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Do You Owe Business Back Taxes? Do You Have Unfiled Business Returns? What Do You Need To Know About Business Taxes When Starting A Business? Business Taxes You have decided that it is time to go out on your own and start a business. You have created a plan on what you are going to do, how much you will charge, what it will cost you in expenses, and how much money you will make. However, have you thought about your tax obligations? Do you need to pay quarterly estimates? Are you responsible for payroll taxes? Will you have business taxes due to the State? Unemployment? Have you accounted for these expenses in your budget? Do you know what returns you will need to file and when they are due? Although taxes are not a fun or glamorous part of running a business, they are an essential part. Failure to properly plan for and pay your taxes may be the difference between your business succeeding… Read More

Finding out that the IRS has issued a tax levy or wage garnishment against your bank account or wages can be a terrifying discovery for any taxpayer.  How will you pay your bills?  How long is the levy going to last? Who do you contact to get the levy released?  Once a levy has been issued, time is of the essence in getting the levy released.  If a levy has been issued against your account, it is highly advisable to speak with a tax expert to determine what your resolution options are and to stop the IRS garnishment. There are many things that you need to know regarding how to stop an IRS levy.  One of the first things you need to know is that the IRS is not going to warn you that they are issuing a levy.  The IRS has a series of notices that it is required to send to a taxpayer before they can issue a levy.  However, once these notices… Read More

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

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