As a result of our legal filings and direct negotiations, the IRS accepted the resolution, and the $90,000 in tax debt—including principal, penalties, and accrued interest—was fully abated. In economics, the Laffer curve is a theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation. It is used to illustrate the concept of taxable income elasticity (that taxable income will change in response to changes in the rate of taxation). First, the amount of tax revenue raised at the extreme tax rates of 0% and 100% is considered. If both a 0% rate and 100% rate of taxation generate no revenue, it follows from the extreme value theorem that there must exist at least one rate in between where tax revenue would be a maximum. The Laffer curve is typically represented as a graph that starts at 0% tax, zero revenue, rises to a maximum rate of revenue raised at an intermediate rate of taxation, and then falls again to zero revenue at a 100% tax rate.
Are you looking for tax debt forgiveness?
While the company is based in the Chicagoland area, Tax Relief Inc. serves clients nationwide who are seeking help with both state and federal tax burdens. You can reach out for a free consultation to determine which of their services would be the right fit for your situation. Those may include an IRS offer in compromise, penalty abatement, innocent or injured spouse relief, tax lien resolution, even help with filing back taxes.
Let Optima Tax Relief Help
A customs union has a common external tariff, and the participating countries share the revenues from tariffs on goods entering the customs union. VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it has been charged (referred to as input tax) and VAT it has charged to others (referred to as output tax). The difference between output tax and input tax is payable to the Local Tax Authority. Governments also use taxes to fund welfare, pensions, subsidies, and other public services not already mentioned above. TurboTax calculations are 100% accurate so your taxes will be done right, guaranteed, or we’ll pay you any IRS penalties. When it’s tax season, don’t trust your taxes to a tax website or big commercial chain.
And, the site copyright was three years out of date during our visit. That tracks with the company’s social media channels as well, which also seem to have died out several years ago. That fine print is also where we found the disclaimer that Optima Tax Relief’s services « are not available in all states ». We didn’t see a list of excluded locations, though, so you may not find out until you call or fill out the form to schedule your consultation. And, if you’re curious about who might be working with you on your case, Optima Tax Relief gives you a great look into their staff’s credentials. Just go to the About page and « meet » everyone from the CEO to the tax attorneys and enrolled agents who might be tasked with delivering your strategy and facing off with the IRS on your behalf.
TurboTax Online: Important Details about Filing Simple Form 1040 Returns
The company guides clients through the application process for all IRS tax debt relief programs, such as offers in compromise (OIC), innocent spouse relief, and “currently not collectible” status. Tax ‘power of attorney’ representatives are trained to prevent you from paying more than you need to. A common example that we see is clients offering much more to the IRS to settle their debt through an offer in compromise. The client’s offer was accept and he saved $18000 that he would have otherwise paid.
Tax Relief Company FAQ
The IRS determines a feasible amount you can pay to settle your tax debt. In some cases, you might still need to pay the entire debt, though possibly at a later date or through an installment plan. In other situations, if you qualify for programs such as spouse relief or offers in compromise, the IRS may reduce the amount of debt you owe. If you neglect to pay your tax bill, the IRS will issue several collection notices.
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Direct Tax Relief easily maintains its status as a good company for handling tax problems. We have no doubt that they’ll go to bat for you with the IRS or your state’s tax agency, keeping you well-informed along the way and providing personalized attention. With just a bit more feedback from clients (and maybe a hint at what prospective customers could expect in fees), there’s not much that would stop Direct Tax Relief from reaching the top of our list.
An ad valorem tax is one where the tax base is the value of a good, service, or property. Sales taxes, tariffs, property taxes, inheritance taxes, and value-added taxes are different types of ad valorem tax. Recurrent property taxes may be imposed on immovable property (real property) and on some classes of movable property.
- Income-tax systems often make deductions available that reduce the total tax liability by reducing total taxable income.
- Qualified candidates for this option must meet specific criteria as determined by the IRS, and must provide documentation supporting their ability to pay, income level, current expenses and asset equity.
- That page was also worded in a way that made it sound like, by enlisting 97tax’s help, monthly payments to the IRS would be set up (maybe from the same credit card, even).
The last VAT amount is paid by the eventual retail customer who cannot recover any of the previously paid VAT. For a VAT and sales tax of identical rates, the total tax paid is the same, but it is paid at differing points in the process. The plethora of positive reviews on customer feedback platforms further highlights Larson’s prominence, particularly in business tax services. They adeptly manage everything related to business tax preparation, from payroll to corporate income taxes, which is invaluable for small business owners or those with limited accounting resources. Are you or your Wichita small business looking for tax relief or accounting services?
- As long as you don’t live in Minnesota or New Hampshire, you’ll be eligible for JH’s help.
- Quick Action by the Taxpayer Advocate Service means confidence in your taxes.
- The difference between output tax and input tax is payable to the Local Tax Authority.
- This can be really helpful if you’re facing financial difficulties and can’t pay your full tax bill.
- Most importantly, we’ll determine the best possible entity structure for your business to mitigate your tax exposure, allowing you to focus on growing your business.
A unique feature of Anthem is its support with wage garnishment and tax levy release filings services that many of its competitors don’t offer. At Boxelder, we take a partnership-oriented approach to our consulting service for Kansas businesses. We’ll work with you tax relief services and consultations to pinpoint opportunities for increased efficiency and profitability, help manage your business’s growing pains, and identify tax-saving strategies to keep your bottom line profitable. Most importantly, we’ll determine the best possible entity structure for your business to mitigate your tax exposure, allowing you to focus on growing your business. As an independent organization within the IRS, the Taxpayer Advocate Service helps taxpayers resolve problems and recommends changes that will prevent problems.
Your CuraDebt team will do an investigation to get a handle on your current tax situation. From there, they’ll prepare any returns you may need to file one or amended ones if you need corrections. The testimonials were provided by actual Tax Rise Inc. clients and are the clients’ sole opinions and experiences relating to the services. Nothing included here should be taken as a guarantee, warranty, prediction or representation about the results of your situation.
