalty clock ticking you do not have one second to waste. So call us, your tax resolution expert, for a case evaluation.

 

Contact Advance Tax Relief to Help Deal with Back Taxes

If you have a tax levy on your paycheck or the IRS is threatening you with one, you need a tax professional who specializes in tax debt relief on your side.

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

 

Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

 

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies