There are many different reasons we see that cause people to owe taxes to the IRS. From incorrect withholdings, to medical issues and loss of income. No matter the reason for your tax liability, Polston Tax can help. Here is one example of a tax liability case we resolved for our clients this month and gave them peace of mind!
These clients came to us after years of owing on their tax returns. Sometimes it is hard to decipher what exactly is making you owe a balance on your return, or why it may be happening over and over again. This client was a married couple who owed over $15,000 in back taxes to the IRS while struggling to make ends meet. One of the spouses was forced to retire from their job due to complications from a back surgery, and the other spouse worked for a company who employs individuals with developmental disabilities. Despite receiving disability and pension in addition to the regular income, they still did not have the money or assets to pay off their tax liability.
After owing year after year without being able to figure out what was causing them to owe, they finally decided to get help from tax professionals. The clients just wanted someone who could find the root of their issue to keep them from owing again year after year, and to prepare their tax returns moving forward. Our office investigated their IRS account along with all of their previous tax returns to find exactly what was causing them to owe each year. We were able to advise the clients on how they should be filing moving for-ward, along with specific adjustments they needed to make to their withholdings to solve the issue.
Our office was able to file an Offer in Compromise for our clients and negotiated with the IRS on the balance assessed. We were able to provide documents to the IRS agent assigned to the case which showed that our clients were not financially equipped to pay their balance. After the IRS agent reviewed our documents, they finally accepted our Offer in Compromise of $25!
We were able to end our clients’ vicious cycle of owing the IRS, all while saving them over $15,000 in the process!
Drastic adjustments to income can be confusing when thinking about your taxes. Having a knowledgeable and caring professional take care of your accounting, bookkeeping, and tax return preparation can mean a world’s difference when it comes to either receiving a refund or owing on your tax returns. The IRS can and will take advantage of your hard–earned money if they get the opportunity. Don’t give them that chance by staying one step ahead! Having a tax professional on your side will ensure that your taxes and tax returns correctly reflect your information, leaving you with no fear of the IRS.
If you need help settling your tax liability with the IRS or State, call Polston Tax Today! Our team of Tax Attorneys, CPAs, Case Managers, and Tax Accountants will help you get the best resolution possible and solve your tax problems once and for all!