When it comes to taxes, you shouldn’t put off filing and paying any taxes owed, at least not if you don’t want to face serious consequences. A delinquent tax return can negatively impact your finances, but seeking professional assistance can help you avoid financial ruin. In this article, Rescue Your Finances: Get Help With Delinquent Tax Returns, we’ll explore the intricacies of delinquent tax returns and explain how the tax professionals at Denver Tax Group, located in Aurora, Colorado, can help take care of this dilemma.
We’ll begin by explaining what a delinquent tax return is and how it can affect your financial situation. We’ll also uncover some of the most common misconceptions about tax filing and why it’s so important to choose a tax professional who can guide you through the process of getting delinquent taxes resolved.
Rescue Your Finances: Get Help With Delinquent Tax Returns
Understanding Delinquent Tax Returns
Delinquent tax returns are tax returns that are filed after the deadline. If you don’t file a tax return, you may be charged penalties and/or interest. You could even be subject to criminal charges. According to law, everyone must pay taxes owed, and not doing so can lead to wage garnishments and liens on personal property.
The Importance of Addressing Delinquent Tax Returns
Delinquent tax returns can reduce your credit score, making it difficult to obtain loans or get future credit. It’s important to address delinquent tax returns promptly to avoid wage garnishments and other financial penalties. Addressing these issues can also help you avoid criminal prosecution for tax evasion.
Why You Need Professional Help
Many of us find the tax code complicated and confusing, so it’s easy to make mistakes when it comes to filing taxes. Denver Tax Group can help you wade through the intricacies of the tax code and give you the necessary expertise to resolve your delinquent tax returns. Accurate record-keeping is necessary when dealing with tax issues, and Denver Tax Group can definitely help you keep track of your finances and make sure that you’re meeting all tax obligations.
What to Look for in a Tax Professional
When choosing a tax professional, you need to consider their credentials and experience. Look for a professional with a track record of success in resolving delinquent tax returns. Choose a professional committed to helping you resolve your tax issues and available to answer any questions you may have. Denver Tax Group has the credentials, experience, and commitment that you need to handle your most difficult tax problems.
Steps to Take When Seeking Professional Help
When seeking professional help, start by researching potential tax professionals in your area. Prepare for your first meeting by gathering all necessary financial documents and information. A good tax professional will guide you through each step and should keep you informed throughout the process. Denver Tax Group is happy to explain important tax information and answer all your questions and concerns with utmost confidence and care.
Options for Resolving Delinquent Tax Returns
There are several options available for resolving delinquent tax returns, including payment plans, offers in compromise, tax debt forgiveness programs, and bankruptcy. Denver Tax Group can advise you on the details of each of these choices and help you decide which is best for your individual circumstances.
The IRS Collection Process
The IRS has the authority to collect taxes owed, and they have several ways to bring this about. The collection process can be intimidating, but understanding the different stages of the process and what to expect during an IRS audit can make the process less overwhelming. Denver Tax Group prepares you to anticipate each step and is always happy to respond to your personal concerns along the way.
Common Myths and Misconceptions About Delinquent Tax Returns
There are many myths and misconceptions about delinquent tax returns, and it’s important to separate fact from fiction when it comes to your finances. Some of these myths can lead to serious consequences, so it’s critical that you understand the truth about delinquent tax returns.
One common misconception is that you can’t file for bankruptcy to discharge tax debts. While it’s true that bankruptcy can’t remove tax debts related to fraud or willful evasion, many tax debts can be discharged through bankruptcy proceedings.
Even if you don’t owe any taxes, you may still need to file a tax return. In fact, not filing may result In penalties and/or interest due. Many people have gotten this wrong and have had to pay for their mistake.
Finally, some people believe that you can’t negotiate with the IRS. This isn’t the case, as the IRS can help taxpayers settle their debts, such as allowing installment agreements and offers in compromise.
Denver Tax Group, with our years of experience and knowledge of tax laws, will always make sure that you have the correct tax information to work with. We strive to partner with you to come up with the best solutions to your tax problems, based on the most current and accurate tax data.
How to Avoid Delinquent Tax Returns in the Future
Preventing delinquent tax returns starts with accurate record-keeping. If possible, you should always make sure to file your tax return on time and promptly pay any taxes owed. Taking these steps can help you avoid delinquent tax returns in the future.
When the IRS determines that you owe taxes, they will take steps to collect the amount owed. This collection process can involve sending notices, levying bank accounts or wages, and placing liens on property.
Stages of the collection process
It’s important to understand the different stages of the collection process, so you know what to expect and can take the necessary steps to resolve the issue. The first stage is usually a series of notices that inform you of the amount owed and the consequences of not paying.
If you still haven’t paid after receiving notices, the IRS may start taking more aggressive collection actions, such as levying your bank accounts or wages. This can be a stressful and overwhelming experience, but a tax professional can help guide you through the process and negotiate with the IRS on your behalf.
If the IRS feels that you aren’t making an effort to resolve your tax debt, they may bring legal action against you. This can lead to wage garnishments, asset seizures, and other financial penalties.
While the IRS has a duty to collect taxes owed, they can also help taxpayers resolve their debts. By seeking professional help from Denver Tax Group and taking proactive steps to resolve your delinquent tax returns, you can avoid the worst consequences of the collection process. This is vital to your financial well-being. Seeking professional help at Denver Tax Group can provide you with the expertise and guidance necessary to help you build a more successful financial future.
Here’s what some of our clients have to say about Denver Tax Group’s services:
“This is a great company to take care of any IRS problems you may have. Any questions I had, I always received a prompt answer to my question. I am a very happy customer, and will tell my friends and family to tell their friends and family to go to Denver Tax Group for all their IRS needs. Thank you, Mr. Chad Elliott for all the hard and dedicated work that you have done for me and the community!”
“I worked with Chad at Denver Tax Group. I owed just under $30,000 to the IRS. He prepared an Offer In Compromise for me. I thought I had no opportunity for this to be approved. He was very honest and professional about the whole process and didn’t make any promises. He got it to them right away but the IRS Process was over 8 months. He did not forget about my case. He checked back with them on a regular basis and created a working relationship with the person handling my case. About a month ago he contacted me and said that they needed me to resign some documents. I signed and sent them to him. A week ago, he called and gave me the great news that it had been accepted…I have now received the letter from the IRS and it’s official! The IRS accepted my offer exactly as I had proposed. $150/month for 24 months. Total of $3600. And they gave me credit for the 8 months of payments. My debt has dropped from $30,000 to $2400. Based on the $3600, I’m paying 12 cents on the dollar. Whenever I read a glowing review, I always figure that it’s someone who’s getting paid or it’s a personal friend. With this review, that is not the case.”
Denver Tax Group, located in Aurora, Colorado, focuses on our client’s long-term growth while providing a wide array of services for your taxes. We believe a strong foundation is the key to financial freedom. Clear communication between the client and the tax professional, accurate preparation that we stand behind, and tax advice that will place you and your family on track for a strong financial future! We offer different services to prepare you for years ahead. Learn more about our services or contact us now to schedule your appointment at 303-333-0363.
