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Follow on Google News | Tax Help Experts Recommend Settling Back Tax Debt Before House Values IncreaseTax help services to settle back tax debt can significantly reduce the amount an individual or business owes the IRS. However, house values have begun to increase, and that can significantly impact the amount the individual owes the IRS.
The result of increased house values means individuals will see an increase in their overall taxes. To determine the amount of taxes owed, the IRS will measure the value of a taxpayer’s assets, among other factors, to determine what they can afford. It is in the best interest of an individual to file their taxes as soon as possible while house values remain low to avoid an increase in their overall future taxable assets. By filing now, an individual can also avoid higher fees and penalties. It is risky for an individual to allow themselves to get too far beyond. The consequences are grave, and in addition to the evitable loss of refunds if an individual files too late. “Even if one does not own a home, those who have waited until the economy picks back up may find themselves in a situation of having to pay back their taxes in full due to a change in job status, a raise in income, or other financial change that would then put them in a fully collectible status,” according to the Lothamer Tax Report blog, available through http://www.lothamer.com. Tax payers who have found themselves behind in taxes can file now to find out if they are qualified for an Offer of Compromise. Depending on the back tax situation, the IRS may agree to accept a tax settlement that is lower than what is owed. “No matter the reason or situation, we people get back on track by taking over negotiations with the IRS to settle your tax claim,” said Jesse Lothamer, President of Lothamer Tax Resolution. “We have had great results reducing the tax debt or receiving a refund for their clients, depending on the circumstance. There are options to correct an individual’s back tax debt and Lothamer can achieve the best solution for their tax situation.” # # # Lothamer is a professional firm of Certified Public Accountants founded by in 1978. The firm specializes in Tax Representation and Tax Problem Resolution, and has helped thousands of clients settle their tax problems with the IRS and State of Michigan. End
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