Facing Your Tax Problemsadmin
Facing Your Tax Problems
Recently we had a client come to our firm who had never filed a tax return which is a common tax problem in the world of finances. The following week, another new client walked in because she had received notices from the state demanding payment for 2014-2015 tax years (which she had neglected to file). Shortly after, my boss received a call from a friend who admitted he had not filed for a few years and needed help with his IRS tax debt.
I share these experiences with you to show how common tax issues really are.
It’s not uncommon for clients to admit they neglected taxes for a few years and it’s also not uncommon to receive a notice from the IRS or from a state agency demanding payment. But the good thing about all of this is that there is a solution!
Because every situation is different, that solution varies from case to case. There is not one black and white answer. For that reason, it is important to consult with a knowledgeable tax professional, ideally one who specializes in tax resolution. They will be able to look more closely at your case, file delinquent tax returns , analyze the situation, and create a personalized plan to resolve your tax troubles.
Once the returns have been prepared and filed, you should ask your tax professional to look into opportunities for tax relief. You may qualify for Penalty Abatement or, if you cannot pay your tax balance, you may qualify for an adjusted payment option such as an Offer in Compromise , Installment Agreement, or Currently Not Collectible .
No matter what your situation may be, it is better to face your tax problems now then continue to live in worry of what might happen in the future. After all, who knows? You could be due a refund for all those years you haven’t filed!