With the advent and implementation of newer and more advanced software technology every year to help you prepare and file your taxes as a layperson, preparing your own income tax return might appear to be straightforward and easy to carry out.
The key to effectively and legitimately reducing your tax liability starts with your preparation. By staying on top of the current tax laws, codes and regulations, we are constantly looking for ways to reduce your taxes and can recommend several beneficial strategies that can help you to boost your income.
Receiving a letter in the mail from the IRS informing you that they are planning to audit your tax return conjures up absolute terror for most everyone, and if not properly handled, can be an absolute nightmare.
If you were to owe any unpaid taxes, the IRS has the legal justification and ability to establish a tax lien against your or your spouse’s assets, which includes your jointly held property, real estate and other assets to collect payment of your tax debt from you.
If determined that you were eligible, the IRS, through its Offer in Compromise program, promotes voluntary compliance by enabling you to negotiate a settlement of your unpaid tax debt for less than the total amount owed when it is mutually beneficial for both parties to accept a compromise.