Tag: Tax Levy

Wage Garnishment of Back Taxes Owed?- Hire the Best Tax Lawyer!

Do you own a tax lien, including a wage garnishment for back taxes owed? Have you received an IRS notice of levy or been visited by a IRS representative? Are you seeking tax relief and legal defense from a professional with years of experience in tax law and tax resolution? If so, you’re not alone. Millions of American taxpayers like you are asking these questions every year when they face an IRS audit. It is easy to see why: The process can be terrifying, costly, and confusing. For  more information click here.

Tax Liens vs. Compromise IRS Tax Lien A: There are two basic options for resolving your tax liability. You can elect to pay what you owe, go in for a compromise with the IRS, or ignore the tax lien and the penalties and interests accrued. Each of these choices has significant consequences for you, your financial future, and the security of your assets. The most important decision you’ll make during this challenging time is which option is best for you and your circumstances.

Why did I receive a tax levy notice? IRS tax levies are issued for a variety of reasons. Most often, taxpayers receive notifications when they fail to file tax returns or pay tax-related bills on time. In more severe cases, tax levies may be issued for delinquent state income tax returns or federal income tax liabilities. When you receive a tax levy, you must acknowledge the notice in writing, cooperate with the IRS, and repay the IRS in full within a specific time period.

Who is eligible for a tax resolution?  Generally, taxpayers are eligible for a tax resolution once they’ve been assessed with an eligible tax lien, and the IRS has received notice of a tax levy. To determine whether you’re eligible for a tax resolution, you’ll need to contact a tax lawyer or tax resolution specialist. He/she will be able to inform you of your eligibility for wage garnishment, bankruptcy, home equity loan repayment, etc. Generally speaking, the more serious your financial problems, the more likely you are to qualify for one of these programs, said a tax levy attorney in Knoxville, TN.

What can I do if I’m ordered to repay my delinquent taxes? Unfortunately, there is not much you can do if the IRS has filed a tax levy against you. However, many taxpayers have successfully completed IRS debt relief programs by working with a tax attorney or enrolled agent. Tax lawyers and enrolled agents can advise and assist taxpayers in preparing and appealing tax resolutions, negotiating settlements, and collecting payments from IRS. Taxpayers can even pursue collection against IRS for criminal charges, civil fraud claims, and IRS audit fees.

Taxpayers who have filed their back taxes but have yet to receive a notice from IRS about the tax levy cannot simply ignore their obligation to pay their taxes. In many cases, a tax lien against a property can be issued prior to a final tax resolution. It is important that taxpayers understand all the applicable details and options available when tax liens are filed against them.

Why legal advice to negotiating with the IRS is very important

Believe it or not, the Internal Revenue Service is not the only government agency that taxes you. In fact, even state governments tax you and send you a check! The reason for this is because state income tax rates are different from federal tax laws. Although federal tax laws receive the majority of the press, they really only reveal half of the story. Your state tax payments are just as important and usually must be submitted on the same day as your federal tax return.

While state income tax laws mirror the federal code, there can be significant key differences between each jurisdiction that are important to understand before you begin the process of filing your actual federal tax return. First of all, you must know what your state and local governments require you to do when it comes to filing your federal tax return. In some states, you must electronically file your return or hand-deliver paper forms to the IRS. In other states, you must mail or deliver forms to the IRS. Keep in mind that these differences are also affected by what types of income you have. For clarifications and complete tax laws information please visit this site https://www.northcarolinataxattorneys.net/raleigh-nc/.

In addition to state tax laws affecting your federal tax return, you may also want to understand which forms you need to file with the IRS, and what types of documents you will need to provide with them. For instance, you will likely need to attach a pay stub or an electronic statement showing you’re employed, so you may want to include this on your federal tax return. Similarly, you will need to attach copies of all of your financial records (pay stubs, W-2s, investment statements etc.)

Even if your state has short, simple statutes that cover all the issues, the federal tax laws are still complex. For instance, you will want to read the internal revenue code as precisely as possible. It isn’t enough just to take a state-by-state approach, because the tax code is different for every taxpayer. Each state has different definitions of what it means to be “incorporated” for tax purposes. If you don’t closely read your state’s tax laws, then you are very likely to forget important facts, which will cause you problems when filing your federal return.

Federal tax laws also cover a host of issues that aren’t addressed by your state and local taxation codes, such as the tax treatment of stock dividends and capital gains. In addition, even though states differ in their definitions of married individuals, corporations are not exempt from the income tax laws. This means that if you have a business, your business income will be taxable. In addition, in the case of a corporation, corporations are considered to be “pass-through” entities, subject to the same limitations on the tax liability as personal assets. If you own shares in a corporation, even if they are personally held, they are liable for the entire corporate tax rate.

If you need help with any aspect of your federal tax code, don’t delay – consult an expert. Taxpayers who let their taxes become too complicated end up hurting themselves financially. The quickest way to solve tax debt problems is to consult with a professional before taking any action. Don’t wait until you are so far in over your head that you don’t know how to get out of the hole.