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Who Should Not Prepare Their Own 2014 Tax Returns

January 12, 2015 by admin

Steven A. Leahy
Who Should Not Prepare Their Own Tax Returns

By Steven A Leahy

My last post was directed to those who should prepare their own returns. Remember, for the majority of people, preparing your own return makes sense; it may save you money, allows you to maintain control and may increase your understanding of your financial situation. But preparing a return isn’t right for everyone.

For those who own property or investments, own a business, are recently married, divorced or had a child, or if you aren’t a “numbers” person, aren’t interested in keeping up with changes in tax law, don’t understand the tax jargon on irs.gov, and prefer not to spend your free time working for the IRS, it makes sense to hire a tax professional to help you with your annual tax return.

Preparing your own taxes costs less up-front. According to the IRS, the average taxpayer filing a 1040 form (68% of all filiers) will spend 22 hours filing their taxes. It breaks down like this: form completion (4 hours), record keeping (10 hours), tax planning (3 hours), form submission (1 hour), “other” (3 hours). The average cost to hire a tax professional to prepare 1040 tax return is around $250.

Generally, I recommend tax preparation to avoid a tax audit. Having a professional prepare your tax return is not a guarantee you will not be audited – but it does cut down the odds. The IRS looks for “red flags.” Tax professionals can reduce, or eliminate red flags. Also, having a professional prepare your tax returns insulates you from the IRS. We prepare tax returns, but I always have a independent third party prepare my personal tax return and the business tax returns.

Those who are in an ongoing installment agreement, currently not collectible or were recently granted an offer-in-compromise should do all they can to ensure that there tax returns are prepared and filed on time. If the filing the return is delayed for ANY reason, you may find the agreement cancelled. Yes, the IRS can even rescind an accepted offer-in-compromise after the fact.

When the IRS accepts an offer in compromise, part of the agreement requires the taxpayer to remain in compliance for at least the next five years. That means the taxpayer must file all tax returns and pay all taxes due on time for the next five years. If the IRS calls an offer in compromise in default, the IRS will begin collecting what was originally owed.

Many who fall behind on their taxes are procrastinators at heart. Therefore, those who have a history of IRS problems should not wait until April to begin thinking about preparing their tax returns. The consequences are just too great. Get in front of the problem.

I recommend the IRS Protection Plan offered by Opem Tax Resolution and the Law Office of Steven A. Leahy, PC. This program anticipates the tax compliance requirements including, timely tax preparation, on-going IRS monitoring, resolution of IRS actions (cancellation of installment agreements or currently not collectible status and defaulting an offer in compromise). In addition, developing a relationship with a tax team will give you access to tax planning to avoid IRS problems in the future and minimize your tax burden.

If you are considering hiring a tax professional to complete your 2014 tax return, consider giving Opem Tax Resolutions and The Law Office of Steven A. Leahy, PC a call. We prepare old unfiled tax returns, as well as current returns. So, if you are a number of years behind in your filing, we can help get you in compliance with the IRS. Call (312) 664-6649 today and ask Bonnie to set up a time to talk me about your tax returns.

Filed Under: Uncategorized Tagged With: 2014 Tax Return Preparation, back taxes, Chicago Tax Help, Help With IRS, IRS Problems, IRS Tax Debt, steven a. leahy, tax attorney chicago, tax resolution

Chicago – IRS Currently Not Collectible

May 28, 2013 by admin

Steven A. Leahy

Chicago: IRS Currently Not Collectible

Chicago: IRS Currently Not Collectible
What does currently non-collectible by the IRS mean to Chicago taxpayers?

There are 6 ways to get out of debt with the IRS. One of them is to be declared “currently non-collectible”.

There is an important word in that definition. And it’s the word currently.

Currently Non-Collectible means that the IRS considers that your current financial situation makes it impossible for you to pay your taxes and they determine that they can’t collect the money from you…

… at least not for now.

Which means that currently non-collectible is usually just a short-term fix for an IRS problem.

In the end you may still have to pay the taxes you owe. Plus you still may have to pay penalties and interest once your financial situation improves….

You can stay non-collectible indefinitely…

As long as your income doesn’t rise more that 15 to 20%.

However, being non-collectible at the moment doesn’t mean you get out of paying taxes going forward.

The IRS still expects what’s owed them.

In fact, you must pay these future taxes in full and on time or you’ll blow it big time. If you neglect to pay your taxes for future years, or worse – you don’t file…the whole CNC deal is off.

If this happens, the IRS will come after all of the money you owe them, and they may use garnishments, levies, seizures, liens and all of the “nasty” tactics at their disposal to get their money. If you do go for non-collectible status the IRS will put you under close scrutiny.

