Seven Tax Tips
by Roni Deutch
1. File Your Tax Return.
Many taxpayers make the mistake of not
filing their prepared tax return because they cannot
full pay the balance owing. Typically, taxpayers
should file their return by the April 15th due date
regardless of whether they can full pay. Specifically,
if a taxpayer fails to file their tax return in a timely
manner, they are subject to a late filing penalty and
failure to file penalty.
These penalties can be assessed
up to 25% of the net taxes owing. Taxpayers can
avoid these penalties by filing their tax returns in
a timely manner. If you require assistance in filing
your tax return, please contact The Roni Deutch Tax
Center at (877) 753-8293.
2. File Past Tax Returns.
Many taxpayers are unaware that they have
only three (3) years to file overdue tax returns and
still be allowed to receive a refund. That’s right. If
you are due a refund on a tax return and fail to file
the return within three (3) years of the original due
date, the IRS will keep any refund due to you. If you
require assistance with filing your back tax returns
you may contact the Roni Deutch Tax Center.
3. Installment Agreement.
Did you know that that the IRS allows
taxpayers to make monthly payments against their
back tax liability? The IRS has a specific program
for those taxpayers who cannot pay their back tax
liability in full. The Installment Agreement program
(IA) is an arrangement with the IRS to pay your
back taxes in monthly payments. The amount of
your payment depends on a number of factors such
as how much you owe, your financial situation and
the amount of time the IRS has to collect the tax.
A significant benefit of being on an Installment
Agreement is that the IRS is barred from collection
action. That means the IRS will not issue any bank
levies or wage garnishments while you are on a
formal Installment Agreement. To learn more about
an Installment Agreement contact us today.
4. Offer in Compromise.
In some cases, the IRS will settle a taxpayer’s
tax debt for a lesser amount than owed. This IRS
program is called the Offer in Compromise (OIC). An
OIC is a settlement with the IRS for those taxpayers
that cannot pay their back tax liability in full or make
monthly installment payments. In order to qualify
for this program the IRS will review a taxpayer’s
past, current and future facts and financial situation.
Essentially, the IRS looks to see whether the taxpayer
has any means of paying the tax debt in full via
liquidation of assets or paying the debt over time via
entering into an Installment Agreement. The OIC
program is a great way for taxpayer’s to get a fresh
start. Once the IRS accepts a taxpayer’s OIC, they
expect the taxpayer to remain compliant with their tax
filing in the future. To learn more about an Offer in
Compromise, contact us today.
5. Currently Not Collectible.
Did you know the IRS may allow you to
take a break from paying your IRS tax liability? For
those taxpayer’s that qualify, the IRS may place your
account on a Currently Not Collectible Status (CNC).
A CNC status temporarily stops IRS collection
activity. While placed on a CNC status, the IRS will
not send taxpayers threatening letters or issue any
wage garnishments or bank levies. Another major
benefit of the CNC status is that the IRS has a limited
amount of time to collect taxes. In some cases, if a
taxpayer’s financial situation does not change after
being placed on a CNC status, the IRS may run out
of time to collect the back taxes. Thus, the taxpayer
would no longer owe the IRS for that that particular
tax year. To learn more about the CNC status contact
us today.
6. Tax Account Review Service.
Many taxpayers are unaware that they
have the right to request and review their IRS
tax transcripts. The IRS keeps tax records on
all taxpayers. Specifically, your tax records will
inform you of what tax years you owe, the amount
owing, tax years with unfiled returns, tax years with
substitute for returns, and expiration and statute
of limitation information for each particular tax
liability. Tax transcripts can be difficult to read and
understand. Our attorneys know how to review IRS
tax transcripts. Our Tax Account Review (TAR)
service is designed to provide taxpayers with detailed
information about their account with the IRS.
Contact us to learn more about the TAR service.
7. Full Pay Service.
Some taxpayers intend on full paying
their back taxes in the near future, but need
assistance in suspending collection activity while
they make their final arrangements. In other
cases, taxpayers receive conflicting information
as to the exact amount owing. Our attorneys are
experienced in communicating with the IRS and
are skillful at obtaining the necessary time to
forbear collection activity and to facilitate the
full payment of a taxpayer’s account. To learn
more about how we can assist you with your full
payment, contact us today.
What Should I Do if I Have an IRS
Tax Liability?
One of the worst things you can possibly
do is to ignore your tax debt. We encourage you
to contact our firm today to identify the proper
way for you to resolve your tax debt. There are
certain requirements and restrictions for the
solutions presented in this guide. Our experienced
tax professionals can explain these solutions to
you, so that you are not left to sort them out on
your own.
When you contact us, we can provide
you with a free and confidential tax analysis to
determine which solution may be right for you.
During our tax analysis we will review your
financial information with you, answer your
questions and inform you of the service you
may qualify for to resolve your tax debt. Your
information is held in the strictest of confidence.
Call today for your free and confidential tax
analysis.
How Do I Receive a Tax Analysis?
To receive your free and confidential tax
analysis call (888) Roni–Tax / (888) 766-4829.
Calls are professional and conversations are not
shared with others. We treat individuals with the
respect and understanding that they deserve.
To
get started call (888) Roni –Tax / (888) 766-4829.
