| One of the most dreaded times for most Americans is | | | | problem, especially if you don’t have the money to |
| April 15 – Tax Time. If you have ever fallen behind | | | | do pay it in full? Tax relief solutions do exist but it’s |
| on your taxes, own a small business or are unable to | | | | best to negotiate a tax repayment schedule and a |
| pay what you owe in taxes then you know this is | | | | plan for future payments to keep the government |
| especially true. I owned two small businesses in | | | | from stepping in. |
| Southern California for over 20 years and believe me I | | | | Tax Debt Relief Negotiations |
| know whereof I speak. | | | | The federal government would rather have a portion |
| Many people think owning their own business would be | | | | of what you owe and clear the books than to leave it |
| a dream come true, and I can tell you it is rewarding | | | | and have it grow by penalties and never get anything. |
| because for over 20 years I owned my own | | | | It is this that allows negotiating between the |
| company and enjoyed it very much. But one thing | | | | government and the taxpayer. But it is better to have |
| most business owners fail to take into consideration is | | | | an experienced negotiator than to try to do it yourself. |
| what the IRS politely calls the “self-employment | | | | You will come out better off by having a third-party |
| tax,” which by another name is Social Security. | | | | negotiate for you. Think you can’t afford this? |
| That takes a big 15% bite out of every dollar of profit | | | | Consider the option again; you will be far ahead even |
| and if you fall behind on this its murder. If you work for | | | | with the fee they charge. The IRS will not be looking |
| someone else you don’t feel it (the government | | | | out for your interest like your negotiator will, and from |
| planned it that way) because you only pay ½ that | | | | experience, the negotiator will know exactly how far |
| amount and your employer pays the other half. | | | | the IRS will go. |
| Owing the government money can be very scary and | | | | Finding an expert in the tax-negotiating field is a good |
| is serious business. Failure to pay and underpayment | | | | first step in fixing the problem. If your bookkeeper is a |
| are the two most common problems. There is no | | | | CPA they can do this for you or will know someone |
| painless fix but the sooner it is confronted and solved | | | | who can. If your problem isn’t handled right serious |
| the better. The government does not like to wait for | | | | legal troubles are on the horizon. |
| its’ money and sooner or later you may find that | | | | Ensuring The Problem Is Solved In The Future |
| your bank account is seized and/or a lien is put against | | | | The next step in tax debt relief is planning for all future |
| your assets (like your home). | | | | payments to be paid promptly and correctly. The |
| The last year we were in business, before the | | | | government is willing to work with a taxpayer the first |
| economy tanked in the early 90’s, we got behind in | | | | time but the same problem again the next year and |
| our taxes. One day we received a call from a vendor | | | | the next year won’t get a sympathetic ear. So this |
| who said our check had bounced. We knew there | | | | problem must be handled properly. If you haven’t |
| was money in our account so we called the bank. | | | | filed taxes in years or are seriously behind on your |
| That’s when we found out that the IRS had frozen | | | | taxes it is imperative that you get the help you need |
| our account and taken all the money – and there | | | | NOW! Consequences can be huge and one of the |
| was nothing we could do about it! Believe me, you | | | | best ways to make sure it doesn’t happen again is |
| don’t want to get yourself into this situation. | | | | to have a CPA plan future payments. CPA’s might |
| Note: If you think bankruptcy will solve your problems, it | | | | cost a little more up front, but once you’re |
| won’t. Bankruptcy is handled in federal courts and | | | | accounts are all straightened out their ongoing |
| the IRS just won’t recognize bankruptcy as a legal | | | | maintenance fees are small compared to the fines |
| way out of your tax problem. | | | | you’ll incur by not doing your taxes at all! |
| So how does one go about solving their tax debt | | | | |