Totally kidding… Taxes are about as complicated as it gets, but if you don’t at least try to understand them then you are in BIG trouble.
You have enough on your plate with your business, you definitely don’t want to be worried about unexpected payments, penalties, and fines.
Don’t forget! My FREE Maximize Your Tax Savings Masterclass expires December 30, 2021. In this masterclass, I break down money-saving tax strategies and current IRS trends coming in the new year. Watch it here now before it goes away!
Q4 is upon us and before you know it 2021 will be a wrap. Do you know what actions to take to finish the year strong while saving 5 figures in taxes?? I’m here to help!
Here are 4 common IRS tax problems. Please avoid these at all costs.
- Failure to file a return at all
Every American is expected to send in a tax return. It doesn’t matter if you owe money or if the government owes you, you gotta file your taxes. If you are owed money, failure to file might result in not getting that refund at all. You can also be charged hefty fines. Just file your return… That’s the most important part.
- Failure to pay taxes
Failure to pay taxes or underpayment will also send red flags to the IRS. If you fail to pay your taxes AND file a return, you are likely to be charged penalties and interest.
- Notification of tax levy
If you weren’t scared by the money you’d be losing over fines and interest… Failure to pay taxes can lead to a seizure of your property. This is what’s known as a tax levy. Although the IRS will notify you before levying your property, this generally happens without going to court. You’re in some serious trouble if you get to this point.
- Notification of tax lien
This is another way the IRS collects unpaid tax debts. You receive a notification from the IRS asserting the government’s right to your property or assets. They can garnish your wages so that they get paid what you earned. You definitely don’t want to be in this pickle.
So, how do we avoid these problems? Simple: File your taxes. Make your payments. And if you find yourself facing a levy or lien, then please talk to a tax professional. We know our stuff because we study the trends, laws, and tax regulations. Take some weight off your shoulders and ensure your taxes are being handled correctly to avoid costly mistakes.
With the right tax professional and a tax strategy plan in hand, these problems are easy to avoid. Are you worried about your business taxes? Want to ensure your ducks are in a row? You might be perfect for a tax strategy plan!
Are you ready to save 5-figures with a customized tax strategy plan? You still have time to implement these strategies to save THOUSANDS before the year is up because by then it’ll be too late. ! Apply today, it will take less than10 minutes!