Step #1 to Resolve Your Tax Debt with the IRS
Updated: Jan 10
If you owe back taxes in Winchester VA, the first step to resolving your tax debt is getting “compliant” with the IRS. What does it mean to be in compliance with the IRS? Before the IRS will even consider resolving your tax debt, you must be in compliance. First, you must have all tax returns filed for the past 6 years. Our firm with locations in Winchester VA, Strasburg VA, Martinsburg WV, and Charles Town WV also offers Tax Preparation Services. We can help you get into compliance.
Compliance also requires that you are current with all payments for this year. What does that mean? The IRS tax system is a “pay as you earn” system. You must pay your tax as you earn the money. For wage earners (W2 employee) this means you must have the appropriate amount of tax withheld from your paychecks. If you are a W2 employee, and you owe the IRS every year at tax time, then you are not having enough tax withheld. If you are self-employed, you must make Estimated Tax Payments to stay in compliance. This means paying your taxes to the IRS quarterly. The due dates for quarterly tax payments are Apr 15, Jun 15, Oct 15, and Jan 15 (of the following year). Note: For 2020 due to coronavirus pandemic: 1st and 2nd Quarter Estimated payments are BOTH due by July 15.
If you do owe back taxes, tax debt resolution can be accomplished using a variety of strategies, such as Offers in Compromise and Installment Agreements. The IRS will not even consider approving an Offer in Compromise, if you are not “compliant.” Even MORE IMPORTANT, if and when an Offer in Compromise is approved, you must STAY IN COMPLIANCE for the next 5 years or the Offer becomes void and you are right back where you started.
“They” don’t teach you this stuff in school. I learned alot of useless information in school, but was never taught how to keep the IRS off my back. Perhaps “How to Keep the IRS Off Your Back” ought to be a mandatory class in High School. After all, everyone needs to pay income tax...every year. But, because it is not a mandatory class, we are here to help. That is the mission of Tax Debt Resolution Services of Winchester VA LLC. Our team of tax experts can relieve your stress so you can get back to doing what you do best, whatever that may be. We help our clients in Winchester VA, Strasburg VA, Martinsburg WV and Charles Town WV to GET COMPLIANT and resolve their tax debts!. If you need assistance please feel free to contact me at 540-662-4432 or email@example.com.
Brian Barto, 24 Weems Lane, Winchester, VA 22601