Tax Resolution Insights
Tax Resolution Insights & IRS Guidance
Expert insights and guidance from our licensed tax professionals.
All Articles, Page 10
Why Contractors Often Fall into IRS Tax Debt and How to Get Out of It
Being a contractor offers many benefits: flexibility, independence, and the potential for high earnings. However, it also comes with significant responsibilities, particularly when it comes to taxes. Many contractors find themselves in trouble with the IRS due to tax debt. Understanding why this happens and what steps you can take to resolve it is crucial…
Amit Maheshwari
Understanding Your IRS Negotiation Options
If you’ve ever tried reaching the IRS by phone, you’re familiar with the seemingly endless wait times and multiple transfers that often lead to frustration. Now, imagine trying to negotiate your tax debt under these conditions—without a clear understanding of your options. The process can feel like an uphill battle, making it even more challenging…
Amit Maheshwari
I Received an LT11 Notice. What Are My Next Steps?
Receiving an LT11 letter from the IRS is not something you can afford to ignore. This letter is a final warning from the IRS before they take drastic measures to collect the taxes you owe. If you’ve received an LT11 letter, you’re at a critical point—action is required immediately. Failure to respond can lead to…
Amit Maheshwari
What You Need to Know About Tax Penalties and Interest
Preparing, filing, or even thinking about taxes can be overwhelming for many individuals, especially when faced with financial difficulties that prevent them from being able to pay their taxes in full. However, it is vital to stay aware of the financial consequences that are associated with not paying your taxes on time and in full,…
Amit Maheshwari
Steps to Take for Individuals with Unfiled Tax Returns
Filing tax returns is a legal obligation for anyone and everyone earning an income above a certain amount in the United States. But life can sometimes throw you curveballs, and filing taxes ends up being on the bottom of your to do list. Out of sight, out of mind, right? Unfortunately, the IRS does not…
Amit Maheshwari
CP1058 Notice in Naperville
If you’ve received a CP1058 Notice from the IRS, it’s crucial to understand what this means and what steps you should take next. This notice is a formal demand for payment and indicates that the IRS intends to levy your property or rights to property if the balance due is not paid or resolved. Here’s…
Amit Maheshwari
How To Know If You Qualify for Tax Relief
Looming tax debt can be overwhelming and intimidating. Not only does it continue to grow over time the longer it goes unpaid, it can feel like a constant uphill battle. At times, you may wonder what options you have to finally tackle the growing debt, but figuring out if you qualify for tax relief can…
Amit Maheshwari
Understanding the CP71a Letter and What You Need to Do Next
Receiving a CP71a letter from the IRS can be unsettling, especially if you’re not sure what it means or what steps to take next. Facing a CP71a notice? Don’t wait—call Taxx Resolution Inc at (331) 215-7663 now to settle your tax debt quickly. The Licensed Tax Professionals at Taxx Resolution Inc are credentialed by the…
Amit Maheshwari
I’m a Trucker, and I Have IRS Debt. What Should I Do Now?
Are you a trucker feeling the weight of tax problems bearing down on you like an overloaded trailer? You’re not alone. It’s a common issue in the industry, and understanding why can help you avoid these financial pitfalls. Let’s explore why truckers often face tax trouble and what you can do to resolve it: Call…
Amit Maheshwari
Tax Relief Options for Individuals Facing Economic Hardship
In times of economic hardship, navigating tax obligations can make financial stress so much worse. Sometimes it may be due to being out of work, unexpected medical expenses, or other financial setbacks, and individuals may find it challenging to meet their tax liabilities. The good news is that tax relief options exist to alleviate the…
Amit Maheshwari
I received a CP-14 Notice, Now What ?
Receiving a CP-14 notice from the IRS can be alarming. This notice is the first formal alert that you owe taxes. If you’ve received this notice, it’s essential to understand what it means and why prompt action is crucial. What is a CP-14 Notice? A CP-14 notice, titled “First Notice of Balance Due,” is sent…
Amit Maheshwari
5 Ways Tax Relief May Be A Better Option Than Bankruptcy
The amount of stress you face when you owe a significant amount of money to the IRS can feel insurmountable. Penalties and interest keep adding on to the debt, and it can feel like there’s often no way out. Oftentimes, people will consider bankruptcy as their only option to get back on their feet, but…
Amit Maheshwari