Filing Back Tax returns that can save $1000's
Filing Tax returns, in spite of the several challenges small business owners are required to file the tax returns and pay the taxes on time. There are a lot of details to get right, starting with Bank statements, keeping track of income and expenses, bookkeeping, payroll, state and federal tax compliance etc.
Due to increasingly complex tax laws many small business owners find themselves pressed by severe problems owning money to the IRS for unfiled back tax returns.
The IRS is a very powerful and intimidating government agency, If you owe taxes and cant pay them before the due date, you might face IRS penalties and interest, and you need the help of a IRS certified enrolled agent or a CPA for filing back tax returns.
Problems due to non-filing of tax returns or owing back taxes
Owing taxes threatens small businesses and causes financial burden. Delinquent tax payers often face these problems:
- Loss of professional licenses,
- Loss of business
- Inability to access bank accounts
- Fear of IRS back tax debt
- Loss of income due to wage garnishment or Social security levy
- Interest and penalties to the tax liability
How to resolve IRS delinquent taxes?
DO NOT ignore the notices and phone calls, it will only worsen your situation. Seek immediate help from Lakeline line tax services to resolve your tax issues.
Click here to schedule an appointment for :
- Filing back tax returns
- Responding to quickly to the back taxes due to avoid tax liens
- Filing of returns to replace the Substitute for Return (SFR) prepared by IRS
- Negotiate with the IRS to obtain a payment plan for paying back taxes
What Happens If I Don’t File Back Taxes?
If you have back taxes, it’s important to file a past-due tax return as soon as possible. If you don’t file or pay your taxes in full by the deadline, the IRS will begin to charge penalties on the amount you owe.
Types of penalties include:
Failure-to-File Penalty: If you miss your filing deadline and have not filed an extension, the IRS imposes a penalty of 5% of the amount of your unpaid taxes. The IRS will continue to charge an additional 5% every month for up to five months. There is also an additional late-filing penalty for returns that are filed more than 60 days after their due date.
Failure-to-Pay Penalty: If you don’t pay your taxes by the deadline, the IRS will charge a 0.5% penalty for each month that your payment is late. The maximum failure-to-pay penalty is 25%. Keep in mind, though, that interest will accrue until your tax liability is paid in full.
We specialize in preparing and filing back tax returns, late tax returns, amending tax returns, and helping taxpayers understand IRS (Internal revenue services) notices and letters. If your tax liability is large, we’ll negotiate with the IRS directly on your behalf by managing IRS Tax liabilities to offer-in-compromises or installment agreements, or other plans to pay off your tax debt. If necessary, we can also support you in filing for special tax provisions like penalty abatement, innocent spouse relief, or currently not collectible status. Tax debt relief is opted for by people who have somehow failed to file their returns, which in result have made them liable to pay a repayment of back taxes. At Lakeline Tax, we truly care about each one of our clients. When you work with us, no matter what tax problems you’re experiencing, you can rely on us to patiently answer all of your questions and address any concerns with straightforward, reliable tax advice aimed at ending your tax problems once and for all.
Owe the IRS and not sure what to do? We can help
Lakeline tax professionals can help you figure out the right steps to take if you owe back taxes and negotiate with IRS to reduce penalties. Get the help from our Lakeline Tax resolution experts, click here to schedule an appointment…
Lakeline Tax provides tax preparation services for everyone including Individual Tax preparation, Business Tax preparation, Partnership & Corporate Taxes, Book Keeping, Tax Planning, Tax Resolution. No matter what your needs require, you’ll benefit from our experience, expertise, and Friendly customer service.