As a taxpayer in Mount Laurel, NJ, you are required to make estimated tax payments throughout the year. Failure to do so can result in serious penalties and fees from the IRS. Let’s take a look at what happens if you fail to make estimated tax payments and how you can avoid it. Estimated Tax Penalties The most common penalty for failing to make estimated tax payments is the “underpayment of estimated taxes” penalty. This penalty applies when you don’t pay enough taxes throughout the course of the year and/or when your payments are late. The amount of this penalty depends on how much you underpaid, as well as how many months it was unpaid for. For example, if you underpaid by more than 10%, then you will be charged 5% per month until payment is made in full. In addition to the underpayme... 03/23/2023

As a taxpayer in Mount Laurel, NJ, you want to make sure you’re getting the most out of your tax deductions and credits. But claiming inaccurate deductions or credits can come with serious consequences. Here’s what you need to know about how they work, why it matters and how you can protect yourself. What are Inaccurate Deductions or Credits? Inaccurate deductions or credits are when a taxpayer claims an expense as a deduction or credit that is not allowed under the IRS rules. Some common examples of inaccurate deductions include claiming expenses for items that were not used for business purposes, such as meals, entertainment, travel and other non-business related items. Another example is claiming expenses for a vehicle that was used for personal use. Why Does it Matter? Claiming inac... 03/21/2023

Have you ever received a notice from the IRS saying that you owe them money for unpaid taxes? If so, you're probably feeling panicked. After all, there's nothing more intimidating than the thought of having to pay back thousands of dollars in tax debt. Thankfully, there are several steps you can take to deal with your unpaid tax debt in Mount Laurel, NJ. Let's take a look at some of these options. Payment Plans The first step is to contact the IRS and set up a payment plan. A payment plan will allow you to pay off your debt over time instead of having to pay it all at once. Typically, these plans involve making small monthly payments until the debt is paid off. Depending on your financial situation, the IRS may also offer reduced payments or even forgive part of the debt altogether. How... 03/16/2023

Failing to file a tax return is a serious offense. If you are required to file and you do not, there can be severe repercussions. In this blog post, we’ll discuss the consequences of not filing your taxes, and why it’s important for taxpayers in Mount Laurel, NJ to take this seriously. The IRS has many tools at its disposal to help ensure that all taxpayers file their returns on time and pay any taxes due. These include levying penalties and interest charges, issuing liens and levies on assets, and even criminal prosecution in some cases. Let’s look at each of these in more detail.  Penalties & Interest Charges If you don’t file your taxes by the April 15th deadline (or the extension date if you have been granted an extension), the IRS will assess failure-to-file penalties and interest ... 03/14/2023

Receiving a notice from the IRS can be startling and overwhelming. If you receive a notice from the IRS, it’s important to act quickly and responsibly in order to minimize any potential tax impact. Here are some tips for minimizing the tax impact of an IRS notice.  Understand Your Notice Before you take any action, carefully review your notice to understand why you have received it. The IRS will generally issue notices for several reasons, including unpaid taxes, discrepancies between your filing and their records, miscalculations, or requests for additional information or documentation. It is important that you understand why before attempting to rectify the situation. Contact the IRS Immediately Once you understand why you received the notice, it is important to contact the IRS as soo... 03/10/2023

If you have ever received an IRS Notice in the mail, chances are it has caused you a fair amount of anxiety. After all, the IRS is not known for sending out friendly reminders. But what do these notices actually mean and why do people receive them? Let’s take a look at the most common reasons for receiving an IRS Notice. Making a Mistake on Your Tax Return One of the most common reasons taxpayers receive an IRS notice is because they made a mistake on their tax return. This could be something as simple as entering an incorrect Social Security number or forgetting to report income from a side job. The good news is that these types of mistakes can usually be fixed with a simple correction letter from the taxpayer. However, it’s important to understand that even if you make changes to your... 03/10/2023

A levy from the IRS can be a frightening prospect for taxpayers in Mount Laurel, NJ. This is especially true if you don’t know much about the process of levying and how it works. Unfortunately, there are many misconceptions about IRS levies that can lead to fear and confusion for taxpayers. In this blog post, we will debunk some of the most common myths about IRS levies so that you can have a better understanding of what to expect if you receive one. Blog Body:  Myth #1: An IRS Levy Means You Have To Pay Immediately This is false—an IRS levy does not mean that you need to pay immediately or even within a certain period of time. It simply means that the government has placed a lien on your assets and they have the right to collect those assets once their value has been determined. You wi... 03/02/2023

This may affect your credit.The consequences of an IRS filing a Notice of Federal Tax Lien are significant. This lien is public record, and eventually may show up on one's credit report which can severely impact their ability to secure further credit in the future as well as lower their credit score.The effects on your assets.A federal tax lien restricts your ability to utilize and monetize any existing or future assets - from real-estate, stock investments, automobiles, etc. This means that the IRS is first in line for proceeds if you were to sell any of your assets, before you receive any cash.The affects on your business.Protecting your business from financial troubles is important, and a lien can be especially damaging. It attaches to all of your property — including accounts receiv... 01/23/2023

