Certain special circumstances make people eligible for an Offer in Compromise, which is an agreement between the IRS and the taxpayer where the IRS accepts less than the full amount owed and the taxpayer’s debt is forgiven.
There are complex IRS formulas to determine which taxpayers are eligible for Offers in Compromise, so it is impossible to make a blanket statement about what makes taxpayers eligible. In general though, the first step is to file all delinquent tax returns, which can be done with the help of a tax aid service.
In the past the IRS has compromised for doubt about liability for tax debt, doubt as to whether the taxpayer would actually be able to ever pay off the full amount, economic hardship and other special circumstances. The best way to determine if you are eligible for this compromise is to make an appointment with an expert from Levy and Associates and go over your tax information personally.
Tax day is upon us, and even though you can’t go back and plan better throughout this past year, you can look ahead and begin planning better for next year’s tax day. Here are some tax planning tips and strategies to help lessen the pain next April.
- Begin by calculating your gross income. Next subtract your deductible expenses, and the figure you are left with is your net taxable income. To get your taxable income as low as possible, you want to aim to minimize your gross income and maximize your deductible expenses.
- To lower your gross income, you can use a retirement plan or defer income, and by deferring income, you transfer money to another tax year, thus saving money this year. An example would be deferring stock market gains. Both of these options help you save money and lower your gross taxable income.
- Use tax preparation services to help find as many tax deductions as possible. It is likely that there are many available that you are either unaware of or haven’t been claiming to the full extent, and a professional tax service can help you find those.
Whether you represent a business or are simply an individual looking for accounting and tax help, Levy Tax Professionals Inc. has a staff of highly trained and experienced CPAs, attorneys, former IRS revenue officers, accountants, enrolled agents and more who have been helping people manage their money for 50 years. Having been in the business for that long, we understand how frustrating it can be to try and navigate your way through the paperwork and requirements alone.
Our staff provides tax preparation and planning help, payroll services and monthly bookkeeping, bank financing, business evaluation, consulting for business and personal matters, cash flow management and more. If you are interested in accounting help but aren’t ready to commit just yet, we offer a free consultation for those who fill out the consultation form.
Accounting doesn’t have to be the headache that it usually is. Let us help guide you through the process and you will find it not only to be much less stressful, but your wallet will be thicker at the end as well.
The idea of owing back taxes to the IRS is enough to keep some people awake at night with fear. Of course, no one wants to owe money to the IRS. However, if you do, there are number of different ways to pay your tax bill these days. Here are a few of your options:
- You can request extra time to pay your tax bill from the IRS. If you can pay soon, just not right now, you may be able to get an extension to pay your tax in full. The IRS website describes this as a “brief” extension, so don’t expect a lot of extra time to pay.
- The IRS now takes credit cards as payment for taxes. This might work for you, if your interest rate on your credit card is less than what your penalties and interest would be from paying the IRS late.
- When you can’t pay in full, you can request installment payments. To be eligible to do this, you first need to file your return.
- The IRS still accepts all standard methods of payment, including cash, cashier’s check, electronic fund transfer, check, and money order.
Sometimes even with these extra options, you just can’t pay the taxes that you owe. If this is the case, contact Levy and Associates immediately for tax help. We can help you get resolution from the IRS and work out a payment plan, or even an Offer in Compromise. We will help you get the tax relief that you need to be able to sleep at night.
As a business owner, you spend your time running your company. You don’t have time to keep up with every change in the tax laws. Yet the tax code changes from year to year. That’s why you could use a good accountant on your side for your business, to help you keep on top of the tax laws.
At Levy and Associates, we specialize not only in tax resolution, but also work with businesses on tax preparation, financial planning, payroll services, and other accounting solutions. We can help you prepare your annual return, as well as help you throughout the year to make sure that you are using the tax laws to your best advantage.
With the benefit of both an accountant and financial analyst all rolled up into one, you will find that the investment you make in tax help from Levy and Associates will more than pay for itself. Give us a call today to set up your appointment for financial advisement.
A tax lien from the IRS is a serious issue. When you don’t pay back taxes in full, the IRS has the legal right to come after your property. One way they can do this is with an IRS tax lien. Levy and Associates tax attorneys and CPAs have years of experience working successfully to negotiate tax relief or other solutions with the IRS.
