Mar
2023

DIY Back Taxes Relief: Do You Really Need a Tax Attorney for Back Taxes Help?

Are you dealing with owed back taxes? Not sure if you can resolve the issue yourself or if you need to pay a tax attorney? Here’s some basic advice regarding back tax help.

When you owe back taxes, it can feel like you’re trapped between a rock and a hard place. But there are a variety of solutions for working through your state or IRS back taxes. If you’ve decided that enough is enough and it’s time to resolve your back tax problems, good for you!

Perhaps the first decision you’ll need to make is whether or not to hire a tax attorney to guide you through the back taxes help process. Working with a tax attorney isn’t strictly necessary, as much of the information and many of the forms required for negotiations with the tax authorities are available online. However, handling back taxes problems isn’t entirely straightforward, and having a professional with insider knowledge of the tax system may be to your advantage.

Typically, if your tax situation is relatively straightforward, you’ll be able to settle your tax debts with the IRS on your own without any additional complications. For example, applying for an installment agreement can be done on the Internet in many cases. For other situations, like applying for an offer in compromise or innocent spouse relief, the advisability of attempting your IRS taxes resolution yourself is a little fuzzier. If you have clear-cut, overwhelming evidence of tax liability or collectability doubts, your case will probably be approved. However, if the circumstances are a little gray or you’re not certain what type of evidence is acceptable to the IRS, you might want to start asking some questions. Contacting the Internal Revenue Service directly, visiting their Web site (at http://www.irs.gov ), or making inquiries of your area tax attorneys should provide clarification.

On the other hand, when your tax debt problems are large, complex, or immediate, the assistance of a qualified tax lawyer or accountant in your area may be recommended. Especially for situations in which you need to come to a settlement with the IRS within days, such as when you have a bank levy on your accounts, the in-depth knowledge of a tax professional can help you navigate the tax system faster and provide you with more efficient, effective outcomes.

Regardless of whether you work with a tax lawyer or you pursue back tax resolution on your own, taking active steps toward resolving your taxes is the only way to get your finances in order. The process may be stressful, but at the end, you’ll be free of the burden of tax debt and ready to live your life stress-free once again. So don’t dillydally any longer.

Feb
2023

ABC of US Federal Income Tax Returns

In United States of America the filing of taxes is mandatory as per law and is an annual affair. Both State and Federal Government have their respective tax systems and qualifying individuals and entities must file their returns to both separately in most of the cases. The standard deadline to file federal income tax return each year is April 15th, therefore typically the tax season in United States would start with the beginning of New Year. Government has different forms for different category of tax payers which they need to fill and submit as their annual tax. These forms are available at various government agencies or can also be downloaded from the internet.

The Internal Revenue Service department which is more popularly known as IRS handles all federal tax related activities throughout the country. IRS is branch of branch of US federal government which functions directly under Department of Treasury. A tax return filed with IRS contains information related to the computation of the income, tax liability and deductions. Along with the same one also needs to pay for their due share of tax. As majority of population is working as salaried or wage earners their employers are entrusted with the responsibility to provide details pertaining to income earned by the employees by the means of Form W-2 and 1099. Most of the information required by a salaried individual to file his/her taxes is available in this form. For people those who have multiple sources of earnings may use different forms to file their tax returns to the federal government.

The process of computing tax and filing it kept as simple as possible by the IRS so that most people do not face difficulty in filing their tax. However still many would like some assistance in doing so. Such people have the option of taking help from a registered Tax Preparer or a CPA. Most of the information and process of filing of income tax has become electronic and can be done through the official website of IRS for free.

Every citizen of the country and the expats those who are earning and living in America have to file their tax returns. For people those due to different reasons cannot file their tax returns on time can also apply for a six month extension. Such an extension can give them extra time to prepare and file their returns.