Back taxes? This is what you do!

October 2, 2009
Written by: steve

What do you do if you have never filed a tax return and owe back taxes?
There are several things to do.  After years of experience working at the Internal Revenue Service I have dealt with this situation thousands of times. First of all, most people want to get back in the system and do not know what to do to get there. Follow this advice.  Get current in the situation you are in. If you are an employer, start making current payroll tax deposits. If you are a sole proprietor, make an estimated tax payment. If you are a wage earner, make sure you have enough withholdings taken out of your check. The next step is to get all your tax returns prepared by a professional company, so you can get the lowest possible tax due to the Internal Revenue Service. It should be noted that a number of our clients we have seen over the years DO NOT owe tax because they have had the proper withholding taken out and simply do not owe any money.
The next and most important step if you owe tax is to find out what your exit strategy will be. You MUST sit down with a professional and find the area that the IRS will attack.  Their mission is for you to liquidate all assets immediately and set up a payment plan. There is room for tax planning so that the IRS will not strip you of all your assets.
Prepare to have a federal tax lien filed and/or your pension plan or 401 hit.
We can really help these situations. The proper planning is necessary to ensure the best results for you to move forward.

Filed Under: Tax Help | Uncategorized
Tags:

FREE

Consultation

No Obligation
We are here to help!

  • Should be Empty:
“Thanks to Fresh Start, I am feeling more and more confident about finally getting caught up after all these years.”
M. Johnson

“I will certainly refer anyone I come across who needs your services for sure.”
Jody and Don

“I cannot thank you enough for handling my IRS issues. After dealing with another office who did nothing, you guys did everything that you promised. Thanks again, especially Steve Jacob for guiding me every step of the way.”
Jerry H.