Each year, millions of individuals, families and businesses file their income taxes for the previous year. Often, a significant life event will take place like a change in income, marriage, or birth of a child which can cause mistakes, costing you additional taxes and penalties. And sometimes, circumstances arise and people don’t file their taxes at all.
Many businesses or families’ tax problems start here, when they file late or not all. Maybe you are missing records or other information that’s crucial to filing correctly. In this case, obtaining an extension to file is a smart move, as you will receive an additional four months to file. If you choose not to file, the IRS and State will make assumptions about your income and deductions; more often than not, they’ll assume you owe more than you actually do.
Other people’s tax problems begin when they realize they’re not able to afford what the IRS or state says they owe. Often, people think they can wait it out, or start saving to make the payment later, but interest and penalties will begin to multiply the original amount owed, making it even more difficult to get out of tax trouble. The consequences for tax debt can be severe, including bank levies, wage garnishment, and property seizures.
|
|
Alliance Tax & Accounting Service is a local business specializing in Tax Resolution – they’re committed to helping their clients permanently solve this type of tax problem. There are more than 15,000 individuals and businesses in Wisconsin who owe over $10,000 in tax debt. With over twenty years of experience and resolution specialists on staff, Alliance is prepared to help those people get their lives back.
Last year, an individual came into the Alliance Tax office owing $59,100 in back taxes. A levy had been put on this person’s bank account, and wages were being garnished. In this case, the team at Alliance Tax was able to become their new client’s power of attorney, communicating with the IRS on their client’s behalf and researching the situation by accessing the tax master files. By accurately completing and filing two years of back tax returns and negotiating and Offer in Compromise, the client only ended up having to pay $500 to settle their debt. In a similar situation, the IRS claimed that an individual owed $93,800 in back taxes. The Alliance team completed and filed eight years of tax returns and the client actually received a $1,300 refund!
If you’ve lost your peace of mind because of an ongoing tax problem, know that it’s not too late to resolve this issue permanently. It’s crucial to recognize that a tax professional who is well-versed in tax resolution, is the best path to relieving any tax headache permanently. Contact Alliance Tax today for a free consultation: 262-786-4442 or www.alliancetaxusa.com.
