March 29, 2018 | Tax Issues
Tax Lawyer – Albany NY and NYC – Back Taxes Help
There are many reasons why people fail to file their income tax returns and need back taxed help in the Albany Capital region to NYC area. In some instances, the taxpayer just forgets to file, is too busy, can’t afford the resultant tax bill, or some even thought they did not owe anything, so there was no reason to file the return. Form the viewpoint of the IRS, and typical state tax authorities, the reason for failing to file the tax return doesn’t really matter in most cases, and they just label you are a non-filer. Of course, if there was a valid reason for nonfiling, such as you were in the hospital, they will waive any penalties charged. From my experience, while they may not be happy with you when you do not file, it is still a manageable situation if handled correctly when we provide back taxes help.
Typically, if you have tax returns that are unfiled, the IRS will realize at some point that you have not been filing your income tax returns. It usually takes them 3-5 years to figure this out. The main problem with not filing is the penalties that are created by the late filing and therefore the need for professional tax help. The penalties and interest will add up over time to a large number since the failure to file penalty is about 25% of the taxes owed and you will need back taxes help. I had a situation where originally $3,000 in tax was owed, but after time with penalties and interest the amount was five times that amount. If you wait, and do not file, the IRS will file for you and then levy your wages to collect the money. Therefore, its critical to act before this happens. Once you made the decision to take care of the issue, the first step is to file the tax returns for all the years you missed filing. To do so, you need to gather all the tax information, such as W-2’s, 1099 forms, bank records, receipts, checks, etc to calculate the taxes owed. Once the tax data is gathered, you need to gather the tax forms needed. If this proves to be too difficult you can hire a tax attorney to prepare and file the tax returns on your behalf. Once the tax returns are filed, a tax attorney can assist with creating a payment plan or filing an offer in compromise to resolve the tax debt issue.
The ultimate result for a tax debt issue is that it’s not necessarily a situation that will ruin your life if you receive back taxes help. In some instances, the amount owed is less than what you think, and it can be paid off in 2-4 years. I recently had a case where a person did not file for 25 years and he was owed a refund for all the years and only needed a minor amount of tax help for a situation that appeared very serious. It was a relief to the taxpayer that the tax returns were all filed, and the issue cleared up. It always in your best interest to pay the taxes you owe on time, but when life gets in the way of that plan, having the strategic help of a tax attorney will increase your chances of managing the situation and achieving the best outcome possible so you can move ahead with your life with back taxes help.