Special offer

Windsor Locks, CT Real Estate News

By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Back tax relief is a lifeline for individuals and businesses burdened by unpaid or delinquent taxes. As tax relief professionals, we understand that navigating the IRS maze of complexities of back taxes can be overwhelming. In this article, we'll provide an in-depth perspective on what back tax relief is, its significance, and how it can transform your financial outlook. Contact our office today at 860-580-5183 to understand how exactly back tax relief pertains to your situation. What Are Back Taxes?Back taxes, sometimes referred to as delinquent taxes or tax arrears, are taxes that have not been paid by the due date. They can result from various factors, including underreporting income, failure to file tax returns, audit assessments or disputes with the IRS over tax liabilities. Regard...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
The IRS is known for its formidable reputation when it comes to collecting taxes and pursuing non-compliant taxpayers. However, there are common misconceptions about the extent of their powers and the severity of the tactics they can pose. In this article, we'll shed light on some common IRS tactics and what the IRS can actually do, providing valuable insights from a tax relief professional's perspective.If you have dealt with any of the common tactics listed below, contact our office today at (860) 580-5183 for a free, no-obligation consultation to review your options. Tactic #1: Seizing Your Home or AssetsOne of the most feared IRS tactics is the potential seizure of your home or assets. Many taxpayers worry about losing their property if they owe back taxes.Reality: While the IRS doe...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Tax issues can be complex and overwhelming, and when you find yourself facing IRS problems or unmanageable tax debt, it may be time to seek assistance from a tax resolution professional. Tax resolution professionals can help individuals and businesses navigate the intricacies of the tax system and find viable solutions to their tax challenges. In this article, we will explore the key indicators that signal when it's time to reach out to a tax resolution professional for assistance.Note: If any of the reasons below apply to you, contact our office today at 860-580-5183 for a free, no-obligation consultation to review your options. Overwhelming Tax DebtOne of the most significant indicators that you should contact a tax resolution professional is when you are burdened by substantial tax d...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
The gig economy has been around a lot longer than the term, which was coined in 1915, according to some sources. While the gig economy has been growing for decades, the pandemic saw a boom in the number of traditional 9-5ers shifting to self-employment and business ownership. The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand-new small business owners. Taxpayers, holding a traditional job that issues a W-2, have less than a 1% chance of getting a notice from the IRS; the audit rate is on the rise for small business owners. And if you work in the gig economy that means you too.The rising audit rate for small business owners is certainly cause for concern. If you’re being audited by the IRS or ...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Neglecting to pay your taxes can lead to serious consequences, and one of the most severe repercussions is the federal government filing a legal claim against all your current and future property through a federal tax lien. In this article, we'll break down what a federal tax lien is and provide guidance on what steps you should take if you receive a certified letter indicating that you have one. Please note that it's always advisable to seek the assistance of a specialized Tax Resolution Professional who can negotiate with the IRS on your behalf. If you'd like to schedule a free and confidential tax relief consultation.   What is a Federal Tax Lien? A federal tax lien is a document filed with a county government (usually where you reside or conduct business) to notify the general publ...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Proper tax planning is a crucial aspect of financial management that you should be addressing throughout the year. Waiting until April to assess your tax liability is a risky move. To ensure you keep more money in your pocket, it's essential to be aware of factors that can unexpectedly raise your taxes. Today we will explore five key factors that could potentially increase your tax owed at the end of the year. By being proactive and considering these factors, you can better plan your finances and mitigate tax surprises. Factor #1 - Cashing in Your Retirement Plan:Early withdrawal from your retirement plan, such as a 401(k), can lead to significant tax penalties. If you opt to receive the proceeds in cash instead of rolling them over into an Individual Retirement Account (IRA), you will ...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Filing your tax return accurately is crucial to avoid unnecessary tax troubles. However, it's not uncommon to discover errors or overlooked information after you've already filed. Fortunately, the Internal Revenue Service (IRS) allows taxpayers to amend their returns using Form 1040X.In this blog post, we'll explore how amended tax returns work, the importance of seeking professional assistance, and how our firm can help you navigate the complex world of tax resolution. Uncovering Missed Income and Deductions:Sometimes, taxpayers file their returns only to realize later that they omitted certain sources of income, such as earnings from temporary jobs or side gigs. This oversight becomes apparent when they receive a 1099 or a late W2 form indicating the income earned. Similarly, others m...