Tax Secrets from Tancey & Associates, Inc.
TAX SECRET #1
FILE ALL IRS REQUIRED TAX RETURNS ON TIME!
Many people do not realize that the IRS charges you a penalty of up to 25% for JUST FILING YOUR TAX RETURN LATE! That's right, 25% of what you owe. This includes individual tax returns, payroll tax returns or corporate tax returns.
What people don't know is that you can file ANY tax return on time and AVOID THE 25% PENALTY even is you don't send in the money which is owed on the tax return.
Yes, of course you'll get some ugly mail from the IRS for not sending the money owed, but, so what? You will have avoided a 25% penalty.
I COULD HAVE SAVED so many people THOUSANDS OF DOLLARS on penalties is only they knew just this one thing. So, in the future, no matter what is going on in your life, FILE ALL TAX RETURNS ON TIME even if you don't send the money owed with the return.
TAX SECRET #2
DON'T PAY IRS PENALTIES!
The IRS has over 148 different types of penalties. And boy do they love to hand them out! The worst part is that the IRS also charges interest and additional penalties on the original penalty.
SO YOU MUST TRY TO GET THEM REDUCED OR COMPLETELY ABATED TO ZERO!
After you decide to make a request to the IRS to "Abate Your Penalties" you must consider where and when to make the request. The timing of your request depends on the type of penalty assessed against you. It always makes sense to request penalty abatement before you pay the IRS. Although, if you already paid the bill, it can't hurt to ask for a penalty abatement and refund.
TAX SECRET #3
DON'T PAY THE IRS . . . CUT A DEAL!
The IRS does deal on taxes owing, including all penalties and interest. The requirements are rigid, but if you qualify, the results are FANTASTIC!
To qualify for a deal with the IRS, I would suggest that you owe the IRS at least $20,000 and have very little in the way of equity in assets. Also, you must be using your monthly income to pay your necessary living expenses and not have much or only a small amount left over to pay old taxes.
If you meet these requirements then you owe it to yourself to explore the possibilities of paying the IRS ONLY PENNIES ON THE DOLLAR FOR THE TOTAL AMOUNT OWING.
The IRS cuts these deals to get you back in the system as a current tax payer and to collect a few bucks on old taxes owing. The fine print in these deals requires you to file your tax returns and pay on time for the next 5 years. If you don't, then the IRS revokes the deal and bills you for the original amount.
I have enjoyed seeing the taxpayer and their families get a fresh start. If you think you may qualify, then you must consider it as the best TAX SAVING TOOL available.
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