Tax Preparation & IRS Tax Problems

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The IRS says I owe over $100,000!!! Help!

Customer Problem: What do you do if the IRS says you owe an obscene amount of money? While Todd was on the radio (KBPI) talking with Willie B regarding tax difficulties and offering answers to call in questions about IRS problems a person came into the station and explained, in person, and on air a situation he was experiencing.  He had gone through some really tough personal times, including not having a place to live, and was surviving on the...

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No IRS Money for Income Tax Refunds?

At Advanced Tax Solutions we thought it was odd that the IRS would not allow tax returns to be submitted for processing until February 1 of 2014, for 2013 Income Tax Return year.  The statements by the government indicated they needed additional time (about two weeks) to finalize the forms due to the 16 day government shutdown. We felt this was kind of odd, as in the past the only forms that were delayed were the ones that had  tax law...

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Ahhhhhhh… the Sweet Smell of Tax Debt Relief

Changes to your financial situation can often lead to challenges during the tax season. If your employer did not withhold enough to pay all of your taxes, then you may find that you owe additional taxes. When you’ve taken a pay-cut or been laid off, it may not always be easy or even possible to pay the amount, which results in a tax debt. Fortunately, tax debt relief is available when you are facing financial challenges and may not be able to...

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How Accurate are Tax Estimates?

As a self-employed individual, you are responsible for estimating your tax payments because there isn’t an employer who takes your taxes out for you. You need to set aside the correct amount of tax that you owe the government each quarter. Determining the amount you owe is not always an easy task. An accurate tax estimate is important because it makes paying your taxes less stressful. The tips below should help you track your income and make a...

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5 Tax Tools to Prevent Pro-TAX-ination: Tax Procrastination

According to a recent survey conducted by the Pew Research Center, approximately one-third of Americans do not mind doing their taxes because they are anticipating a refund. While the Internal Revenue Service (IRS) gives us plenty of time to do our taxes, many of us procrastinate, complete them April 14 and then drop them at the post office April 15. Procrastination in itself may have negative effects on the preparation of your tax return. You...

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IRS Audits: Worst Nightmares Coming True

The worst nightmare that many individuals face during tax season is auditing. Even when professionals work on the tax paperwork for you, it is still possible that you will receive a letter from the IRS. Although that dreaded letter can seem intimidating and worrisome, it is not always the nightmare that you expect. Take a Deep Breath Before you panic at seeing the IRS audit letter, take a deep and slow breath. Don’t allow panic to rule your...

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True or False: Independent Contractor Taxes are Higher

When you work as an independent contractor, it often seems that you are paying an amazingly high amount of taxes when you finally file the paperwork. Although part of that number is related to the fact that an employer is not withholding money from your paycheck for taxes, you will pay a slightly higher amount than an employee in a company who makes the same amount of money. Why Taxes are Higher Independent contractor taxes are higher than the...

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How to Do Your Own Taxes and Stay Out of Jail

Preparing for the tax season or even filing your taxes late is stressful. You do not want to make costly mistakes or find yourself facing an auditing nightmare, but it may not always be possible to hire a professional to work on your taxes. When you are filing your taxes personally, take steps to avoid the most common mistakes that can land you in an uncomfortable or embarrassing situation. Prepare the Paperwork Early As soon as you receive your...

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IRS Form 1058 Final Notice of Intent to Levy

As mentioned on 106.7 KBPI’s Morning Show with Willie B, Advanced Tax Solutions’ Todd Whalen is a leading authority on the importance of correctly handling an IRS Form 1058, Final Notice of Intent to Levy and Notice of Your Right to a Hearing.  We know you get a lot of mail, and these days most of it is just junk.  But as far as the IRS collection process goes, the IRS Form 1058 Final Notice of Intent to Levy is one of the most, if not...

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Filing Taxes Late: Better Late than Never

Filing taxes late–or simply not filing them at all–can feel like a tempting proposition, especially when your stress level is high and your time and money are tight. Unfortunately, neither one of these strategies is ever a good option. In truth, unfiled tax returns and late returns can introduce a host of complications into your life. Fines and penalties can add up quickly for delinquent taxpayers. The IRS is empowered to assess...

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