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Tax season can be a time of great anticipation for millions of Americans with dreams of a nice, big, refund check coming soon. Yet this year, many Americans may find themselves surprised and coming up short on their refunds.Many taxpayers have been shocked to find that this year, instead of a big tax refund check arriving in the mail, they are being saddled with an unexpected bill from Uncle Sam. The combination of recent tax law changes and updated employer withholding tables has left individuals scrambling to figure out how to pay for their new IRS obligations due at filing time.If you're worried about a looming tax bill, never fear. There are measures you can take to ensure that your taxes don't unexpectedly balloon. From budgeting tips to what do when the worst happens, these strate...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Ignoring your obligation to pay taxes can lead the federal government to conduct severe legal action against all your existing assets, current and future income, and assets you acquire in the future; this form of punishment is called a federal tax lien.If you have received a certified letter indicating that the federal government has placed an unwelcome Federal 'tax lien' on your assets, this article can provide insights into what it means and how to remedy the issue. What is a Federal Tax Lien?When a taxpayer falls behind on their federal taxes, they are at risk of having an official public notification filed against them. This document is known as a Notice of Federal Tax Lien and can cause grave consequences for the individual's ability to enjoy any financial security.A federal tax li...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
The tax-filing deadline will be here before you know it and pretty soon, you’ll be gathering up your receipts and plugging in numbers. I know you’re hoping for good news, and praying for a big refund in the process.If all goes well you won’t owe anything and you might even be getting back a nice refund. But, what should you do if you owe money? If you know you owe money to the IRS, you might be tempted to not file a return, but that is the worst thing you can do!If you fail to file on time, the IRS will come after you until you do. Worse yet, the tax agency can assess up to 25% just in late filing penalties. Plus, interest will start piling up right away. Instead of not filing, here are the steps you should take if you owe money to the IRS. Seek Out Tax Deductions You Can Still ClaimIf ...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Paying taxes is a fact of life, but when the amount is excessive, you may not have the funds to pay in full. Making a mistake on your taxes can be costly as well, and if you plug in the wrong numbers, the IRS will surely come calling.Whether you owe money to the IRS due to an innocent oversight, a lack of funds, or something else, ignoring the problem will not make it go away.Once you owe money to the IRS, the clock is ticking, and all the while penalties and compounded interest will be piling up. So, what should you do if you owe back taxes? Here are some critical steps to take. Assess the SituationUntil you know how deep the hole is, you will not be able to start digging your way out. Before you do anything else, you should assess the situation, going through your old tax returns, rev...
Comments 0
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
  You open your mailbox, expecting the usual mix of bills and catalogs, but what you find is a collection letter from the IRS. It’s a living nightmare that you can’t wake up from.     Even worse, that letter includes a demand for payment, which is the last thing you need to deal with. So, what do you do now? The steps you take could make all the difference, and here are some key things to do next.   Take a Deep Breathe It is easy to panic when you get a notice from the IRS but getting scared will not get you anywhere. So, slow your racing heart (if you can), take a deep breath, and try to calm your nerves.   You will need to think clearly to take on the IRS, and letting your emotions guide you is the last thing you want to do. You will want to have all your brain cells firing, so stop ...
Comments 2
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Dealing with tax issues can often be a challenging, and even overwhelming for many people. Choosing to work with a tax resolution professional is often a great choice if you are dealing with the IRS. Tax relief specialists can guide you throughout the entire process to help you avoid making costly mistakes. You will also have much less stress knowing that an experienced professional is working hard on your behalf. The IRS is no stranger to audits, and it can be a stressful process. If you've received a notice from them, don't panic! There are many things that could help relieve the stress - like working with one of our top-rated tax resolution professionals who will fight hard on your behalf so there's less risk for penalties or interest charges along with preserving any possible defens...
