When Facing the IRS Make Sure You Have A Qualified Tax Attorney

Exterior of the Internal Revenue Service office in midtown New York. (Photo credit: Wikipedia)

Literally dozens of questions can be asked of a tax attorney in Los Angeles. Some of the most important are included within the context of this article. A tax attorney can help you to avoid jail time for long-term tax evasion in some cases and can also help you to reduce payments, interest or even settle on a smaller amount for repayment. Getting in trouble with the IRS is not something you want to do as an individual or as a business owner. 

How to Make a Payment Plan with the IRS to Avoid Penalties and Tax Evasion

After preparing your taxes, you may not know quite how to go about working out a payment plan with the IRS when you owe a considerable amount. It is ideal to seek the help of an attorney as they better understand the policies, laws and restrictions that may be put in place in order to make a feasible payment plan. 

Penalties That Can be assessed

Penalties, mostly from interest, can be assessed when you do not adhere to the agreement with the IRS, are late filing or are late paying. Other penalties can be put into place depending on your situation; some serious penalties can include a wage garnishment or a bank account garnishment. The IRS can also put a lien on your vehicle and/or property until the monies owed are paid.

How to Avoid Penalties

You will want to ask your attorney how to avoid penalties. The attorney may suggest filing for an extension to give you more time to prepare your taxes. In most cases, this is a six month extension. At this time, you must at least have your return filed. The return does not have to include payment at this time. 

How to Keep Better Tax Records

An attorney may be able to help you better organize your tax files. You should ask how to organize receipts and expense reports in order to properly calculate these items into your itemized deductions better. You should also ask what items to disregard keeping records for as some items cannot be deducted.

What Items Need to Be Kept and for How Long?

Generally speaking, tax records should be kept for at least 5-years. This means that you will want to keep all items used to file taxes in a box in storage or in files on a computer for at least five years. This should be items such as W-2’s, 1099s and any other documents proving income or revenues. You should also keep utility reports, vehicle usage reports, business expenses, office supplies and equipment purchased to name a few items.

Keep these questions in mind when you seek the help of a tax attorney. It is also a good idea to keep a list of questions written down to take with you or bring up in a phone conversation. The only way that you are going to better understand what can get you in trouble and how to avoid making mistakes in the future is to ask.

Get your Credit Card Debt under Control for 2014

Credit cards are the culprit of far too many debts across Australia. Most people think long and hard before even considering a personal loan, but will rarely think twice when it comes to applying for a credit card. Intentions are good, and things go well to start with, but as the debt climbs and the monthly repayments grow the debt can soon become unmanageable if you don’t keep things under control. If you find yourself in a situation like this and you’re struggling to free yourself from your credit card debt, then take the first step today and discover what you can do to start diminishing your credit card debt right now.

Consider Debt Consolidation

Most people who are in a difficult situation with credit card debt often have more than one card, and sometimes have personal loans and other debts too. With this many payments to make each month it often ends up that you can only make the minimum payment off each debt – which in most cases will only cover the interest payment and doesn’t reduce your debt.

This is a vicious circle to be in, as you can easily end up continually paying interest and never reducing your debt. If you’re in a situation like this then debt consolidation could be the answer. By consolidating all of your debts into one debt with a manageable payment you can actually start working on paying off the debt you owe, rather than just paying interest charges every month.

Having all of your debts consolidated into one makes it more manageable and gives you a lower interest rate to work with, allowing you to get your debt paid off more quickly.

So, how do you find the best solution?

The most difficult step is often the first one. Once you have made started the process you will find things just get easier and easier, until one day your financial freedom is obtained. It’s advisable to always speak with a debt consolidation specialist in your area as they will be able to analyse your financial situation and put forth the best solutions for your circumstances.

Debt consolidation isn’t something which you should enter into lightly or without professional advice and you can end up making your situation worse, so make sure you seek advice from a professional if you are in any doubt at all.

Stop worrying about your credit card debt, take some solid action and get you can get your finances under control and fully manageable during 2014.


Author Bio: Nathan Rossiter is a regular contributor of money saving tips and debt advice. When he is not busy working with the team at DebtConsolidation.com.au he enjoys keeping up-to-date with the latest news from the world of Finance, and the occasional game of FIFA 2014!

London: Property Heaven or Property Hell

London is a fabulous city, there is no doubting that. As the capital of our great country it has more to offer than any other of our city locations with cultural, historical, entertainment and sporting attractions all packed alongside the riverside. Sprawling out to the suburbs there is a richness of diversity and quality of character in the neighbourhoods that is not replicated anywhere in Britain; local produce markets bursting with colour line the high streets and crowded makers fairs make the covered market halls lively and bustling.

And yet many are choosing to move away from London instead of flocking to this vibrant and shimmering city. If you are thinking about making this move, then who do you turn to so you can be sure that you get what your property is really worth on today’s inclimate market? 

What’s Out There for Buyers?

Part of the problem with living in London is that it can be very hard to find the right kind of property in the right kind of area at the right kind of price. This may sound like house hunts all over the country and to some extent this is true. However, the London property market has a mind of its own and as such it is rather important to have an inside man, an expert to guide you through the minefield.

Therefore more and more buyers are turning to specialist estate agents or those with local branches, situated in the area where they are seeking to live. Trust in more generic estate agents seems to be slipping as the housing market dips and dives and properties can sit on the market for months or be scooped up within a matter of minutes. The only people who can know what is likely to happen are those based locally who know the complex market inside out. 

And For Owners?

If you currently own a property in London and are seeking that idyllic countryside dream so are looking to sell, be sure to seek out a company that is local to your area and specialises only in the sale and/or letting of London properties. Choosing to go with a generic estate agent or a large scale online corporation will not get you the price that your property deserves so always shop around locally for the best estate agent for you.

Bear in mind the trend for buyers to stick with these specialist services and place your marketing in just the right location for the best response. Make sure that you have dressed to impress at viewings and see the results in a swift sale at the right price for you.

The Importance of DIY

In these recession hit times moving house can seem like an impossible and unachievable feat. The property market is stagnating and mortgage payers are taking a massive hit with so many properties now in negative equity. With a backdrop like this it is easy to see why many feel like their housing dreams are going to stay just that, dreams for the foreseeable future.

But it is not all doom and gloom, for the response to such gloomy news has been phenomenal with the rise of the DIY-er, the crafter, the self-designer and the home decorator. It is now make do and mend Britain take two, only this time it is our houses that are getting the make over.

Trending on TV

It is clear that this is not just a little fad, but is a serious and rising phenomenon with a whole host of make do and mend television programmes hitting the airwaves. From Kirstie’s Homemade Home where Kirsty Allsopp is on a mission to create the perfect homemade goods to Sarah Beeney trying to Double Your House With Half The Money there are a wealth of viewing options to get you into the DIY spirit.

Getting Started

Now that you’re in the mood and want to get into the swing of things, just how do you get started then? Well first of all have a look around your house and have a good think about the type of improvements that you want to make. Do you want to create more space, recreate a certain style or just soop up a tired looking room? Be clear about your end goal and try to focus on just one goal at a time to ensure that you stay focused if things get tough! When you have picked your goal, write it down somewhere that you will see it every day to act as a motivator for your project. 

What’s Next?

Do some research to make sure that you understand the processes that you need to go through to reach your goal. Look on internet search engines, in library books and even watch some of those DIY programmes that are trending on TV. Make sure that you have the right tools for the job, suitable clothing and a realistic time frame in which to complete your project. Then when you are all kitted out and have researched and planned it to within an inch of your life, all that is left is to cut the procrastination and get going.