525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Do You Owe the IRS Money That You Can’t Pay? Are You a Year or More Behind in Filing Your Income Tax Returns? Are You Behind in Your Payroll Tax Filings or Payments? Our Tax Relief services and Tax Resolution assistance can help you get tax relief!
Friday, October 25, 2024
Monday, October 21, 2024
Colorado Springs: An IRS Tax Lien? Can I Still Sell My House?
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525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Colorado Springs: What to Do When You Do Not Think You Owe What the IRS Says You
Receiving a notice from the IRS is a frightening experience! When you believe you do not owe any money, it is causes a high level of stress. Under such circumstance it's best to approach the situation with a calm mindset as you try to understand why you received the notice. Here are some recommended steps to take:
- DO NOT IGNORE THE NOTICE!
- Contact your tax professional to help you understand the notice.
- A tax professional will explain why you received the notice
- You will need to verify the information such as reported income and any errors in calculations.
- Draft an appropriate response
While receiving an IRS notice can be scary, approaching it with a clear plan and professional assistance can help resolve the issue efficiently. It is best to keep in mind that the IRS is open to communication, and many issues can be resolved through proper channels.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Tuesday, October 8, 2024
Colorado Springs: Step 1 for Resolving Your Tax Debt
Dealing with tax debt can be a daunting task, but breaking it down into manageable steps can make the process less overwhelming. Step 1 in solving your tax debt is to determine if there is Cancellation of Debt (COD) income, and if so, identify the amount and the applicable year.
COD income arises when a debt is forgiven or discharged for less than the amount owed, and the forgiven amount is considered taxable income by the IRS. To begin, gather all relevant financial documents, including any 1099-C forms received from creditors. These forms report the amount of debt canceled and are crucial for accurately assessing your tax liability.
Next, review your financial situation for the year in question. This involves examining your income, expenses, and any other financial activities that may impact your tax obligations. Understanding your financial landscape will help you determine the exact amount of COD income and ensure that you are reporting it correctly.
Once you have identified the COD income, it's essential to explore any exclusions or exceptions that may apply. The IRS provides certain exclusions, such as the insolvency exclusion, which allows taxpayers to exclude COD income if they were insolvent at the time the debt was canceled. Carefully evaluate your eligibility for these exclusions to potentially reduce your taxable income.
By thoroughly understanding and documenting your COD income, you lay a solid foundation for addressing your tax debt. This step is crucial in ensuring compliance with IRS regulations and setting the stage for resolving your tax obligations effectively.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Thursday, October 3, 2024
Colorado Springs: How Do You Request Your Collection Appeal and Avoid the Levy?
Facing a levy from the IRS can be daunting, but understanding your rights and the appeal process can help you navigate this challenging situation. Here's a concise guide on how to request a collection appeal and avoid a levy.
Firstly, it's crucial to act promptly upon receiving a notice of levy. The IRS provides a window for you to respond before the levy is enforced. Begin by reviewing the notice carefully to understand the specifics of your case.
To request a collection appeal, you need to file a Collection Due Process (CDP).The request must be submitted within 30 days of receiving the levy notice. The CDP hearing allows you to present your case and explore alternatives to the levy, such as installment agreements or offers in compromise.
During the appeal, it's essential to provide all necessary documentation and be transparent about your financial situation. This transparency can help demonstrate your willingness to resolve the debt and may lead to more favorable terms.
Additionally, consider seeking professional assistance. A tax professional such as and Enroll Agent can guide you through the process, ensuring that all paperwork is correctly filed and deadlines are met.
To avoid future levies, maintain open communication with the IRS. If you're unable to pay your taxes, contact them to discuss payment options. Proactively managing your tax obligations can prevent levies and other collection actions.
In summary, requesting a collection appeal involves timely action, proper documentation, and possibly professional guidance. By understanding and exercising your rights, you can effectively manage your tax situation and avoid the stress of a levy.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
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