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Secrets about irs debt 1


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  • 1. Secrets About IRS Debt
    Types of Taxes:
    - Direct Tax – Tax paid directly to the government by the person who owes it.
    - Indirect Tax – Tax that can be shifted or passed on, collected by an intermediary and passed on to the government.
  • 2. Tax Characterizations : 
    - Proportional Taxes – A constant, uninterrupted rate of percentage towards all incomes and all income levels.
    - Progressive Taxes – The amount of the percentage rate increases whenever your income increases.
    - Regressive Taxes – The amount of the percentage rate decreases as your income decreases.
  • 3. Most Common Types of Taxes:
    - Income Tax
    - Retirement Tax
    - Capital Gains Tax
    - Corporation Tax
    - Excise Tax
    - Tariff Tax
    - Property Tax- Estate Tax
    - Personal Property Tax
  • 4. Personal Taxes
    - Taxes on the total income of the individual, with some deductions permitted.
    Business Taxes
    - Taxes levied on the income of companies, the difference between gross receipts, expenses, and additional write-offs.
    - Business taxes are based on the type of corporation: Sole Proprietorship, S-Corporation, C-Corporation
  • 5. Tax Rights:
    - Every adult is required to submit a tax return and pay appropriate taxes.
    - The government could audit your tax returns, if they choose to do so.
    Can’t Pay the Taxes You Owe?
     - The IRS can negotiate a settlement amount, reduce interest and penalties or waive them altogether.
    - Offer-In-Compromise – An agreement between you and the IRS that settles your tax liabilities.
  • 6. Consequences of Not Paying Taxes:
    - The IRS can file a lien against you.
    - The IRS can garnish your wages and seize your personal property.
    - The IRS can seize your personal assets.
  • 7. What are Audits?
    - Audits – An in-depth examination of what you claimed in your income tax filing.
    - The government conducts randomized audits every few years.
    - Audits depend on your income tax bracket.
    - The more money you make, the greater the likelihood you will be audited.
  • 8. Don’t Ignore Financial Problems
    - Ignoring financial problems will not make them disappear.
    - Contact Allmand & Lee and let professionals counsel you on the best path in dealing with the IRS.
  • 9. Evaluate Your Financial Health
    - Understand your current financial state
    - Calculate weekly and monthly expenses
    - Find ways to reduce costs
    - Contact an expert
  • 10. Options Other than Bankruptcy
    -Debt Consolidation – Combining debts so you only have one bill to pay each month.
    - Debt Settlement – Reducing debt amount with the agreement of both the debtor and the creditor.
    - Forbearance – Repayment program set up by the lender to stop the foreclosure on a debtor’s home.
  • 11. Benefits of Declaring Bankruptcy
    - Clears all outstanding debts
    - Fresh start on a new financial platform
    - Stress relief from creditors no longer contacting you
    Disadvantage of Declaring Bankruptcy
    - There is a stigma attached to filing bankruptcy, if others find out you have.
    - You may lose your assets.
    - Coping with major lifestyle changes can be difficult.
    - It may be harder to get credit again.
  • 12. Myths about Bankruptcy :
    - Everyone will find out I filed for bankruptcy
    - Bankruptcy will ruin my credit for 10 years
    - Filing for bankruptcy makes me a bad person
    - I will lose everything I have
    - I will never be able to buy a house again
    - I can choose to include only what I want in my bankruptcy filing
    - My spouse and I must file bankruptcy together
    - I am only allowed to file for bankruptcy once
    - I will never be able to get credit again
  • 13. Seek Professional Counsel
    - Allmand & Lee can provide counsel on the best time and form of bankruptcy to file
    - Allmand & Lee have over 20 years of experience filing bankruptcy cases
    - Allmand & Lee file thousands of bankruptcy cases each year
    - Contact Allmand & Lee at 224-884-4176 for more information