Hit by a large tax bill? Started up your own business and concerned about structuring your business to reduce your tax liabilities? Hiring a tax reduction specialist to work in your corner could save you thousands of dollars, helping your business to grow.
What to Look for in Tax Reduction Services
A tax reduction specialist firm will like have a combined team of attorneys and financial accounting experts. Their specialized tax team will include attorneys, Certified Public Accountants (CPAs) and IRS enrolled agents who all know the US tax system very well. They will be able to advise you on minimizing your Federal Income Tax and State Taxes. If you already have Tax liabilities, they may be able to help you restructure your payment plans with the tax authorities so they are at an affordable to alleviate your stress and the pressure on your business.
A good tax reduction expert firm will have a systematic approach to understanding your business and then reducing your tax. They will usually provide you with a free initial consultation, and then when you’ve authorised them to represent you, they will analyse your finances to determine the extent of your IRS and tax liability, explore solutions to your current situation, and then implement the solutions, establishing themselves as your IRS representative to resolve any outstanding issues.
If you have unfiled tax returns or unaffordable tax repayments they can negotiate an offer in compromise with the tax authorities, to reduce what you owe. They can go over previous tax returns to see if any can be amended to maximize your tax reduction and then inform the tax authorities of these adjustments. If as a tax payer you need to be protected by the Taxpayer Bill of Rights they can represent you as your legal representative to ensure you only pay the tax that you owe plus any necessary interest and penalties.
Offers in Compromise can be highly effective ways of reduce your tax burdens, particularly if you have mounting tax debts going back several years which are now unaffordable. After hard negotiations with the IRS, an effective tax reduction attorney may be able to reduce what you owe by up to 90%, and leaving you with an affordable monthly tax payment plan which will allow you to continue financially.
By representing you to the IRS, and getting your tax returns up to date a good tax attorney will ne able to avoid your credit history being damaged, avoid future refusal of payment plans for your taxes, potentially avoid criminal charges brought against you, as failure to file a tax return is a felony, and also avoid social security garnishment for future retirement and disability benefits.
So rather than bury your head in the sand and carry on struggling with your tax situation, it will often be cost effective to hire a tax reduction specialist who can reduce what you owe and prevent future issues which may affect your livelihood and financial status.