For some people, tax season is the least wonderful time of the year, and dealing with the intricacies of their finances is scary and daunting. The implications of making a mistake when filing your taxes can be complicated and potentially damaging to your personal and business finances. But you don’t have to live in this fear. If you’ve found yourself in serious financial trouble because of a misfiled tax return, don’t worry, we can help you resolve it.
Whether or not you’ve ever had serious financial problems due to a tax return filing issue, we still recommend you invest in hiring a professional service. Handing over your tax documents to a professional can help you avoid issues like our firefighter client from a few years back.
Joe (we’ll call him) is a retired firefighter who came into our offices at the urging of his Crown Ministries Money Map Coach. Somehow Joe had flown under the IRS radar for decades and had miraculously not been levied or had a lien placed, even though he had not filed tax returns since the mid-1990s. Filled with shame about his current situation, Joe was broke, depressed, and couldn’t even look us in the eye.
The IRS claimed Joe owed in excess of $325,000. Since had hadn’t been filing his tax returns they had filed͞ substitute returns. In these returns they included no deductions or basis allowances and added penalties and interest causing them to come up with a huge, and impossible seeming number.
Joe had a hard time coming to see us and he was terrified that the IRS would realize that he was delinquent, arrest him, and put him in jail. His fear and depression were clear and we knew we had to do something to help him out of his painful situation.
Joe retained our services and we immediately went to work on his case. We contacted the IRS and got copies of his income information, which allowed us to prepare his backed tax returns. It turned out the largest balance due was the result of a home sale, and when preparing the substitute returns, the IRS included the sale price without giving the taxpayer allowance for the price he had originally paid for the home, as the law allows.
When we finished his case, Joe wrote a check to the IRS for only $3,378. What a relief! Now, with all of this IRS mess behind him, Joe is a whole new person. His depression is gone, he’s regained confidence in himself, and he has recently purchased a new home.
Whether you’re in a situation like Joe’s or you want to avoid one in the future, it would be our pleasure to help file your tax returns. Don’t let the IRS frighten you into burying your head in the sand and avoiding the problem, call us today for a free consultation and we’ll let you know whether or not you need our assistance.
Do you have questions or comments about this topic? Contact us today.