If you’re behind on tax filing, you need a strategic plan to pay what you owe without incurring further unnecessary debt.
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Get Current with Tax Filing & Payment
Many individuals and businesses that get behind on taxes often wonder how they can get current when they are trying to get caught up on back taxes. Our advice is to pay this year’s tax first, not back tax. The reasons for this are threefold. First, the IRS must allow you to get current. Secondly, to get any form of resolution and relief on back taxes, you must be current with paying your taxes in the current year. Thirdly, you can save hundreds, if not thousands of dollars, by focusing on this year’s taxes.
You see, for every year you don’t pay the current year’s taxes, you incur a whole new round of penalties, whereas the penalties for the old years are not going to get that much bigger. Keep in mind, the money you pay for back tax could have been used for current taxes, and the back tax may be eligible for a settlement or may be expiring soon. Another way to save on owing back taxes is to at least file your tax returns on time, even if you can’t pay. This will save you hundreds, if not thousands, of dollars with late filing penalties.
To be successful in resolving back taxes, you must first get current. Let Lothamer show you how to get current and put your tax problem in the rearview mirror.
How We Can Help You Get Current
The vicious cycle of paying back tax at the expense of not paying current year tax can and needs to be broken. Lothamer knows all too well how you can accomplish this. If you’re in business, we can show you how to re-organize your business and pay your taxes throughout the year, not quarterly. The quarterly system is probably the worst system for paying your taxes: it’s not automatic, it’s quarterly, it’s after the fact, and it’s based upon an estimate most times using the prior year’s tax, meaning it’s far from accurate. If income goes up, the estimate is too low. If income drops, the estimate is too high or the business owner is unable to pay it.
We have proven methods for automating your taxes, and those methods are based on cash flow, not profit. Your taxes need to be paid monthly, not quarterly, and if based on cash flow, you don’t even need to wait for a prepared financial statement.
Most accounting firms are not equipped to prepare delinquent tax returns, nor desire to do so, and are not willing to make you a priority. In fact, most regular accounting firms will automatically prepare Married Filing Joint tax returns, when this election could prove to be fatal. Joint tax returns create 100% liability for each spouse for the total tax. The liability is joint and several. Also, the assets of both spouses are subject to levy and seizure by the IRS, making any settlement with IRS larger than what could be attained by filing Separate Returns.
When I contacted Lothamer I was at my wits end. I had no idea what to do. Lothamer guided me through the process. There were no false promises just real facts. Everyone I spoke with was very knowledgeable. Keep doing what you are doing being honest and straight forward with clients.
I was stressed out, overwhelmed, didn’t know where to go, or what to do about my large debt to the IRS. From my first call to Lothamer all the way to my case being completed, I was never judged and the staff made me feel like the situation is fixable, and the results they got me were better than I ever expected!
Lothamer handled my problems promptly and effectively. They explained everything that was being done on my behalf step by step. Thank you so much for giving me my life back. You are definitely a God send to me.
Within the first 24–72 hours, we can do more than what most other tax firms do in several weeks.
CALL OUR OFFICE to Learn More About Our Process for Getting Same-Day Tax Help
For a reasonable fee, we will call the IRS and request a Stay on Collection, obtain transcripts as to years unfiled, balances due, and income reported to the IRS, and provide a consultation within three days with a licensed attorney, CPA, or Enrolled Agent.
MEET WITH A LICENSED CPA, ATTORNEY, OR ENROLLED AGENT and Get Your Roadmap to Resolution
Our meeting with you will be a virtual meeting, using our proprietary video conferencing software, performed in the privacy of your office, home, or vehicle, with a licensed attorney, CPA, or Enrolled Agent. We will share our findings, discuss your options, and provide you with a plan to resolve your tax problem. At this meeting, we will give you an estimated cost for the services to carry out the plan developed.
IMPLEMENT THE PLAN
Upon accepting the Terms & Conditions in our service agreement as outlined in Step 2, we will immediately go to work solving your tax problem. We will get you set up in our eResolution Client Portal, giving you access to critical deadlines and next steps to view the progress of your case.