Comments 2
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Filing your taxes is never a fun thing to do, but if you don't file them at all then the IRS will come calling. They have unbridled power to file a return on your behalf in their, not your, best interest.They have powerful collection tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years’ worth of unfiled returns only adds fuel to the fire!The IRS is always on the lookout for taxpayer’s who haven’t filed legally required income or payroll tax returns. If you have unfiled tax returns, it’s only a matter of time before they find out and demand the return and their money with penalties and interest! When it gets to a point where the IRS contacts you, the amount they claim you owe will be far greater th...
Comments 2
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Unpaid payroll taxes are a serious matter to the IRS and are some of the worst kinds of back taxes you can owe. If you’re a small business owner with a payroll tax problem, read on to learn what you can do to avoid the IRS crippling your business or worse, shut your business down completely. Already in payroll tax trouble? Contact us to schedule a free, no-obligation consultation and let’s get your payroll tax issue resolved. Why Small Business Owners Get into Payroll Tax Trouble in The First PlaceIt’s hard being a small business owner today, trying to pay your employees their paychecks every week, and pay the IRS all those payroll taxes! A lot of times when money is short, you pay the employees first. It’s a natural thing to do—you need to take care of your employees, even if you have ...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has unbridled power to attack your wages, freeze your bank account and even confiscate your property, and that is enough to send a chill up the spine of any taxpayer.If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. It may be a frightening situation, but there are things you can do to settle your tax debt and get back on the good side of the IRS. Taxpayers do have options when resolving tax disputes and paying additional taxes due, and simply knowing what those options are can set your mind at ease. As an expert Tax Resolution Firm, we encourage all readers facing a tax problem, whether it's the feds or the state,  to cont...
Comments 2
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
If you don't have money to pay what you owe the IRS, you have a few options to work with. Whatever you do, don’t ignore the letters from the IRS and don’t let your back tax problem go unattended. The IRS has a great deal of power when it comes to recovering money, they think is theirs.   When you owe the IRS money, they can garnish your wages, levy your bank accounts, put a lien on your home and seize other assets.   Here's what you can do if you find yourself not being able to pay your taxes. Note, we always recommend getting in touch with a tax resolution professional to help avoid the harsh penalties and interest that accrued on your back taxes. It’s far easier to navigate towards tax resolution if you have a professional working on your behalf. If you’d like to schedule a no-cost c...
Comments 2
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
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 seven reasons why working wit...
Comments 2
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
 If you owe back taxes to the IRS, some amount of panic is understandable. After all, the Internal Revenue Service has the power of the federal government in its corner, something no other debt collector can claim. They are considered the most brutal collection agency on the planet. It is easy to freeze up and just do nothing when you owe back taxes to the IRS, but hiding from, or doing nothing about your tax debt will not make it go away. In fact, ignoring the taxes you owe will only make the situation worse, since interest and penalties can really add up. You also risk having your paycheck garnished (the IRS does not need a court order to do this) or your bank account levied. The IRS can also file a Notice of Federal Tax Lien making it all but impossible to obtain financing for a car ...
Comments 1
By Joseph Orabona, Your defense against the IRS
(Vector Tax & Accounting LLC)
 Tax returns can be complicated and tricky to understand. Even for a professional, it can be surprisingly difficult to get every number and detail right. Often, you only notice the mistakes when you take a casual look at your return days after you submit it online or drop it in the mailbox. Or worse, the IRS sends you a letter telling you something is off.So, is there anything that you can do after your return is in?Actually, there's a lot that you can do. But if you don’t know where to start, it’s best to leave it to a professional. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about. We help people who owe back taxes or have back tax debt. Call us today for a free consultation. 3 Major Types Of MistakesThere are many red flags the IRS looks...
Comments 1
Explore Windsor Locks, CT
Windsor Locks, CT Real Estate Professionals