Your Well Being And Taxes

Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the Tax Authorities.

1. They procrastinate.
2. They attempt to represent themselves.
3. They hire sub-par representation and now are in MORE need of help than ever before.

These are the kind of services a Tax Accountants can provide:

• Offer in Compromise Cases,
• Penalty Abatement Petitions,
• Full Audit Representations and Business Strategy Sessions.
• Preparation and Filing of Tax Returns.
• Settle taxes for Pennies on the Dollar owed,
• Stop IRS wage and bank levies (garnishments),
• Have property liens lifted,
• get affordable installment agreements,

What is an offer in compromise?

It settles your tax liability for less than the full amount owed, providing you can prove you don't have the ability to pay. Depending on how much you can afford, you really can pay "Pennies on the Dollar Owed" in taxes. If it is done correctly - this option could save you an enormous amount of money, and is the best strategy for most taxpayers. You should take extreme caution. You should hire a professional with knowledge of the TAAD's procedures. This professional should determine the least amount that the Tax Authorities will accept from you. If the Offer is not submitted correctly it will be rejected, or you may be required to pay more than is necessary.

An Offer in Compromise may save you a LARGE amount of money. Do you know that the Tax Authorities only has a limited time to collect your back taxes? Let a Professional Tax Attorney determine when the time limit to collect taxes runs out. In most cases the Tax Authorities has only a limited time to collect the unpaid taxes. You must CAREFULLY evaluate exactly when that time period will run out. Your troubles may be solved. and moreover: If the Tax Authorities' time has run out, or if it will run out soon, your troubles may be over.

TAX RETURNS - FAILURE TO FILE

Many people fail to file Individual Income Tax Returns for a variety of reasons. Some reasons are innocent, although the most common is the fact that people can't afford to pay the taxes.

When this happens it becomes difficult to get back into the system. "I filed for 1998. I couldn't pay for 2008, so I did not file. Then I was afraid to file for 2011. I haven't filed since then. What can I do now?"

If you do not file Income Tax Returns you commit a criminal offense. However, no one who has voluntarily filed back returns before being caught has ever been criminally prosecuted. That is the first key: filing BEFORE they catch you.

Tax Penalties

Some Tax penalties can be as high as 100% to 150% of the original taxes owed. Even if you could pay the taxes owed, the extra penalties will make it impossible to pay off the entire balance.

The Tax Authorities imposes penalties to punish taxpayers and keep them in line. The Tax Authorities does forgive penalties. Before you pay the Tax Authorities any penalty amounts, you may want to consider requesting the Tax Authorities to not punish you because it wasn't your fault.

Next Action: Contact Crowe Horwath Jamaica for guidance: Contact Form