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tax assistance and unfiled returns

Question: I need tax assitance on unfiled returns. Do you assist with that? I do have some unfiled returns due to a wining at a casino and do have the letters from the casino indicating the losses for the year. additionally, my income has dropped so low in the past year that i am kind of scared of how to proceed with all this.

Answer: Thank you forvisiting Bills.com. Here is an answer to your question on IRS Debt and unfilled returns.

If you have unfiled returns or are not filing, then the IRS will file that return for you. This IRS substitute-for-return (or SFR) is based on whatever income was reported to the IRS for you on that tax year. The balance they assess on the SFR will not take into account any business or personal expenses you may have had in that year that may have reduced the tax debt.

Bill is friends with the folks at Freedom Tax Relief, and their office can prepare a new tax return and represent you through the process of having the IRS set their SFR assessment aside and compute your actual tax debt on the real income and expenses you had. This could potentially zero-out the tax debt.

They are at:
www.freedomtaxrelief.com
1-800-455-6829

If you want Bills.com to find you a tax resolution firm, you can apply for help with us here:
https://www.bills.com/debthelp/tax_debt

If you have a balance due on that tax return, failure to file and pay can result in large penalties and interest.

IRS tax debt has become a serious problem for many Americans, and unlike other forms of debt the IRS is aggressive and has more options

to collect -- so you should address the problems quickly and resolve them. I'll try to help you evaluate if Freedom Tax Relief is the right option for you by giving you some thoughts on tax debt and on Freedom Tax specifically.

First, to answer your question: Freedom Tax Relief ( www.freedomtaxrelief.com ) is a good option if you are seeking a firm to represent you and help you resolve your IRS debts. They can help set up an installment agreement, work to qualify for an offer in compromise, or get you compliant (by pulling SFRs and filing back tax returns).

I've done some homework for you, but be sure to do your own research too. Here are the facts:

1. Freedom Tax Relief has been in business for many years and has helped thousands of customers. They first joined the Better Business Bureau over 4 years ago and appear to be a good firm with thousands of clients.
2. Freedom Tax Relief appears to be one of the larger firms, and has a low complaint ratio... meaning that they take care of their clients who do enroll.
3. The Founders of the Company are Stanford Business School alumni with impressive backgrounds in the financial services industry.
5. They've won many awards (Best Places to Work, Entrepreneurs of the Year from Ernst & Young, Fast 100 list by Entrepreneur Magazine,

Inc500, etc) 6. Most importantly, Freedom Tax Relief has helped many Americans resolve their IRS debts and looks to be an ethical operation that helps consumers deal with complicated IRS and tax debt situations.

If you want to know more about your options for dealing with IRS debt, and what a firm like Freedom Tax Relief would do for you, read on...

Tax Debt Options
IRS debts can be resolved with one of five options:

Offer in Compromise: an agreement to settle the debt for significantly less than is owed via a lump sum payment or a brief installment plan.
Installment agreement: a monthly payment plan for the full balance of the IRS debt.
Partial payment Installment Agreement: a monthly payment plan for a portion of the tax debt.
Currently Not Collectible: an agreement by the IRS not to seek collection of a tax debt for a specific period of time.
Bankruptcy: an order to discharge all or part of your IRS debts under chapter 7 or 13 bankruptcy.

In sum then, I would recommend that you retain a firm to file a corrected return so that the IRS will set aside their SFR balance. In addition, they can complete your returns and see if you can qualify for a tax debt settlement.
I hope this information helps you: Find. Learn. Save.

Good luck,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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