Two Ways Sarasota Taxpayers Should NEVER Deal with IRS Problems

If you had cancer, who would you want to see first?

a) Nobody. I’ll go it alone.
b) a Nurse
c) a Doctor
d) an Oncologist

An Oncologist, right? Why? Because an Oncologist is a physician that specializes in the treatment of cancer.  Along that same line of thinking, if you had a problem with the IRS, would you go it alone?  Don’t believe for a second that reading a couple books, a website or a couple emails about “how to deal with the IRS” will prepare you to deal with the IRS if you owe them money.

The IRS has employees who make a career out of extracting money from people who owe taxes. They deal with it every day. They’re good at it. This is something you deal with once in a lifetime (hopefully).  Face it – you’re not good at it.  These people are trained to act like your friend and make you comfortable…and then use it to get you to say something you’ll regret.

You wouldn’t “go it alone” with a deadly disease – don’t go it alone with the IRS.

What about an accountant?
Most accountants spend 3 months out of the year dealing with taxes. They spend the rest of the time balancing books and preparing financial statements.
Just like having a good nurse can be a huge help to a cancer patient, a good accountant is a fantastic resource while you are still “in the clear” with the IRS. They can give you great advice on how to set up your personal finances and/or business finances to take advantage of legal tax breaks. But even the best nurse doesn’t have the power to prescribe the powerful medicines that are needed by a cancer patient – that right belongs to the Oncologist.

Once you’re on the other side of the IRS and no longer “in the clear” (in other words you failed to file or failed to pay), your accountant is not in a good position to help you fight the mighty power of the IRS. That alone is the job of a tax attorney specifically trained in dealing with IRS problems.
If you are “no longer in the clear” with the IRS, please call tax attorney Mary E. King to discuss your options.

Get IRS Help Now - Contact Attorney Mary E. King at (941) 906-7585.

Why You Shouldn't Be Comfortable With "Just a Tax Lien"

Have you developed a false sense of security?

Maybe the IRS placed a lien against your property as a “warning shot across the bow”, but you haven’t responded.

Sure, the tax lien can ruin your credit and make it virtually impossible to sell your house, but it doesn’t necessarily put a damper on your day-to-day finances.

Besides, the fact is – a tax lien doesn’t necessarily give the IRS what they really want…the tax money you owe them.

That’s when they start getting nasty…If you’ve been notified by the IRS either over the phone or by mail that you owe them, that’s all the warning you get.

The IRS can take your money if you don’t give it to them voluntarily.

If after contact, you don’t pay them completely and voluntarily - they have the right to take every penny that you owe from them…one way or another.

They don’t have to take you to court or sue you to get their money. If they’ve sent the collection notices and you’ve refused to pay or haven’t paid in full – that’s all they need to do.

That’s when it can get ugly:

• They can dip straight into your bank account and take your money
• They can garnish your wages or salary
• They can take your social security, 401(k) or IRA’s
• They can take any money owed to you – like accounts receivable or sales commissions

Plus, they can seize your property:
• Cars / Boats / Motorcycles / Homes / Vacation Property / Investment Property

They’ll do it too. Consider this… from 2005 to 2006, levies increased by 36%.
If you have an IRS issue and would like to discuss your options, please call tax Attorney Mary E. King at (941) 906-7585.

Checking Your Credit Score Can Alert You to IRS Tax Problems

If the IRS places a claim on your property as a tax lien, it shows up on your credit report and can greatly damage your credit score Florida IRS Tax Attorney Mary E. King advises.

The worst part is that you may not even be aware of the tax lien until you go apply for a credit card, car loan, home equity loan or to refinance. By that point lenders are hesitant to loan you any money.

Plus, an IRS tax lien may make it very difficult to sell your house. A buyer will be reluctant to buy since the IRS lien comes with the property and becomes his problem if you don’t take care of it Attorney King adds.

If you receive a “Notice & Demand of Payment” from the IRS and you don’t pay the tax bill, you have 10 days before the IRS can begin the process of placing a lien on your property.

If you don’t respond to the “Notice & Demand of Payment”, the countdown to a lien begins. You must act quickly. Realize this - a lien is just the beginning before even nastier IRS tactics begin, like wage garnishment and property seizure.

Your IRS tax troubles may have just begun if you’ve received a “Notice & Demand of Payment.” Attorney Mary E. King states these are the types of tax problems that she helps clients with on a daily basis. If you would like to meet with Mary, please contact her at the Law Office of Mary King P.L. in Sarasota Florida. (941) 906-7585.

June 27, 2010 by Mary E King Florida IRS Tax Attorney

Tax Attorneys Aren’t For The Wealthy Only

Don’t let false assumptions get you in IRS tax trouble! Sarasota tax attorney, Mary E. King warns that wealthy individuals or large corporations aren’t the only ones that need experienced tax attorneys.

There are any number of situations a taxpayer may be involved with, in a given calendar year, that demand the expertise of a tax attorney. Seeking the services of an IRS tax attorney is not something an individual needs only when they are preparing their yearly returns.

Other scenarios, for which an experienced tax attorney can be vitally helpful, but which are often overlooked, are instances in which someone has a taxable estate or is involved with a business.

