Lower Your Taxes - Big Time!: Wealth Building, Tax Reduction Secrets from an IRS Insider
The moment an IRS agent comes to your door, you're likely to be very anxious. April admits agents are uneasy, too.
April says the biggest fear many taxpayers have is losing their home. It's true the IRS can seize your house, but that's rare. The IRS gets million tax returns every year, yet it's currently auctioning off just 14 taxpayer-seized homes nationwide. In more than 30 years at the IRS, April says she never evicted anyone. Last resort," she said. April says some taxpayers fear take-it-or-leave-it tactics.
Ads for attorneys and accountants have reinforced that idea, offering services to defend against "threatening letters" from the IRS. You can hire an expert, but April says you can also try to negotiate with the IRS on your own. There's an official form to offer a compromise. April says it works, and she cut deals with families that couldn't pay in full.
If we do take your offer for something less than what you owe, in future years, you have to file; you cannot owe. Taxpayers who owe large amounts can also request a payment plan, known as an installment agreement. Just tell [the IRS], 'Hey, right now, it's a hardship for me. That's where being honest comes in. April says assumptions are what get taxpayers in trouble. April tells us too many taxpayers ignore those letters.
LibraryAware Tax Forms & Resources Q3
They assume minor mistakes will be forgiven. If you set aside your fears and just talk to the IRS up front, you'll learn agents have some leeway to help you correct your errors. The faster you do that, the sooner they'll leave you alone. Life happens. My Queue. There are no Videos in your queue. See Latest Videos. There are no Articles in your queue. See Latest Articles. There are no Podcasts in your queue. See Latest Podcasts.
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Insider Tips From An IRS Auditor
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