Monday, September 28, 2009

Avoid IRS Debt: Freelance Workers, Hire Professional for your Taxes

Working for Yourself: You're skilled at what you do. You could be a construction worker, a photographer, an artist or a mechanic. You live life marching to your own drummer and doing what you love. But you can't ignore your IRS burden. When you work for yourself, the IRS still wants a cut of your profits. If you don't pay up, you'll wind up in debt. It's understandable that you have little free time to work on your finances on top of everything else. So be smart, hire some professional help if you need it.

Accountants: The IRS doesn't care if you're too busy to do your taxes and paperwork. No matter what, they will be due every year. So what can you do when you have too much on you plate to take on the IRS? Hire an experienced Accountant to do the work for you. Fees will vary, and you might think hiring one will be too much for your budget. But the money you pay an Accountant is almost guaranteed to be far less than the money you pay the IRS in fees and penalties.

Already in Debt?
Do you already owe the IRS? You have to act fast and think of a solution. If you don't have time to do that, consider hiring a Qualified Tax Professional. Tax Professionals are experienced and trained in IRS negotiations. Here are some tips for picking good ones:

-Retainer Fee: Look for Professionals who charge a flat rate only. Retainer Fees give the company the right to change the prices after you've already signed the contract.

-Credit Card Info: Is the company asking for your credit card information? Hang up the phone! You should not give detailed information like that over the phone.

-Pennies on the Dollar:
Any company that says they can settle your debt for "Pennies on the Dollar" is only interested in your money. They'll tell that you qualify for an Offer in Compromise, even if you can't. Remember, only 2% of the people who apply for an Offer in Compromise actually get approved. And even fewer people literally settle their debt for Pennies on the Dollar.

Easy Street:
There's already too much to stress about in life. Dealing with the IRS can be a confusing, stressful process. But you don't have to let it take over your life. If you didn't prevent IRS debt from happening with an Accountant, you should find a Tax Professional to help you.

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