The Benefits of Professional Help When Filing Back Taxes
Many Americans struggle with tax returns especially filing back taxes. According to the Internal Revenue Service (IRS) 2019 data, Americans owed around $128 billion in back taxes. The truth is that wading through records, calculations, and filing forms is not for everyone. However, falling behind on your taxes has its consequences. In addition to late penalties, fines, and interest, the IRS can come after your personal property via an IRS tax lien or levy. The good news is that you don’t have to go it alone. Hiring a tax professional is your best chance of getting out of tax debt.
It Saves You Money
Falling behind on your taxes is often a slippery slope. In addition to the original amount, there are penalties and interest that pile every year. The longer you wait, the harder it will be to finish filing back taxes. Settling a debt that keeps growing can be challenging. Tax professionals can help you put a stop to these fees by negotiating with the IRS on your behalf.
In most cases, the IRS is willing to listen to any arrangement that helps them get their money in the shortest time. Agreements, such as Offer in Compromise and installments can save you a fortune when filing your back taxes and you can settle your tax debt for a fraction of the amount owed.
No Time is Wasted
Timing is everything when you owe taxes to the IRS. Every day you delay, a late fee is slapped on your original debt. Although trying to resolve this issue on your own is noble, it rarely ends well. For instance, a mistake in filling one of the forms can cost you a deadline extension. And that’s not all; an error when filing your back taxes draws more attention to you. You will have to wait longer as the matter is cleared. Leaving on the technicalities to a tax professional ensures that filing your back taxes is prompt and free of errors.
Avoid Audits and Investigations
Filing back taxes puts you under IRS scrutiny. A mistake can lead to an audit or investigation. During audits, the IRS auditor double-checks to make sure that there are no discrepancies on your returns. The good news is that less than 1% of all returns are audited. The bad news is that if you are getting audited, then something must have triggered it. The most common mistake is a math error. A silly mistake like forgetting a zero when filing your back taxes can land you in trouble. Other factors that lead to an audit are claiming too many charitable donations and failing to report some income. Our tax professionals know how to avoid these common pitfalls and avoid investigations as well as provide tax audit help if you happened to misfile.
Defense Against Tax Evasion Charges
An audit is usually a sign of danger. Any mistake made when filing back taxes will be discovered. If you provide adequate proof, you will walk out of it unscathed. Unfortunately, not all audits have happy endings. If the IRS finds glaring issues during the audit, they will pursue charges against you. Remember, should the tax evasion charges stick, you will have a felony on your record. You may even face jail time. Our tax professionals keep tidy proof when filing your back taxes. When the IRS comes calling, our tax professional can back you up during the audit. Finding the evidence to exonerate won’t be a problem. This can help put out the fire before things get out of hand.
Peace of Mind
Filing back taxes can cause sleepless nights. First, you need to gather all the necessary documents. If any is missing, you must fill out request forms and wait. You also must keep an eye on tax law changes. Filing your back taxes with the currents year’s instruction is not allowed. Doing all of this with a looming deadline can be stressful.
Additionally, the IRS has the right to take further action against you. For instance, the IRS can suspend your passport if you owe more than $52,000. Other consequences include IRS garnishment, tax liens, and seizure of your assets. Our tax professional does all the paperwork, correspondence, and negotiations for you. You will sleep better knowing your tax problems are being solved by an experienced professional.
Get Professional Help with Filing Back Taxes
Filing your back taxes is easier said than done. Some people try to go it alone only to realize it was a big mistake. Gathering, requesting, filing, and submitting forms is a delicate process. One mistake, and you must redo everything. Owing back taxes already puts you on thin ice with the IRS. An error will only make things worse and bring you misery. Bringing in an expert like True Resolve Tax Professionals ensures the process is smooth and accurate. Our team of tax advisors and IRS enrolled agents will work tirelessly to resolve your tax problems. Contact us today for immediate assistance. We will take the stress out of filing back taxes.