Lien vs. LevyFor the unaware taxpayer, it is important to understand the difference between liens and levies. People will use them interchangeably, but they are very different. A lien grants the government legal rights over all of your property.This does not mean they are going to sell your property but it does make it difficult for you when the government has an ownership stake in your assets. Especially if you are looking to sell them, like real estate.Anything you sell, the IRS will receive its cut before you receive anything.A levy, on the other hand, is the physical seizure of income and assets. The IRS is the only creditor on the planet that can garnish your income and remove money from your bank account without a court order.Next StepsPaying off your tax debt in full is the most ... 01/18/2023

Ignoring your obligation to pay taxes can lead the federal government to conduct severe legal action against all of 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've 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 serious consequences for the individual's ability to enjoy any financial security.A federal tax l... 01/16/2023

Pay Attention to Your PaychecksWith the recent changes in tax law, your paychecks may have grown more generous - but don't get too excited! They could mean less of a refund or an unexpected bill when you file. Make sure to stay informed and plan ahead so unpleasant surprises won't come back to haunt you this filing season.To prepare for tax season, it's important to monitor your paychecks and ensure that the right amount is withheld. If you see a decrease in federal taxes being taken out of each paycheck, adjust this with your employer immediately - even though it may mean taking home less every month. Doing so can help protect you from federal and state tax debts and penalties later!Run Your Numbers BeforeWith just your final paycheck from last year and a few additional details, you ca... 01/11/2023

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... 01/09/2023

Here are some facts about resolving your back taxes with the IRS.The IRS wants to work with taxpayers.The IRS is actually on your side. in a way. The agency is typically eager and happy to collect old back taxes. It truly wants to work with taxpayers, but there are many, many rules you need to know about and a process to follow if you want a positive result. Only 3 types of professionals can represent you in front of the IRS.While you can represent yourself in front of the IRS. It might not be the best idea, especially if your debt is very high or you have ignored the situation for a long time.The three types of professionals that can represent your case at the IRS: Attorneys. Not all attorneys are tax attorneys, and even not all tax attorneys have a bustling tax controversy practice. E... 01/04/2023

Get Your IRS Back Taxes Resolved or Reduced!We make your IRS problem go away, so you can sleep better at night!Are you behind on paying your federal IRS taxes in the last or more? If so, you're not alone. If things have been tight financially, it can be easy to ignore the task of filing and paying your federal taxes to the IRS. Initially, you might thing you've gotten away with not paying the IRS. But in a year or two, they will catch up with you.Letters from the IRS will come eventually. If you let it go too long, they can take away your assets. By then, the penalties and interest will be so high that it will feel like an impossible situation to get out of.Schedule an appointment Now with a tax expertHere are just a few of the power that the IRS has to collect your back taxes: The IRS ... 01/02/2023

Failure to Pay TaxesIf you owe money to the IRS but can't pay, there are several options available to you depending on your circumstances. One of the most important things is to start paying your current taxes first.Here are some of the options the IRS provides to taxpayers who owe money: Installment planThis is where you work out a payment arrangement with the IRS. Offer in CompromiseAn offer in compromise is where the IRS agrees to accept less than the full amount owed. Currently Not Collectible StatusThis status allows you to defer your debt. The debt does not go away; you still owe the IRS money. But you'll stop the process of getting your bank accounts levied or other collection efforts if you are granted this status. Solutions for Resolving Your IRS Debt.We make your IRS problem g... 12/28/2022

Do You Owe the IRS Money That You Can't Pay?It can happen by accident. You maybe asking how? Well, you may not withheld enough from your paycheck in the past year and wind up with a whopper of a tax bill in April. It could be you won some money, spent it, and didn't realize that a big chunk of it was owed to the IRS in taxes. If your debt had been pilling up for a while, it can be overwhelming and extremely stressful. You might feel stuck or frozen, not knowing what you should do or how you are going to get out of your situation.  But the worst thing you can do is nothing. The penalties and interest just keep adding up, sinking you further and further into trouble.  The IRS takes their money seriously! They will: Seek every legal way to collect the money they are owed. Seize your assets... 12/26/2022

Take Care of the back tax debt problem Sooner Rather than LaterIn Mount Laurel, NJ we often think we have a lot of time when it comes to our taxes; guess what? We do not. Time is of the essence when you owe money to the IRS. Once those back taxes are assessed, the clock is ticking, and every day that passes will mean higher penalties, and compounding interest. If you want to put your tax debt behind you once and for all, you will want to act fast. The sooner you can take your financial life back.To help ease the stress from your situation, we offer a no-obligation consultation with one of our tax resolution experts. You don't have to worry about confidentiality because with zero gimmicks or commitments. Schedule an appointment with one of our tax resolution specialists today.  Meet with... 12/19/2022

In Mount Laurel, NJ 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 o... 12/14/2022

In Mount Laurel, NJ many taxpayer say "I can do this all by myself." What should you do?What Do I Think?Talk to a Tax-Relief Expert of courseThe bad news is that you owe back taxes to the IRS. The good news is you may be able to settle the entire amount, including penalties and interest, for a fraction of what's owed through the IRS's offer in compromise program. If you qualify for one of those programs, you may be able to settle your debt for less than you owe, but this is not something to tackle on your own. Work with a tax-relief expert, both to identify the proper programs and to make negotiation with the tax agency easier and more effective. You can use the budget you reviewed earlier to identify sources of income and resources you have access to. Once that information is presented... 12/07/2022

In Mount Laurel, NJ 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 Yo... 12/05/2022