Wall & Associates, Inc
One of the nation's leading professional tax representation & negotiation firms. We solve both federal and state tax problems nationwide.

Understanding Self-Employment Tax

Starting your own business can be a thrilling experience. You can decide the direction of your company, take pride in its expansion, and even set your own hours. Unfortunately, this freedom comes at a price. Since you won’t have an employer to withhold taxes from your paycheck, the IRS requires you to do it yourself. And since you won’t have an employer to pay the employer portion of your Medicare and Social Security withholdings, you’ll have to pay that as well. This is known as self-employment tax and it’s a common reason why many entrepreneurs turn to a tax consultant like the experts at Wall and Associates, Inc. for back tax relief options.

Do I Have to Pay Self-Employment Tax?

Almost every individual who is self-employed is required to pay self-employment tax and to file Schedule SE (Form 1040). Determine your yearly total of business income and then subtract your total business expenses. Assuming that your expenses are less than your income, the difference is your net profit. If your net earnings total as little as $400 or more, you must pay self-employment tax. These amounts are be subject to change; IRS publications will list the current thresholds.

What Is the Amount of Self-Employment Tax?

This varies depending upon the current self-employment tax rate and your net profit. For the calendar year 2011, for example, the tax rate was two percent. That rate was extraordinarily low because of the 2010 Tax Relief Act. Self-employment income earned in 2013 and 2014 was subject to a self-employment tax rate of 15.3 percent.

What Should I Do If I Can’t Pay My Self-Employment Tax?

It’s not uncommon for entrepreneurs to need help with back taxes, since it’s all too easy to withhold too little from income for quarterly tax payments or to neglect to withhold altogether. When you have an IRS tax problem, you can count on the specialists at Wall & Associates, Inc. to provide you with the best possible solution. Call (800) 337-6699 today to speak with one of our experienced tax consultants.

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How Wage Garnishment Can Impact Your Life

If you haven’t yet made arrangements to resolve your back taxes with the help of an experienced tax consultant like Wall and Associates, Inc., you have a serious IRS tax problem. The IRS has aggressive tax collection tools at its disposal, including wage garnishment. When you owe back taxes, the IRS can file a wage garnishment with your employer. Your employer will be legally required to deduct a certain amount of money from your paycheck to send to the IRS. Depending on the amount you owe, a wage garnishment can remain in effect for years unless you work with a tax consultant to stop wage garnishments.

For many people, having an employer inform them that a wage garnishment order has been filed is a humiliating experience. Your personal financial affairs are no longer entirely private. Your reputation in the workplace may be adversely affected. Additionally, wage garnishment can have many adverse effects in your daily life. You may no longer receive enough money in your paycheck to pay your rent or mortgage, utility bills, childcare expenses, or other daily living expenses. As a result of missed payments, your credit history and credit scores can suffer, which can affect your ability to take out a future loan, credit card, or mortgage.

You can fight back against the IRS with the help of the back tax experts at Wall & Associates. Call us at (800) 337-6699 to learn how we can stop wage garnishments.

Not a solicitation for legal services.

Received an IRS Notice? Steps to Take Now

Given the considerable power the IRS can wield over a family’s finances, it isn’t surprising that receiving a notice from the IRS can be a very stressful experience, particularly if you already know that you have an IRS tax problem that hasn’t yet been resolved. It’s important to remember that ignoring a notice from the IRS will not solve the problem; it can only worsen your situation. Instead, review the notice carefully to make sure you understand it and then respond with the help of a tax consultant.

Reviewing the Notice Carefully

Most often, IRS notices involve problems with your tax return or another specific IRS tax problem, such as unpaid back taxes. Some examples of IRS notices include notice CP01B, which is a request for more information for the proper processing of your tax return. Notice CP05 means that the IRS is taking a closer look at your tax return to verify information that you may have reported, such as tax credits or a Schedule C. Other notices indicate that the IRS believes you haven’t paid your balance, haven’t paid it in full, or owe additional money due to changes to your return.

Obtaining Tax Representation

It’s not uncommon to dispute the amount that the IRS claims an individual may owe. Or you simply cannot pay the balance in full due to circumstances in your life. This is why it’s critical to obtain tax representation as soon as you receive an IRS notice. Your tax consultant will help you understand the notice and contact the IRS on your behalf. The back tax experts at Wall and Associates, Inc. can put together a customized case plan that will address your specific tax situation. Remedies are available, but getting the best outcome while wading through the maze of IRS rules and regulations really requires the services of an expert.

After receiving a notice from the IRS, it’s important to get in touch with an experienced tax consultant right away. Wall & Associates offers free initial consultations to individuals across the country. Call us today at (800) 337-6699 to claim your free consultation.

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Surprising Facts About IRS Tax Penalties

If you’ve been looking for options for back tax relief, it’s probably a sure bet that you’re having difficulty paying the amount the IRS thinks you owe them. Unfortunately, the IRS takes full advantage of the challenges faced by taxpayers, using tax debt as an opportunity to charge severe penalties. The IRS doesn’t stop there; it even charges interest on these penalties. Each year, millions of taxpayers learn that their financial problems have been further complicated by additional tax penalties. In fact, in just recent one year, the IRS required taxpayers to pay more than $18 billion in penalties alone.

