There many scams out there and lead people to believe that they can get their tax problems taken care of with little or no hassle.
The last thing you want is to fall for one of these schemes, because their goal is to take advantage of innocent people. You need to know what to look for if someone comes to you with these types of promises, as it will keep you from getting burned.
Common Tax Problems
People can have problems with the IRS for many different reasons, but here are some common issues that many taxpayers face:
Penalties associated with the underpayment of taxes
– Most of these issues come from not keeping accurate records.
Not properly deducting business expenses
– Many of them also come from not keeping good records.
Not accurately reporting income
– This can be a common issue for business owners and the self-employed. They are often associated with the cancellation of debt income, by not reporting settlement proceeds, or by not reporting wages.
Failing to file or pay associated penalties
– The common cause of these problems is the taxpayer’s inability to prove “reasonable cause.”
Deduction of charitable contributions
– Charitable contributions can be deducted on your return, but an issue can arise if the IRS denies it. This can happen if the contribution isn’t made to a “qualifying charitable organization.”
All of these, as well as many other tax issues not listed here, can be stressful, and it can be hard to solve without the proper guidance. You have to be careful about whom you hire, or you could add to the problems you already have.
What to Watch Out For
Determining if a service is legitimate can save you a lot of frustration, and it could keep you from owing thousands. Any company that charges a high upfront fee is going to be a scam, and many of them charge thousands of dollars for promises they can’t keep. They use high-pressure sales tactics to force someone to pay for what they know is worthless.
Many of them refuse to do business in person, and they will only accept transactions over the phone. That should be an immediate red flag for any consumer. Dealing with tax problems can be complicated, and companies that offer tax resolution services need to meet with the client to come up with possible solutions.
If a company guarantees results, you can be sure it’s a scam. While there many solutions for tax issues, the IRS is the only one that can make the final decision. And if a company says they can stop the IRS from collecting tax debt, you can be sure they’re lying.
There’s no easy solution for relieving tax debt, and there are many companies who make money off of unsuspecting taxpayers. They claim to have some magical formula that can make your tax debt disappear, and they give you options that can seem too good to be true. There is no one-size-fits all solution, and the IRS has strict requirements that you must meet before you can even qualify.
Sometimes you don’t even need someone to help you. If you owe $10,000 or less, you can qualify for an installment plan, and you can set it up on your own. Just fill out the proper forms, and you can make a monthly payment for the next five years.
Some tax problems require more complicated strategies that only a tax professional, can provide, and @accounting offers Chicago tax resolution services, to both individuals and businesses.
If you’re looking for an expert in tax resolution, @accounting has a team of expert CPA’s who understand the finer points of taxation, and they are familiar with current regulations. With all the scams out there, it’s important to know where to go, and we offer some of the best Chicago tax resolution services you will ever find.
Are you ready to make your tax problems a thing of the past? Then speak to one of our CPA’s to find out more about our tax resolution services!
Have Any Questions? Call (312) 754-9377