We all know the saying: "Death and Taxes" Every day I deal with people that are in the unfortunate situation of having the IRS or State breathing down their neck looking for missing tax returns, unpaid taxes and requiring amended returns. Make no mistake about it having the IRS invade your life is stressful and scary. Here are 3 things you can do to avoid the headaches of having IRS issues:
1. Do not ignore the IRS or the State. This is the biggest mistake you can make. I know it is overwhelming but choosing to ignore the IRS is never a good idea. They will not stop until they get what they want.
2. At least file your tax returns even if you do not think you can pay what you owe. Shockingly, most people do not realize their is a failure to file penalty of 25% and the failure to pay penalty is 10%. So if you choose to ignore your situation and not file or pay, you are being penalized 35% on your balance plus interest. This is how your tax liability literally balloons into an insurmountable amount.
3. Review what you sign. I cannot tell you how many people start their conversation with me with the following statement: "Well, my CPA...." Your CPA or accountant is not responsible for errors on your tax return. If you sign it, you own it. Most of our clients are messes that we have to clean up due to tax professionals.
Finally, reach out and get help. We offer a full free tax evaluation. Click here to get your free evaluation and have a tax attorney review your case history with the IRS. We can help. If you have tax problems do not deal with the IRS alone.
Cheers,
Noah Burford Senior Tax Advisor
Oxford Tax Partners
Direct: 949.220.0948
www.wesolvetaxissues.com
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