Theodor Van Stephoudt: What are common tax problems that we face?
When it comes to filing taxes, we naturally feel stress. Most people take a sigh of relief after they fill out their taxes. However, tens of millions of taxpayers face difficulties in paying their tax, and it causes an increase in stress every year. Here in this blog, we will share some tips from Theodor Van Stephoudt to beat the problems that you face during tax paying.
Top Tax Challenges Faced by Taxpayers Today
Look at the list we are sharing with you about tax issues that impact taxpayers;
Tax Penalties:
If you don’t follow the tax code, you will owe the IRS $37 billion in fines (around 41 million of which will be charged in 2021). The following are typical penalties: faulty check, failure to file, projected tax, and failure to pay. Get back to the IRS as soon as possible, check the facts, and think about possibilities for payment or penalty waiver.
Unpaid Taxes:
Last year, over 17 million taxpayers filed returns containing overdue taxes. $133 million is owed to the IRS by delinquent accounts. To resolve this, you must pay the entire sum as soon as you can. Long-term payment plans, compromise offers, or brief pauses in collections based on anticipated financial improvement are other alternatives.
Math Error Notices:
Math mistake letters were given to almost 12 million taxpayers in 2021. These warnings cover computation errors, erroneous figures, missing data, and eligibility issues. Even if you have no outstanding debt, you still have sixty days to respond, pay any taxes due, and handle the notice.
Non-Filers:
Every year, millions of people neglect to file the necessary tax returns, which forces the IRS to produce replacement forms. There were reports of about nine million individual non-filers and a 42% rise in non-filers who were businesses. To avoid failure-to-file fines and interest, file taxes as soon as you can, and pay any taxes that are due right away.
Tax Audits:
Although many people are concerned about tax audits. The IRS verifies the veracity of information reported as part of audits. To complete the investigation, quickly capitulate with IRS audit requests, receive the necessary paperwork, and stick to timelines.
Conclusion:
It takes quick and knowledgeable solutions to guide the complicated world of tax difficulties. Proactive interaction with IRS notices and deadline obedience is essential for seamless compensation, regardless of the issue-penalties, unpaid taxes, math errors, non-filing, identity theft, underreported income, or audits. Approach Theodor Van Stephoudt to effectively handle tax-related concerns, stay informed, act quickly, and consider all of your choices.
