Top 10 things to know before hiring a representative.
Larry Heinkel, Esq. Attorney
Most all debt is unwanted and burdensome. When you have a significant amount of debt you are limited with what you can do in your free time. Travel takes money, extracurricular activities for your kids takes money, even everyday activities like filling up your car to go to work takes money. So when your budget is stretched by credit card payments, car loans, and mortgages it can be hard to find extra cash for extras. When tax debt is added to your personal consumer debt, a tight budget can really feel the pinch.
When you have a lot of debt, financial advisors will tell you the best method for paying down what you owe is to put all your disposable income towards the debt carrying the highest interest rate. Other experts advise loan consolidation, or even bankruptcy. Ignoring debt will not make it go away, and in most cases can create further problems. In the case of tax debt, failure to pay can result in:
- Damage to your credit, which can make it hard to obtain a loan, rent an apartment, or obtain employment.
- Collection actions such as tax liens and wage garnishments.
- Personal emotional trauma and distress.
If you owe past due taxes, you do have options. You can work out payment arrangements, or reach an agreement to stop collections and place your account in an uncollectible status. The type of resolution reach depends on the specific facts of your case, and requires careful analysis. Our team of legal tax professionals has experience helping people across the country handle overwhelming tax issues. If you have questions about how to reach a solution on your tax liability that fits your facts and your budget, call our office or follow us on social media.
For questions about taxes, call us for answers. Contact the Florida offices of the Heinkel Law Group, PL today to speak with a tax resolution attorney. Call 407-629-5923 or 727-894-2099. Or email us at admin@TaxProblemSolver.com. We help taxpayers NATIONWIDE and are here to provide quality assistance to your most important tax issues.
One of the most difficult tasks for the federal government is to balance the budget. Just like you and I want to get out of and stay out of debt, so too does the United States. Getting there is problematic though, and requires compromise. Lawmakers spend countless hours debating how to balance the budget, where to make cuts and how to increase federal revenue to cover the deficit. A common method politicians use to raise money is to raise taxes. This tactic is generally not popular with the voting public though, and other avenues are also explored.
However, the latest report on the budget indicates that a tax hike may be right around the corner. The article spells it out like this:
- The budget can be balanced in the next ten years, and the politicians say this can be done without raising taxes.
- The math is less simple though, and the very numbers used to show a balanced budget include an increase in taxes for most Americans.
The exact numbers? Payment of over $900 billion by individual and business taxpayers over the next 10 years! Part of the plan includes a repeal of the controversial Obamacare program, which does also have tax implications. Other key components of the plan call for reversal of beneficial tax breaks, many of which were recently extended. These plans are not final, and will likely change before the ink is dry on a final version. When changes in tax laws do come though, it is critical to be prepared. Knowing how a new law impacts you is important, because knowledge means you can follow the rules and stay out of trouble. This is true whether the laws relate to domestic matters, criminal cases, or taxes. We stay on top of all the recent trends and changes, and are able to give you accurate advice for your most important tax needs.
If you have questions about taxes, call our office for help. Contact the Florida offices of the Heinkel Law Group, PL today to speak with a tax resolution attorney. Call 407-629-5923 or 727-894-2099. Or email us at admin@TaxProblemSolver.com. We help taxpayers NATIONWIDE and are here to provide quality assistance to your most important tax issues.
The month of March brings more than just the first day of Spring, it also brings basketball. Lots and lots of basketball. The annual NCAA tournament is legendary, and all across the country people feverishly fill out a bracket in hopes of picking the tourney’s ultimate champ. The science behind a “perfect bracket” likely doesn’t exist, but other truths are present. One certainty in March is that in just one short month income tax returns are due, and questions of taxes run rampant. The hope for most is that they escape unscathed and under the IRS’ radar.
On the other end of the spectrum, there are those that voluntarily put themselves in front of the IRS and look for what they consider to be a remedy for a great tax wrong. The widow of the Indiana Pacers owner is one such individual. Bren Simon has recently taken the following action:
- A lawsuit against the IRS for return of over $20 million.
- The funds represent money paid as part of a business restructuring of the basketball team.
- Simon contends her late husband received the money as a gift, not subject to taxation.
The rules on what is considered taxable income and what is not are complex. For average taxpayers, not dealing in the millions of dollars range, every penny counts. Making the most of your deductions and knowing what can and cannot be itemized will help lower your tax liability. But, when improperly applied you can raise a red flag with the IRS and face an investigation or audit. Avoiding these results is desirable, and requires the assistance of a trained legal tax professional. We know how to determine what you are entitled to, where to find beneficial tax breaks, and how to apply the law properly. If you are being investigated or audited by the IRS, or are facing collection of unpaid taxes, we can help. Call our office or make arrangements to attend one of our educational seminars to learn more.
If you have questions about taxes, call us for help. Contact the Florida offices of the Heinkel Law Group, PL today to speak with a tax resolution attorney. Call 407-629-5923 or 727-894-2099. Or email us at admin@TaxProblemSolver.com. We help taxpayers NATIONWIDE and are here to provide quality assistance to your most important tax issues.