Are you behind on your taxes due to an unexpected financial hardship? Has fear of the Internal Revenue Service (IRS) caused you to stop dead in your tracks even though you wish to move forward with your life? At Yevs Tax Relief, we know how isolating and challenging a tax problem can be for a person.
Debt and tax trouble can cause consuming negative thoughts and can keep a person rooted in debt for years. Scarier still, penalty fees and interest rates imposed by the IRS could cause a person’s debt to skyrocket.
Despite your best efforts, there is always a possibility that your tax bill will be larger than planned. For those on a tight budget, this can be a problem. Fortunately, if you can’t afford to pay your bill in full by the date it is due, the IRS offers several alternative options. The most important point to remember is that doing nothing is not a solution, and ignoring the problem won’t make it go away.
If you received a letter or notice from the IRS because:
- You owe back taxes
- Had a lien served against you
- A levy letter
- Unfiled Tax Returns
- Unpaid Payroll Taxes
- Wage garnishments
Yevs Tax Relief can help solve your tax problems!
Call our office today to get started! 800.336.0030
Three Common Causes of Unexpectedly High Tax Bills
While there are a variety of issues that can lead to unexpected tax expense, Four stand out for their tendency to cause problems. We at Yevs Tax Relief can assist with ensuring that you don’t stumble into one of these traps.
- Self-Employment Income – Most entrepreneurs have heard they should set at least 30 percent of their profits aside for tax expense. However, when you have started a small side venture, or your new business grows faster than expected, it is easy to miscalculate the appropriate amount to save. As a result, you might not have enough savings to pay your tax bill on time.
- W-4 Withholding Errors – Changes in income and major life events can have a significant impact on your taxes. If you forget to adjust your W-4 withholding, you could be in for an unpleasant surprise when you file your returns.
- Sudden Windfalls – A large inheritance or a lottery win might prompt you to increase spending. In the excitement, it is easy to forget that a portion of the proceeds must go to taxes. At the end of the year, you might discover that you didn’t save quite enough to pay your bill.
- Simple Neglect– For various life circumstances you simply failed to keep on top of your tax filing and suddenly find you are receiving notices or letters that you ignored.
There are various options available to free you and to give you peace of mind to reclaim your life!
Depending on your unique situation, we will work diligently with the taxing authorities on your behalf so you can get back to living your life again.
Payment Programs Offered by the IRS
The IRS is more interested in receiving payment than putting liens on your assets, so you can be sure that the agency will work with you to find a solution that satisfies both sides. Some of the available options include the following:
This is a payment plan with the IRS or State to resolve your tax debt. Installment Agreements are the most common type of tax resolution awarded to taxpayers. There are various types of Installment Agreements available to the Taxpayer and to qualify, the Taxpayer must be first compliant with filing all past due tax returns as well as other conditions laid down. A portion of the amount is paid each month until the agreed amount is paid. Interest continues to accrue during the life of the installment agreement so it’s always nice to pay more if you can. Yevs Tax Resolutions can guide you through this process.
The most common types of penalties are the Late Filing Penalty, the Late Payment Penalty and the Failure to File a Tax Return Penalty. These three penalties can easily add at least 65% to your IRS tax debt but after two years and when the Taxpayer reaches the maximum 25% Penalty, the IRS can no longer increase it. There are instances where the IRS would grant relief due to reasonable cause. Yevs Tax Resolution will work to grant you this relief if you qualify.
Currently Not Collectible
If you have very little assets and income beyond what is required to live on, the IRS and States may put you into this Currently Not Collectible Status.
Offer In Compromise
The Offer In Compromise program is meant to give taxpayers in financial hardship a means to pay their tax debt and offer a fresh start. Your eligibility to negotiate for less than what you owe is related to the offer amount. Again, there are requirements to be met before the government would grant the offer. Yevs Tax Resolution will work to provide a complete analysis before proposing this program.
There are pros and cons with each solution and we would determine which of these solutions best suit your circumstance and work to getting you the best possible outcome.
No matter what caused your higher-than-expected taxes, the fact remains that the IRS is diligent about collecting payments. If you fail to act, you could be subject to liens and garnishment of wages. As soon as you realize there is a problem, contact Yevs Tax Relief at 704.360.0620 to get started. Remember that the longer you wait, the more you will pay in penalties, fees and interest.
Tax Relief at a Competitive Price
If you are experiencing tax debt and want relief, I highly encourage you to consult my office for professional help. Whether you are just now realizing the weight of your situation or need help to prevent the worst from happening, I can offer my insight and assistance. I have dedicated my professional tax services to determining the best strategy that can help you attain the best possible resolution with the least amount of taxes.
Tax debt relief can be yours with one single phone call. When you contact Yevs Tax Relief you can speak to a friendly and helpful member of the team who will gladly schedule a free case evaluation. We can set time aside to meet in person or over the phone to discuss your finances and formulate solutions. With our committed service at a competitive price, what could you possibly have to lose?
Call our office today to get started! 800.336.0030
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