Posted on
Sep
27
, 2017
IRS Tax Lien; IRS Lien Release; Federal Tax Lien

If you owe back taxes to the IRS, chances are the IRS has issued a federal tax lien against you. An IRS tax lien can ruin your credit score and prevent you from buying, selling, or refinancing property. If you owe back taxes, there are things that you can do to prevent an IRS lien from being issued, or get an IRS lien release against an existing lien. 1. Avoid the IRS Tax Lien-Pay the Balance in Full The easiest way to deal with a lien is to avoid one in the first place. If you have the ability, pay off the tax in full. This will not only avoid the issuance of a lien, but will also substantially reduce the amount of interest and penalties that you would otherwise pay on the tax debt. 2. Avoid the IRS Tax Lien-Balances Under $50,000 If you owe the IRS less than $50,000, you can request a Direct Debit Installment Agreement. This agreement requires you to allow… Read More

Delinquent Tax Return; Late Filed Return

The first step to paying back taxes is to file any late, unfiled, and delinquent tax returns. However, many taxpayers with unfiled tax returns do not know where to go for help with their unfiled taxes.  If you need help with how to file back taxes, contact Austin & Larson Tax Resolution today.  Many tax problems begin with a delinquent tax return. Once an individual or business starts down this treacherous path, it can be very difficult to get their tax situation back under control. Taxpayers can have a delinquent tax return for many reasons, but some of the most common are financial hardship caused by a balance due on the return, life changing event like divorce, or moving/flood/fire which resulted in lost documentation for the return. So, what is a delinquent tax return, what can happen as a result of not filing your tax return, and what should you do next to begin to correct this tax problem? What Is An Unfiled or Delinquent… Read More

IRS-Quarterly-Tax-Payments-Estimated-Estimates

  Making Your Required IRS Tax Payment Will Help You Not Owe When You File Your Taxes.  For Taxpayers With A Back Tax Debt, Paying Quarterly Estimates And Getting Into Tax Compliance Is Required To Establish Resolution On Your Tax Debt.  IRS third quarter estimates are due on September 15, 2017. Every year we meet with self-employed individuals that did not pay their quarterly estimated tax payments and now owe a tax bill that they cannot afford. Many of them intended to make their tax payment. However, instead of paying their taxes in quarterly estimates, they instead intended to make the payment when they filed their return at the end of the year. If you are self-employed, it is imperative to make sure that you make your quarterly tax payments. If there is one reoccurring theme that we see it is a failure to make these payments that then leads to a large, unpaid tax liability at the end of the year. Taxpayers can even pay… Read More

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