Chicago IRS Currently Not Collectible. If you are searching for IRS Solutions to your tax problems, or if you have ANY questions about IRS problems, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “Tax Relief Chicago”, back taxes, Chicago Tax Help, currently non collectible, Help With IRS, IRS Help, IRS Help Chicago, IRS Help IL, IRS Levy, IRS Lien, irs non-collectible status, irs options, IRS Options Help, IRS problem, IRS Tax Debt, irs tax penalty, IRS Tax Problem, Offer in Compromise IRS, Offer in compromise Settlement, Relief, steven a. leahy, tax attorney chicago, Tax Debt Help, tax debt relief, Tax Debts, Tax Help, Tax Help Chicago, Tax Levies, Tax Levy, tax options Chicago, tax resolution, tax resolution chicago il, Tax-Consultants, TaxHelp

Chicago – IRS Solutions

May 21, 2013 by admin

Steven A. Leahy

Chicago: IRS Solutions

Chicago: IRS Solutions – One Way to Get Out of IRS Debt

There are 6 different ways to eliminate IRS tax debt.

Let’s look at one of the easiest….

Pay the bill.

Now before you think I’m being overly simplistic, this is really an option for many people.

Let me explain.

You may want to pay the bill with a credit card.

Credit card debt is usually better than IRS debt.

The IRS actually accepts Visa, Mastercard & American Express for many debts owed to them. Think of it this way…a credit card company has nowhere near the power of the IRS to collect their money…

Not only can the IRS take your wages, but they can also take things like your real estate, Social Security, 401(k)’s, IRA’s, car, boat, house, accounts receivable, cash loan value of your life insurance, or commissions…to name just a few.

The IRS can also put a lien on your personal and investment properties, making it difficult to sell your house, destroys your credit rating and makes it difficult to refinance or get a home equity loan.

Of course, the “big hammer” of the IRS is that they can actually send you to prison for not paying your taxes.

The credit card companies have power, but not near as much as the IRS. If you don’t have enough credit to pay off your IRS debt then you should know that there are other options.

Chicago IRS Solutions. If you are searching for IRS Solutions to your tax problems, or if you have ANY questions about IRS problems, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “Offer in Compromise”, “Owe Taxes”, “Tax Options”, “Tax Relief Chicago”, back taxes, Chicago Tax Help, currently non collectible, IRS Help, IRS Help Chicago, IRS Levy, IRS Lien, irs non-collectible status, irs options, IRS Options Help, IRS problem, IRS Solutions, IRS Tax Debt, irs tax penalty, IRS Tax Problem, Offer in Compromise IRS, Offer in compromise Settlement, Relief, steven a. leahy, Tax, tax attorney chicago, Tax Debts, Tax Help, tax options Chicago, Tax Problem Help, tax resolution, tax resolution chicago, Tax Solution

Divorce and IRS

May 8, 2013 by admin

Steven A. Leahy

Divorce and IRS: Chicago IRS Debt Relief

Divorce and IRS: Chicago IRS Debt Relief
Could the IRS Make You Get Divorced? In Chicago and need IRS Relief for Tax Debt?

Numerous studies have shown that the money problems are the #1 source of arguments in marriage.

Money problems caused by credit debt, loss of a job, unforeseen expenses – you name it…it’s all stressful on a marriage.

But if you toss an IRS problem into the mix, you may have a recipe for disaster. The IRS has more far-reaching power than any collection agency could ever have.

No other entity has the power to dip into your bank account, garnish your wages, seize your property, put a lien on your house…and possibly put you in jail.

So if money problems cause arguments, IRS problems can cause absolute fallout.

Of course, if divorce follows as a result, it introduces a whole host of other problems emotionally and financially.

Not to mention the damaging effects that marital problems and divorce has on your children… So the IRS can’t cause a divorce, but they sure can contribute to one.

You owe it to yourself, your spouse and your children to put and end to this madness and get on with your life.

If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “Offer in Compromise”, “Owe Taxes”, “Tax Relief Chicago”, back taxes, Chicago Tax Help, currently non collectible, Help With IRS, IRS Help, IRS Help Chicago, IRS Help IL, IRS Levy, IRS Lien, irs non-collectible status, irs options, IRS Options Help, IRS problem, IRS Tax Debt, irs tax penalty, IRS Tax Problem, Offer in Compromise IRS, Offer in compromise Settlement, steven a. leahy, tax attorney chicago, Tax Debt Help, tax debt relief, Tax Problem Help, tax resolution, Tax-Consultants

Avoid Tax Resolution Scams. Find Out How.

May 7, 2013 by admin

Unfortunately, there are some tax resolution firms that are not legitimate and are actually running a scam service. USA Today provides a decent article talking about this problem and gives the following red flags to watch out for when choosing a tax resolution company. These red flags include, no face-to-face consultation, high-pressure sales tactics, large upfront fees, no details about services until after a fee is paid and unrealistic guarantees.

Don’t fall for tax resolution scams, if you are in need of a reputable tax resolution company give us a call at (312)664-6649. We will set up a free consultation with you and talk about your specific situation. No high pressure sales, unrealistic guarantees or large upfront fees. If you would like to read the rest of the USAToday article about tax resolution scams see. http://usatoday30.usatoday.com/money/perfi/columnist/block/2011-05-23-tax-resolution-scams_n.htm

Filed Under: Uncategorized Tagged With: chicago il tax help, Chicago Tax Help, steven a. leahy, Tax Help Chicago, tax help chicago il

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