4 Mistakes That You Don’t Want to Make When Filing Your Taxes.

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(They Could Land You In Tax Trouble)

It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however if you make these mistakes that land you into tax trouble. It’s important to remember that if you make mistakes that are serious enough, you might end up triggering an audit of your tax return or owe more in back taxes.

It’s early to be talking about tax season, but if you’re planning on filing your own taxes this year, here are four mistakes that you should avoid.

Don’t neglect to report all your income

Whatever your sources of income may be, whether it’s your regular paycheck, a side gig, gains that you’ve made on the stock market, or interest that you’ve earned from deposits in the bank, it’s important to remember that you should account for all of it in your tax return. If you don’t, the IRS may come looking for it.

Every time you make at least $600 in income working as an employee of any description, you get a 1099 form stating what you’ve made. The IRS gets a copy of the form, as well. This means that it makes no sense to try to hide your income from the IRS.

When you make any kind of income, you should report it on your tax return. Technically, you should even record smaller chunks of income, the kind for which you don’t get 1099 forms.

Read more4 Mistakes That You Don’t Want to Make When Filing Your Taxes.

Why Early Adopters of Cryptocurrency Should Explore Their Tax Resolution Options Now

bit coin image

The stunning rise in the value of Bitcoin, along with the myriad of cryptocurrencies, is surely one of the biggest financial stories of the 21st century, at least so far. What started out as a mere curiosity and niche project for programmers and geeks has quickly blossomed into a full-fledged financial asset, and an increasingly popular one at that.

For early adopters, the financial returns have been simply mind boggling. You may have heard about the generation of Bitcoin millionaires, and there are plenty of those newly rich investors to go around.

Given the rapid rise and relative anonymity of Bitcoin transactions, it was only a matter of time before the IRS caught on, and the tax agency has caught on – and caught up – in a big way. After years of taking a hands-off approach to cryptocurrency investments, the IRS is now paying close attention – and requesting the real world identities of those supposedly anonymous buyers and sellers.

While every investor in cryptocurrency should be aware of their potential tax liability, the problem could be even more acute for early adopters – the very investors who have profited the most from this unique form of digital payment.

As with all things tax, the Internal Revenue Service is likely to start where the big money is, and the tax agency has increasingly set their sites on early adopters. If you were prescient enough to buy into the promise of Bitcoin and other cryptocurrencies when everyone else was looking the other way, it may be time to settle up with the IRS.

Read moreWhy Early Adopters of Cryptocurrency Should Explore Their Tax Resolution Options Now

8 Reasons to Work with a Tax Resolution Professional To Resolve Your Back Taxes

man working on taxes

When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due.

Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your freedom. No other creditor even comes close in terms of its power and influence, and taking on the agency on your own could be asking for trouble.

If you have received a notice from the IRS, you need to act fast, and you need the right assistance in your corner. Taking on the IRS requires specific expertise, and that is why it is so important to work with a quality tax resolution company. Here are nine reasons why working with a tax resolution service could save your good name – and your bank account.

Read more8 Reasons to Work with a Tax Resolution Professional To Resolve Your Back Taxes

How the IRS Makes Your Life Miserable If You Owe Back Taxes

IRS lock assets

Have you received a Notice from the IRS only to leave it on your kitchen counter, desk, or worse, just hide it under a stack of bills? Unfortunately, those letters from the IRS will just keep coming. Your problem won’t go away on its own.

If you don’t take action now, the IRS WILL just keep piling on penalties and interest…and interest on top of the penalties…

The IRS doesn’t like being ignored so this is how they get your attention. They want to be sure you know they are not going away. It’s like they haunt you with their ongoing letters. If you don’t respond to them the penalties they tack on is like a club they keep hitting you over the head with. Penalties are just the beginning of what they can do to your life.

But that’s just the beginning…

Read moreHow the IRS Makes Your Life Miserable If You Owe Back Taxes

3 Reasons You Shouldn’t Talk To The IRS Yourself If You Owe Back Taxes

woman stressed by IRS

If you owe money to the IRS, it might sound like common sense to try to tackle your tax problem on your own. However, one of the worst things you could do is talk to the IRS directly without proper representation.

As an expert Tax Resolution Firm, we encourage all readers facing a tax problem to contact us for a free consultation.

The IRS is not on your side and their primary goal is to collect the taxes they believe you owe. In this article, we give you 3 reasons why talking to the IRS directly could get you into deeper trouble.

Read more3 Reasons You Shouldn’t Talk To The IRS Yourself If You Owe Back Taxes