Q: I’m currently unemployed and I have 3 years of unfiled taxes. How can I get these filed and how can I get this tax lien removed from the Federal and State?
A: Hello friend, this is a great question. In order for you to file previous tax returns we find it best to start with ordering a transcript. Luckily after a long hiatus, the IRS transcript taxpayer version is back up and running. Using your IRS transcripts to file old tax returns helps you get a full picture of what information the IRS will be looking for on that return. As for a tax lien, this requires an additional conversation with follow up questions please call our office at (410) 872-8376.
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Q: Is it possible to file past years’ taxes from the 90s and early 2000s? How can I get the IRS off my back, they have attached a lien on my pay?
A: Hello friend, in short yes. It is possible to file taxes from the 1990s and early 2000s. However, your question is more complex. First, if you are referring to the IRS it may not be in your best interest to file taxes that are older than six years. This determination of filing needs more investigation. If you are referring to Maryland State Tax Returns, there is no statute of limitation and you will probably have to file those older years. This can be done using your transcripts, Form 4506-T, and requesting information via the Freedom of Information Act. However, you may need an attorney to guide you through the process of removing the lien, becoming compliant, and getting the IRS off your back.
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Owing taxes is a very personal thing. Most of my clients would never dream of telling their neighbors, family members, and sometimes even their spouse that they owe taxes. The flip side to that coin is the State of Maryland is all too happy to announce to the world that you owe a tax debt. It may stem from a common bookkeeping mistake or maybe a family member was sick and you did everything just keep your head above water. Whatever the reason, your name is now on a list or possibly many lists. So what types of lists and announcements are there? Read more
I written many times about IRS Offer in Compromise or (OIC) but not everyone knows that the State of Maryland also has their own OIC. The rules are a bit different but in theory the plans are the same. The taxpayer is unable to pay their full balance and they make an offer.
What types of taxes can be included in a state OIC?Read more
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The collection statute expiration date (CSED), or the COSED are the time limits the IRS has to collect on your debt. Yes, Federal taxes do expire but Maryland State taxes do not. Federal taxes expire after a ten-year period from last assessment. Meaning that back taxes from 2006 and the IRS’s ability to collect on those taxes does not necessarily expire in 2016. Also, there are certain actions or events that may cause the statute of limitations to stop, hold, or extend. Read more
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Before you get too excited about winning a small jackpot, striking it rich on Jeopardy, or getting your “free” car from Oprah, we want you to think for a moment about the possible tax implications of gambling winnings and prizes. Read more
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No, an audit is by no means the final word or decision on your tax year in question. There are many alternatives when it comes to getting what is fair in the eyes of the law and the Internal Revenue Manual (IRM). Some other possibilities are listed below. Read more
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The IRS and State are notorious for losing things. You may have sent them your W-2s but they lost them. You may have sent your return but they never put it in the system and force-filed you. There have been many “mix-ups” at the IRS but one thing is for sure; if something is missing they are not taking the blame; at least not without a fight. Keeping this in mind, always keep copies of whatever you send them. Always send important items by certified mail and keep good records of dates, times and what you sent. Read more
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If you are like millions of other Americans, you have had to deal with an IRS matter once in your life. If that is the case you may have asked the question: How do I get the feared IRS off my back? The answer is not a simple one and is different for every taxpayer. Below is some helpful information to get you started in understanding mitigating a tax controversy. Read more
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Most of us have made it past tax time and are looking forward to the summer. Some of us are still gathering last minute tax items and trying to finish up before October. I thought I would share a few off season tax tips that can help prepare you for a profitable 2016 Tax Year.
Create your tax strategy
Summer is a great time to go over your budget. Figure out the timing of your end of year bills. Maybe you will start saving for your property taxes over the summer so you can pay them off in 2016 instead of the beginning of 2017. Do you have a 401k or like account that you want to make sure you maximize your contribution? Summer is a great time to run those numbers. Maybe there is room in the budget for some charitable donations. Do a little spring cleaning and find old items to donate to charity. Remember to get good receipts.
Review your portfolio
Make sure you are paying yourself and making your money work for you instead of against you. Have a meeting with your financial advisor and make sure your investments meet the appropriate risk factors; you may find this annual tune makes a big difference.
Look into HSA or like plans
With the new requirements on health insurance, you will hear many people complaining about the hike in premiums. It may be in your best interest to get a health savings account (HSA) for the tax benefits as well as the yearly savings on medical items too expensive to pay out of pocket.
Get organized
If you have a business and don’t already have Quickbooks, now is a great time to take a seminar and learn one of these accounting programs. Accounting software can provide a world of information on how your business is running and also make things easier on your accountant come tax time. If you are an individual taxpayer, start organizing your receipts and making sure you are keeping organized and appropriate records.
Don’t let summer pass you by without putting in some work on your finances. If you take a little time each day to be proactive, your tax season should be much easier and you may wind up with a nice refund.