When a taxpayer doesn’t know that he or she has an IRS tax problem until years after it occurred, the total amount owed can be astronomical when penalties and interest are added. In fact, some of the penalties the IRS issues can be amount to as much as 75 percent to 100 percent of the original amount of taxes owed. Before taxpayers suffer further financial hardship by trying to pay off these penalties, they should consult an experienced, seasoned taxpayer representative like Wall and Associates, Inc. about their options.

At Wall & Associates, Inc., our tax experts can explore your options for obtaining relief from your penalties on overdue taxes plus interest. For help with your IRS tax problem, including federal tax liens and levies, call us at (800) 337-6699 today.

Not a solicitation for legal services.

What-If Scenarios for Taxpayers

Major life changes can easily lead to an IRS tax problem, such as excessive and costly tax consequences. The IRS issues millions of penalties to taxpayers each year. This frequently serves only to bury the taxpayer deeper in debt that can be difficult, if not impossible, to resolve. If you have an IRS tax problem, you deserve competent representation from a tax consultant today, like the experienced tax consultants at Wall and Associates, Inc.

What if I Owe More Than I Can Pay?

Owing more in taxes than you can pay is a problem faced by countless Americans. If you fail to pay taxes on time, you can expect the IRS to issue a hefty penalty, which only increases your tax debt further. Fortunately, there are options available to you. Even if you can’t pay your debt at all or in full, you have significant alternatives. An experienced tax consultant can establish a path for you through the confusing IRS rules and regulations, possibly saving you a large percentage of the taxes, interest and penalties assessed.

What if I Didn’t File a Tax Return?

Due to a busy schedule or situations beyond their control, such as deployment or a prolonged illness, many taxpayers forget to file their tax returns on time. As with failing to pay the balance on time, failing to file a return on time will result in penalties. The IRS can issue a penalty of five percent of the tax due for each month that it is late. Before you tackle this penalty on your own, talk to a tax consultant and get expert advice on your next steps.

Wall & Associates has a stellar track record of helping taxpayers resolve problems such as penalties, back taxes, wage garnishments, and many more. If you need help with back taxes or you’ve been informed of tax penalties, call one of our friendly tax consultants today for a confidential consultation. You can reach us at (800) 337-6699.

Not a solicitation for legal services.

Are You Entitled To An OIC?

For some individuals with an IRS tax problem, seeking offers in compromise is the only solution to resolving significant amounts of tax debt. An offer in compromise enables taxpayers to pay a portion of their total tax debt, which will settle the entirety of their debt. There are basic eligibility requirements, however.

By working with experienced tax consultants like Wall and Associates, Inc., you can increase the chances that your offer in compromise will be accepted by the IRS. The IRS will evaluate multiple factors when deciding whether or not to accept the offer, such as the amount it might collect from your assets, from third parties, or from present and future income. The IRS will also consider your ability to pay the full amount of your back taxes.

The experts at Wall & Associates, Inc. have extensive experience helping taxpayers obtain a favorable offer in compromise from the IRS. Give us a call today at (800) 337-6699 to set up your free initial consultation.

Not a solicitation for legal services.

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Do You Know the Taxpayer Bill of Rights?

In 2014, the IRS announced that it had adopted a Taxpayer Bill of Rights. This document did not establish new rights for taxpayers, but rather it reworded existing rights from the tax code to make them more accessible to taxpayers. While this is a step in the right direction, the existence of these rights will not necessarily help taxpayers resolve back taxes or deal with their specific IRS tax problem. To resolve issues with the IRS, it’s best to turn to a professional tax consultant who has a keen understanding of IRS negotiations.

The Right to Obtain Representation

One of the most important rights afforded to taxpayers is the right to obtain the help of a tax consultant to represent their interests. Individuals have the right to choose their own representative and to authorize that person to negotiate with the IRS on their behalf.

The Right to Raise Objections

Taxpayers often feel that any notice they receive from the IRS is final and binding. In fact, they have the right to raise objections regarding the position of the IRS. A tax consultant can help an individual submit additional documentation to object to IRS actions or proposed actions. The IRS is expected to consider these objections and to respond.

The Right to Appeal Decisions

Most decisions made by the IRS can be subject to an appeal by the taxpayer and his or her tax consultant. The administrative appeal must be fair and impartial. Furthermore, taxpayers have the right to receive a written response from the Office of Appeals.

Despite the Taxpayer Bill of Rights, many individuals feel intimidated or coerced when dealing with the IRS, with good reason. However, there’s no need to be a victim of the aggressive tactics used by the IRS; by working with a tax consultant at Wall & Associates, Inc., you can resolve your IRS tax problem and be on your way to financial security. For help with back taxes, call our consultants at (800) 337-6699.

Not a solicitation for legal services.

When Can Wage Garnishments Occur?

cutting down wages

To most people, wage garnishment comes as an unwelcome surprise. If you have failed to pay any amount of your income taxes, however, the IRS will eventually take the funds directly out of your paycheck. According to the Consumer Credit Protection Act, you cannot have all of your paycheck garnished. The IRS cannot touch your earnings that have to be deducted for Social Security, unemployment insurance, retirement (if you are a state employee), and federal and state taxes.

Over and above taking money directly from your paycheck, and all the pain and inconvenience that can cause, the IRS can also levy your commission income, your retirement accounts, your bank accounts, and even the cash value of your life insurance!

If you owe money to the IRS, contact the tax negotiation specialists at Wall & Associates, Inc. Our tax experts have helped numerous people stop wage garnishment, prevent wage levies, and resolve their tax problems. To schedule a free consultation, call us today at (800) 337-6699.

Not a solicitation for legal services.

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