For instance, tax attorneys can be invaluable for those who have started small businesses and need insight on tax structures. And, IRS tax attorneys can also give advice on matters such as quarterly filings to make sure that a taxpayer is not hit with fines and penalties because they have not filed their returns properly or at the right time.

IRS tax attorneys can also make a difference in helping those who are being investigated by the IRS for previous returns or non-filing of returns. Clearly, it is a false assumption to think that tax attorneys are only needed if an individual or business is being investigated by the IRS.

In conclusion, it’s prudent for an individual and for businesses to consult with tax attorneys, because many situations can arise throughout the year that require expert tax advice.

Renting out Your Spare Room to Cover Your Bills May NOT be the Answer!

The current housing crisis means that many homeowners are considering renting their properties as an alternative to selling, or even renting out spare rooms to help meet their mortgage payments. But homeowners desperate for additional income in these tough economic times may find themselves in trouble with the Internal Revenue Service (IRS) when it comes to renting property.

Leasing one’s home (or a portion of it) to meet mortgage obligations can lead to disaster with the Internal Revenue Service (IRS) if any money collected as rent is not reported as income.

The IRS has a series of guidelines that have to be met when it comes to paying taxes on rental income and failing to properly report them. This can lead to complications that include fines, interest, and possible garnishment of wages to collect the unpaid taxes.

Anyone who rents or leases property for more than 14 days is subject to paying taxes to the IRS. Add to the equation the fact that there are different rules on IRS tax liability based on how the property is rented and it becomes obvious that homeowners should seek the advice of an expert to prevent trouble with the IRS.

Obviously, in some cases renting property can result in a tax liability to the IRS that results in greater financial problems than before a homeowner considered leasing.

Among the different IRS tax rules that apply to rental property income are:

• Whether the property is used both for personal and rental purposes
• Whether the residence is being rented strictly for profit as opposed to assisting the homeowner in paying a mortgage

If you have questions about this or any other IRS tax related issue, please contact Florida Tax Attorney Mary E. King for your free, confidential IRS tax help consultation.

IRS Wage Garnishment Can Be Minimized.

Sarasota taxpayers beware: The Internal Revenue Service (IRS) will claim any back taxes and fines they determine are due to the agency. Sarasota tax attorney, Mary E. King, warns that the IRS will not hesitate to take money from a taxpayer’s paycheck if they determine that they are due money.
Wage garnishments imposed by the IRS can total up to 25 percent of a taxpayer’s earnings for each pay period. In today’s struggling economy, the loss of a quarter of a wage-earner’s salary can have a devastating impact on their budget.
Because IRS tax fines tend to snowball, a taxpayer may end up paying more than they anticipated. The impact that those fines can have on wages garnished from their paychecks can be monumental, which is why contacting a local  IRS tax attorney in Sarasota early is so important. Using a knowledgeable source will not only help prepare a taxpayer for the pain of wage garnishment, but can also work to make sure that the taxpayer only pays the minimum amount that he has to.

The average taxpayers is unfamiliar with the labyrinth of IRS tax laws that allows the IRS to garnish a maximum when it comes to an employee’s earnings. That’s why it is essential to retain the services of a local Sarasota tax attorney who is equally educated about IRS tax laws.
Attorney Mary E. King can help in structuring settlements with the IRS that are more client friendly because they will not have such a major impact on a taxpayer’s budget. She also offered one other suggestion about the importance of using a local Sarasota IRS tax attorney and that is she urges those dealing with the IRS not to wait until their problems with the agency become unmanageable. She said waiting too late in selecting a skilled Sarasota IRS tax attorney may result in increased penalties and fines imposed by the IRS.

Sarasota IRS Tax Attorney Mary E. King, can help you with your IRS Tax problems

Prepare for Back Taxes by Using An Expert Sarasota Tax Attorney

Paying back IRS taxes may cost Florida federal taxpayers more than they realize as a result of IRS fees and tax penalties, interest and other factors, according to Sarasota tax attorney Mary E. King. It’s important taxpayers not only realize that improperly dealing with their IRS tax burdens can cause them more than they might have initially paid the Internal Revenue Service (IRS), but also understand how tax attorneys can help ease their tax burden.
A taxpayer who thinks they can escape the wrath of the IRS by simply paying taxes on a few items they neglected is likely to be in for a very unpleasant surprise. That’s because there are a series of items the IRS can go after that can create a nightmare scenario where taxpayers are concerned.
Sarasota taxpayers who do not know the best solutions in dealing with the IRS can be putting themselves at further risk. She said paying all taxes due to the IRS on time is the best way to prevent the accumulation of tax penalties and interests, thus avoiding IRS tax problems in the first place.
But she adds that a skilled Sarasota IRS tax attorney is invaluable when it comes to sharing their expertise about other issues that include:

• The inability to pay taxes by April 15th, with attorneys available to provide information about how to deal with the situation
  
• Understanding the options in paying tax penalties and interest imposed by the IRS
  
• How tax liens can negatively impact a taxpayer’s financial situation and hurt their ability to secure loans, jobs or credit in the future
  

• The danger or levies imposed on a taxpayer
  
• Steps to take in cases of audits by the IRS
  

Sarasota Tax Attorney Mary E. King advises taxpayers about the best action to take in dealing with the IRS when it comes to back taxes. She added they can also help them avoid not  paying them more than they have to, but also stress by identifying options that will make paying down their IRS tax debt easier.