Secrets about irs debt 2

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Secrets about irs debt 2

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

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