Dealing with taxes can be unnerving. There’s a lot of fear as to what the IRS can do and take away from you. Some people fear audits. They fear going to jail for not paying taxes.
It doesn’t matter who you are or how much you have, it’s not fun to deal with taxes. That left many to wonder if they want to handle the situation on their own or get with tax debt relief?
Having an expert by your side can provide comfort and they can help you deal with the massive tax code. If you’re not sure if you should get tax help, read on for these signs you need help with tax relief.
1. You Can’t Pay Taxes and You Don’t Know Your Options
There’s nothing worse than being in a position where you can’t pay your taxes. It feeds into the fears that the IRS will come and get you. It’s enough to hide and hope the whole thing blows over.
The thing with the IRS and tax debt is that it won’t go away. The IRS doesn’t want to take your belongings, they just want to get paid.
They are willing to work with you and you do have options available, even if you can’t pay anything at the moment.
For example, you can suspend IRS collections activity while you get on your feet. You can use a tax professional to help you find the best course of action.
2. You Received a Final Notice of Intent to Levy Letter
If you received a certified letter from the IRS, it’s not a good thing. It could be a Final Notice of Intent to Levy. That’s not a love letter. That’s a notification that the IRS will seize your assets.
If their notices have gone unanswered, the IRS has the right to place a lien on your property or take it. That includes your wages, bank accounts, home, car, and other assets.
If you get one of these notices, you have little time to act. You will need tax debt relief help to prevent this from happening.
3. You Have a lot of Personal Investments
Are you getting ready to retire? Before you cash out your entire 401(k), you’ll need to know the tax implications of doing that and using your retirement income.
For example, did you know that there are penalties if you cash it out early? Even if you wait the full amount of time before you cash it out, the 401(k) will be taxed as income.
Anytime you have investments and other income, you can get into tax debt. You’ll want to get tax help early on in the process.
4. You Need to Make an Offer in Compromise
An offer in compromise is a great way to lower your tax debt. You can make an offer to the IRS to pay less than what you owe.
The issue with that is that only 40% of offers are accepted. It’s a long process that involved a lot of paperwork and follow up.
This is not a process that you want to go through alone. You will have a caseworker assigned to your offer and having someone with the experience of working with that person is invaluable. It can also help your offer beat the odds and get approved.
7. You Have Business Investments Around the World
Do you have an international business with locations all over the globe? That’s enough to make your taxes a mess. Different countries have different rules and regulations regarding business taxes.
If your business invests in research and development in the United Kingdom, you may qualify for R&D tax relief. It’s another complicated tax law that you don’t want to figure out on your own. However, the tax benefits are worth it to hire someone to help.
Finding the Right Tax Relief Help
You may be hesitant to ask for help because you are embarrassed or ashamed of your financial situation. You might fear that you can’t afford your taxes, so how can you afford a tax expert?
There are tax professionals that have worked with people in your situation before. Many offer payment plans to enable you to get the help that you need.
For those that aren’t in such dire straits, you can also find affordable tax help. The costs of tax relief help will depend on how complex your tax situation is.
In both situations, you want to make sure that you work with the right team. You may need to hire a tax professional that specializes in international business. You may need someone who knows what the IRS wants to see with an offer in compromise.
Your first step is to find the tax professional that matches your needs. Your next step is to verify their level of service. You can do that by checking online reviews and asking for referrals.
Get the Tax Debt Relief Help That You Need
We can all use some tax advice. It doesn’t matter if you’re desperately trying to ward off an IRS seizure or you don’t want to pay more than what you owe.
If you have a lot of investments, a business, or you’re having trouble making ends meet, there are tax implications. You want to know what the tax implications are before it’s too late.
That’s why you want to contact a tax professional as soon as you think you’ll have a tax problem, so you can get tax debt relief.
That’s the only way to do that is to hire a tax expert. You want to look for someone who has experience handling your particular situation. They can advise you to make the best decisions about your tax situation.
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