Past Due Taxes
Delinquent tax returns are a serious matter. Do not worry. This can be easily resolved. We will help you gather missing information, get IRS transcripts, prepare returns, and negotiate potential payment plans.
How we can help with your Past Due Taxes:
Get in touch
Just contact us and describe your situation to one of our licensed tax advisors.
We'll work with you
We will gather all missing information, get IRS transcripts and all other documentation you need.
Resolve the situation
We then prepare your returns, and negotiate potential payment plans with the IRS.
Past Due Taxes Assistance - Finding Relief and Clarity
If you're feeling overwhelmed with tax debt, unsure about the amount owed, or anxious about dealing with the IRS, we're here to guide you every step of the way.
Before diving into strategies and solutions, it's essential to understand the amount you owe accurately. Misunderstandings can arise from various sources - be it overlooked deductions, incorrect calculations, or unfamiliarity with tax codes.
Gathering the Necessary Information
When dealing with the IRS, especially concerning past due taxes, having the right documentation is critical. Relevant Information Includes:
- Past Tax Returns: These provide a record of reported income, deductions, and credits
- Income Documentation: W-2s, 1099s, business income statements, and other proof of earnings
- Deductions and Credits: Receipts, invoices, and records that validate claims
- Communication with the IRS: Any letters, notices, or official communications received
- Financial Status: Current income, expenses, assets, and liabilities. This information is particularly crucial if you're considering a payment plan or offer in compromise
Our team will guide you in collecting and organizing these documents, ensuring a comprehensive presentation to the IRS.
How We Can Assist You
- Detailed Review: Our tax professionals will thoroughly review your past returns, ensuring every detail aligns with current tax laws.
- Affirming the Correct Amount: Through meticulous cross-referencing with IRS records, we confirm the exact amount due - ensuring you neither overpay nor underpay.
- Personalized Consultation: Every tax situation is unique. Our experts will discuss your specific circumstances, addressing concerns and identifying opportunities.
Strategies to Address Past Due Taxes
Our team is well-versed in a variety of strategies to manage and reduce tax debt:
- Penalty Abatement: If you have a reasonable cause (like illness, natural disasters, or other extenuating circumstances), we can request the IRS to remove certain penalties.
- Statute of Limitations Review: The IRS generally has ten years to collect tax debts. We'll review the timeline and inform you of any impending expiration dates.
- Bankruptcy: In certain situations, filing for bankruptcy might offer relief from tax debts. We'll help evaluate if this is a suitable option for you.
- Innocent Spouse Relief: If your tax debt arose due to a spouse's or ex-spouse's actions, you might not be liable. We can help determine if you qualify for this relief.
Payment Plans and Offers in Compromise
Not everyone can pay their tax debt in one lump sum, and the IRS understands this.
- Payment Plans: We can assist in setting up a monthly installment agreement. This allows you to pay your tax debt over time, reducing financial strain.
- Offer in Compromise (OIC): Under certain circumstances, the IRS might accept a reduced amount to settle your tax debt. We'll evaluate your eligibility, guide you through the process, and negotiate on your behalf.
At Mraz Tax Solutions, our goal is to provide clarity, relief, and a path forward for those grappling with past due taxes. With our expertise, personalized approach, and comprehensive services, you can face the future with confidence. Contact us today to embark on your journey towards financial peace of mind.
Why file your taxes with Mraz Tax Solutions?
We specialize in individual and small business tax returns. Whether you're an employee filing a W-2, a contractor taking part in the sharing economy filing a 1099 or a small business owner, we are here to help. We understand the importance of minimizing your tax and getting you the maximum refund you are legally entitled to. In order to do this and to prepare a complete and accurate return we take the time to get to know you and your goals.