How do we begin solving tax problems?
If you have received a notice of intent to levy from any taxing agency, the first step you should take is contact a professional. Followed swiftly by gathering your personal financial information in one place. Paystubs, bills, loans. Everything.
Our first step as with any urgent situation will be to pause the collection process while we determine the scope of the issue.
From there we have to look at everything associated with the clients financial life in context with their actual life. This kind of transparency is often uncomfortable when clients feel embarrassed or overwhelmed and simply tired if the situation which has been compounding over years.
During this process we are looking to develop a resolution plan that is based on the potential of success for the clients future against the available programs and tools each taxing agency allows.
When planning to resolve a tax issue, there needs to be included a plan to keep current on future tax payments and this takes steps to change how the cost of taxation impacts your family or business. Do you know what those costs are? Are you accounting for these costs in your budget or your bids/estimates? Do you know if you are taking benefit of credits within the tax code or have processes in place to confirm you are in a position to pay future taxes when due?
There are no one-size fits all plan. The process can be lengthy, take a little work even, but your future can get back on track!
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