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FAQ
Here are many of the top questions that are asked about taxes.
Can I file my taxes without an accountant?
Yes, several alternatives are available. These include:
- Visiting your local IRS office, which staff agents provide free tax preparation assistance during the tax season.
- Utilizing an online tax preparation software to help you with simple tax returns.
- Visiting your local tax preparation companies such as H&R Block or Hewitt Jackson.
I received a notice from the IRS. Now what?
IRS is not the monster that everyone is portraying them to be. If you contact the IRS and try to resolve the issues, you can rest assured that they will work with you. If you do not want to engage with the IRS directly, you can hire a tax professional to represent you in resolving the issues.
How long do I need to keep my tax records?
Usually, three years from filing your taxes is a safe bet. You should, however, keep essential documents related to your home purchase and improvements as long as you own your home.
What happens if I don’t pay my taxes?
You will first receive a letter from the IRS indicating you have not paid your taxes. The letter will require you to either make the whole payment along with the interest and penalties or contact the IRS to make payment arrangements. Failure to respond will result in liens, wage garnishments, credit damage, and eventually, a visit from an IRS agent.
What happens if I can’t pay my taxes? I heard about “An Offer in Compromise,” what is that?
Through economic downturns, there are many situations in which a taxpayer cannot pay their taxes. There are provisions within the tax law that allow the taxpayer to negotiate with the IRS and pay a fraction of the tax liability instead of the whole amount due. This is called “An Offer in Compromise,” meaning that the IRS and the taxpayer want to resolve the past due tax liabilities. Both agree on an acceptable payment amount formulated based on the original amount of tax liability and the current financial situation of the taxpayer.
I received an audit notice; now what?
An audit is not something to take lightly or ignore. Most audits stem from excluding information that the IRS has received from a bank or financial institution that does not match the taxpayer’s tax return. This is called a Correspondence Audit, and the audit process is usually done through letters and verification of the item(s) in question. An In-Person Audit is more complicated as it pertains to items that the IRS requires detailed information and documents from the taxpayer to verify the income or deductions. If you have received an In-Person Audit request, hiring a tax professional authorized to represent you in an IRS audit is best.
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