When taxpayers have issues with the IRS, they often hesitate to contact tax professionals because they think it’s too expensive. Taxpayers assume they can go it alone or hope the IRS forgets their existence.
The IRS isn’t going to forget that a taxpayer owes them money. The longer a taxpayer waits to reply, the more penalties and interest can accrue.
Determining the best option for resolving a tax debt can take time. Selecting the wrong resolution may increase the total amount a taxpayer pays to the IRS.
Return on Investment
Hiring a tax professional does cost money. Such an expense may seem unnecessary or frivolous, especially if a taxpayer is already having financial trouble.
When a taxpayer has a tax debt, it can be tempting to think they can solve the problem, that it isn’t any different than using a computer program to complete a tax return.
Taxpayers should consider whether they have the knowledge and time needed to research tax resolution options and select the best one for their situation. While the IRS website is a good resource, it only provides general information that isn’t focused on a taxpayer’s specific issue.
Peace of Mind
It’s not just about whether a taxpayer can research. It’s also about whether a taxpayer will have the time to do research and decide how to reply within the IRS’s deadline. Failure to respond by the deadline can increase both interest and penalties.
Hiring a tax professional eliminates the need for research on the taxpayer’s part. Tax professionals spend their days with the tax code and know the ins and outs of the thousands of pages of laws, regulations, tax court opinions, and policies.
When working with a professional, taxpayers can focus not on research but on learning the various options and selecting the best resolution for them. In some cases, tax professionals may notice details or information that can influence the total tax due.
Using a skilled tax professional can bring peace of mind. It reduces the possibility of mistakes that could potentially worsen a taxpayer’s debt. Resolving the issue promptly can reduce stress and uncertainty. It can minimize time spent away from work or family.
Finally, a skilled tax professional may be able to help a taxpayer prevent future issues as well.
For those facing a tax debt or other problems with the IRS, hiring a tax professional can help bring about a speedy resolution. The experts at Highland Tax Resolution help taxpayers understand their options and always look for the best savings opportunities.