A tax lien is when the IRS places a claim on a piece of property that you own, such as a house, car, or boat, giving them a legal claim to the proceeds of that property. If you sell your house with an IRS lien on it, the IRS will get any profits that you make, up to what you owe in taxes, penalties, and interest.
Contact Levy and Associates immediately if you receive notification that the IRS is going to put a lien on your property. We can work with the IRS to stop a lien process, or to negotiate its removal if one is already established.
Levy Associates is ready to help when you need tax resolution services, owe back taxes, have an IRS tax levy or lien, or need audit representation.
If you are getting a tax refund from the IRS, what do you plan to do with it? Do you save it, or do you spend it? There are many different options available if you are getting a tax refund from the IRS this tax season.
If you would like to save your refund, but want to do more than just stick it in a savings account, now is a good time to set up an emergency fund. Use your tax refund to start a separate savings account that is specially earmarked for things like unexpected medical expenses or car repairs.
Consider using your tax refund to pay off high interest debt, such as a personal loan or credit card. Even if you can’t pay it all the way, paying off part of the debt can get you on your way to being debt free faster.
If you just can’t bear to put that money into savings and forget about it, at least spend it on something useful. This is a good way to pay for any needed home or car repairs, instead of putting the bill on your credit card and paying a high interest rate on it. Similarly, you can use your refund to make home improvements, which could increase the value of your home.
If you owe taxes to the IRS, you will be in a different situation. When you owe the IRS money, you must pay them right away, or you could face serious consequences. If you need tax help in dealing with the IRS, contact Levy and Associates today. We can work with you to get tax relief, so that you won’t find yourself in a sticky situation with the IRS.
One thing that many of us have to worry about these days when it comes to our taxes is the Alternative Minimum Tax, or AMT.
The AMT was originally a provision in the tax code that was designed to keep wealthy taxpayers from using loopholes to pay less income tax. The problem with the AMT is that it has not kept up with inflation over the last several decades. As a result, these days the AMT is more likely to hit middle-class taxpayers. If you are one of the unfortunate people who are affected by the AMT, you may find yourself owing more to the IRS that you are able to pay right now.
If this happens, you shouldn’t panic. Call Levy and Associates to help you seek tax relief from the IRS. With our tax resolution services, we can work with the IRS on your behalf, to come up with a solution for your problem that will be comfortable for you and satisfy the IRS.
Whether you need tax help in filing your returns, or tax resolution from the IRS for back taxes, you can count on us at Levy and Associates.
Owing back taxes to the IRS is a complicated matter. There are many different ways the IRS can collect what you owe them, if you fail to pay your tax bill. Here are a few examples of ways the IRS can collect money from you.
- Wage garnishment - The IRS can make your employer send your paycheck to them, instead of you.
- Property levy - This is where the IRS seizes property or assets, such as homes, cars, boats, or retirement accounts, to pay your taxes owed.
- Property lien - With a lien, the IRS makes a legal claim on your property. If you try to sell the item they have a lien on, such as a car or a house, the IRS will get the proceeds to pay off your debt.
- Penalties and interest - When you owe taxes, the IRS can charge you penalties and interest until you pay. These can accrue and can become a large amount over time.
If you are facing any of these from the IRS, you need tax resolution services immediately. Contact us at Levy and Associates for help. We have many years of experience in dealing with the IRS, and we will negotiate with the IRS on your behalf for tax relief.
If you owe back taxes to the IRS, you know what a financial burden it can be. You want to pay your fair share, but if you are experiencing an economic hardship, you may find it hard to be able to come up with the money you owe.
When you’re in this situation, you need to have professional tax help so you can pay your fair share, but no more than you need to. That’s why hiring tax professionals Levy and Associates for tax resolution services is a good idea.
At Levy and Associates, we have been dealing with the IRS on behalf of our clients for many years. We will make sure that all of your previous tax returns are correct and have been filed properly. Once that is done, we can make a request to the IRS for an Offer in Compromise. An Offer in Compromise is where the IRS agrees to accept less than what you owe. You can possibly qualify for an Offer in Compromise if you have a special circumstance that has put you under financial hardship.
The IRS is much more likely to accept your Offer in Compromise if all of the regulations have been followed. That’s why you want us at Levy and Associates to help you with this process. We can help you get tax relief from the IRS, so that you can be free from the burden and get on with your life.