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Why Do I Owe Taxes? (Video)

February 20, 2019February 20, 2019 laurenmas

Why do I owe taxes this year? Why is my refund so much smaller than last year? The answer to these questions all boils down to the amount of taxes you had withheld throughout the year or paid in through quarterly estimated tax payments compared to your actual tax liability. Learn more about tax withholding and how they relate to your taxes.

Article: Why Do I Owe Taxes This Year?

Video: Why Do I Owe Taxes This Year?

About the Author:

Lauren Massie, CPA, EA, MBA is based in Raleigh, North Carolina. The primary focus of her CPA practice is income tax representation for individuals who need tax help with the IRS or the North Carolina Department of Revenue. She regularly assists clients with issues such as unfiled tax returns, back taxes, wage garnishments, bank levies, installment agreements, and the filing of an Offer in Compromise to settle tax debts. Have questions? Lauren can be reached directly at (919) 792-8511 or through this link.

I’m here to help!

Lauren Massie

Lauren Massie, CPA, PLLC

8480 Honeycutt Road, Suite 200

Raleigh, NC 27615

(919) 792-8511

www.laurenmassie.com

Lauren Massie, CPA, PLLC is based in Raleigh, North Carolina and serves clients throughout the Greater Triangle Area including cities such as Wake Forest, Durham, Cary, Chapel Hill, Morrisville, Holly Springs, Fuquay-Varina, Clayton, Louisburg, Knightdale, Zebulon, Rolesville, Wendell, Hillsborough, Youngsville, Franklinton, Garner, Zebulon, Henderson, Franklinton, Holly Springs, Creedmoor, and Angier.

How Much Will the IRS Accept to Settle Back Tax Debt? (Video)

February 13, 2019February 10, 2019 laurenmas 1 comment

How Much Will the IRS Accept to Settle Back Tax Debt (Video)?

The IRS allows for people to settle their tax debt as long as they meet certain eligibility requirements through use of the Offer-in-Compromise (OIC) program (sometimes referred to as the Fresh Start Program). One of the program’s requirements is that the amount offered must be based on Reasonable Collection Potential. Check out this video and article to get more information about how the offer amount, Reasonable Collection Potential, is calculated.

Video: How Much Will the IRS Accept to Settle My Tax Debt?

Article: How Much Will the IRS Accept to Settle My Tax Debt?

About the Author:

Lauren Massie, CPA, EA, MBA resides in Raleigh, North Carolina. The primary focus of her CPA practice is income tax representation for individuals who need tax help with the IRS or the North Carolina Department of Revenue. She regularly assists clients with issues such as unfiled tax returns, back taxes, wage garnishments, bank levies, installment agreements, and the filing of an Offer in Compromise to settle tax debts. Have questions? Lauren can be reached directly at (919) 792-8511 or through this link.

I’m here to help!

Lauren Massie

Lauren Massie, CPA, PLLC

8480 Honeycutt Road, Suite 200

Raleigh, NC 27615

(919) 792-8511

www.laurenmassie.com

Raleigh, NC CPA Firm: How to File Back Taxes

June 20, 2018December 3, 2018 laurenmas

lauren massey cpa, lauren massey raleigh We get it, life happens! For one reason or another your tax returns haven’t been filed and you want to get caught up again but may not know how! How many years do I need to go back? Will I get a trouble for waiting so long? What if I can’t find my original tax documents? What if I don’t do anything? These are the types of questions I answer for people who come into my Raleigh, NC office. The main focus of my CPA practice is income tax representation for individuals facing issues with the IRS or the North Carolina Department of Revenue. Below is some information on how to address the issue of back tax returns.

How Many Years of Back Tax Returns Do I Need to File?

In general, you need to file at least the last six (6) years of back tax returns. The IRS generally doesn’t have an interest nor the manpower to process returns beyond this time frame. However, there are many reasons why it may be advantageous to file beyond the six year time frame as by doing so may actually lower a previously assessed liability.

Will I Get in Trouble for Filing Back Taxes? What if I Don’t File My Back Taxes?

It is a common myth that “if I don’t file, then the IRS won’t know how much I owe”. In reality, it is only a matter of time before you receive a notice from the IRS or the North Carolina Department of Revenue regarding unfiled taxes. For some people the wait may be less than a year and for others it may be several years before they are contacted. The longer a person waits to the file the back tax returns, the larger the potential penalties and interest will grow. In addition, the ability to settle tax debt or enter into installment agreements hinge on having back tax returns filed. Therefore, filing the back tax returns sooner rather than later is highly advised to preserve options to resolve IRS tax problems.

What If I Lost My Tax Documents to Prepare Back Taxes?

We often assist clients with ordering a set of tax transcripts directly from the IRS. The document reports payments made to you under your Social Security number (i.e., W-2 wages, 1099-MISC independent contractor/consultant income, 1099-R retirement income, etc.) as well a few payments made by you (i.e., 1098 mortgage interest, 1098-E student loan interest, etc.). Another option to find back tax documents is to call the issuer directly to see if they can provide new copies.

If you or someone you know in the Raleigh, NC area needs help with back taxes related to the IRS or North Carolina Department of Revenue contact me so that I can help. I can be contacted by phone at (919) 792-8511 or you can email me directly using this link.

Lauren Massie

Lauren Massie, CPA, PLLC

8480 Honeycutt Road, Suite 200

Raleigh, NC 27615

(919) 792-8511

www.laurenmassie.com

Lauren Massie, CPA, PLLC serves clients in North Carolina throughout the Greater Triangle Area including cities such as Raleigh, Wake Forest, Cary, Durham, Chapel Hill, Hillsborough, Youngsville, Franklinton, Morrisville, Garner, Knightdale, Zebulon, Angier, Clayton, Louisburg, Henderson and Wendell.