As the shift from traditional employment to self-employment and business ownership continues, many workers are finding themselves in a brand new situation. The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand new small business owners.
Entrepreneurship can be hard. Some years are good, others are not so great. But every year, like clockwork, the IRS comes calling and asks you for what’s theirs.
Small businesses often face unexpected financial challenges. Among the scariest of these challenges is unpaid taxes. Although the IRS may appear patient initially, resting on one’s laurels can be a perilous decision. Once the IRS gears into action, they are known for their relentless pursuit and uncompromising measures. They are the most brutal collection agency on the planet.
Tax filing season is a source of stress for just about everyone. That extra stress and uncertainty ramps up and up, and you never know if you must write a check to the IRS.
Neglecting to pay your taxes can lead to serious consequences, and one of the most severe repercussions is the federal government filing a legal claim against all your current and future property through a federal tax lien.
Dealing with tax debt can be incredibly intimidating. It’s natural to feel overwhelmed and powerless in such a situation, but it’s important not to let fear and helplessness paralyze you.
Every day you delay taking action, interest and penalties continue to accumulate, potentially causing your liabilities to skyrocket and wreak havoc on your financial stability. In this article, we’ll discuss one of the many available options for tax relief called an “Offer in Compromise.” But before we delve into that, if you’re facing a tax problem, get in touch with our firm to schedule a consultation at www.actiontaxrelief.com.
Filing your tax return accurately is crucial to avoid unnecessary tax troubles. However, it’s not uncommon to discover errors or overlooked information after you’ve already filed. Fortunately, the Internal Revenue Service (IRS) allows taxpayers to amend their returns using Form 1040X.