3 Common Tax Problems and Their Solutions Are you in a severe stress due to the IRS tax problems? Don’t worry and read this document up the end. It lingers around solutions for common tax problems. It will also let you know how a Tax attorney can help you resolve your issue.
Problem 1- You owe taxes and cannot afford to pay them You owe taxes and cannot afford to pay them. This is the common problems most taxpayers face. Many individuals in the United States owe taxes on previous returns, as they haven’t been able to pay them. When the tax goes unpaid, you seem to go in an adverse situation as the IRS can take harsh steps.
Solution: You should hire an expert tax attorney and stop the situation from going worse. A tax attorney can help you get the unpaid tax
negotiated based on the ‘offer in compromise.’ It is an agreement between the taxpayer and the IRS. In this agreement, the IRS settles your debt for less than the full amount owed.
Problem 2 - You fail to pay payroll taxes It’s a common situation that business owners often fail to pay payroll taxes. This happens, especially when a business struggles and tries to maintain cash flow. They keep operations alive by not filing payroll taxes. But, this leads them to some potential and criminal sanctions.
Solution: For the tax problem solutions, you should look for a skilled payroll tax professional. A professional tax professional can fight for you and save your business. He or she can go for a more suitable resolution in your favor.
Problem 3 - Increasing tax debt Is your tax debt increasing day by day? It is important to know that the IRS imposes penalties up to 25% of the total amount you owe. It will be bigger problems for your financial crisis. The longer you wait to settle the problems, the greater will be the debt amount.
Solution: For this tax problem solution, you should look for a tax attorney who can work toward with a view to have your penalties abated or partially removed. In that way, your tax debt will be more manageable if you are able to cater to certain requirements of the IRS.
Final Touch There can be many other tax problems you can be going through. Whether you are an individual or a business owner, it is good to hire professional tax attorneys who can sort out the issue and enable you to live a problem-free life and run your business successfully.