The tax problems in the United States can be demanding and frightening, so it is important to understand the tax problems that one may encounter with as this can better help an individual. There are numerous different kinds of problems one can come across, some which are widely known, and others are those which people are not even aware of. Listed below are some of the common tax problems:
- 941 Payroll Tax: Businesses needed to pay taxes for their staffs, which include Social Security and Medicare taxes, federal income taxes, and federal unemployment taxes. To stay present with these taxes, the federal government necessitates almost all companies to make trimestral filings and payments which is named as 941 payroll tax.
- IRS Installment Agreement: If an individual has filed the returns but were incapable to pay the taxes due or just completed the return then Tax Tiger can assist with an Offer in Compromise or an Installment Agreement.
- Trust Fund Recovery Penalty: It is a 100% penalty which is assessed for the unpaid trust funds.
- Delinquent Tax Returns: This occurs if a tax return has not been filed for a year or years. The Delinquent Tax Returns should be filed immediately even if the tax cannot be paid.
- IRS Tax Levy: The tax laws of the United States permit the IRS to garnish the wages by way of a levy. By contacting the tax specialists one can get rid of this situation.
- IRS Tax Lien: People who fail to pay the taxes can face the tax lien by IRS. In such circumstances the taxpayer loses the ability of giving the property away. This can be solved either by paying the taxes in full or by offering the IRS a settlement amount lesser than the total tax liability that one owes.
- IRS Tax Reduction: There are many people in the United States who cannot afford to pay the taxes after paying for food and other utilities. In such circumstances the IRS tax reduction comes into play. The specialists as Tax Tiger can assist with the tax debt reduction process as they are very much well versed with this process.
Other kinds of tax problems that can take place are wage garnishments, IRS seizures, IRS audits and unfiled tax returns. These types of issues can cause severe problems with your taxes and can greatly affect your life and your investments. It is very vital that you maintain every necessary tax details that you have so that if you are reviewed, you can deliver the evidence to the IRS to assist stop any act from being taken.
These are just some of the types of tax problems that an individual can come across. There are obviously other sorts of tax complications that can take place, and so it is important to ensure that you are correctly repaying your taxes. In addition, it is also vital to stay in touch with a company like Tax Tiger who can assist you in managing your tax related problems.