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Three Easy Ways to Fight Inflation

June 15, 2022

Follow These Few Tips & Tricks to Keep Money in Your Wallet

inflation advantage tax relief
1. Reduce discretionary, non-essential spending. If you're able to postpone weekend travel and skip a few drive-through meals, these savings will make a big difference...even if you only reduce your monthly spend by 5%. 

2. Identify online subscriptions and cancel those you aren't using. You may be surprised to discover how many unwatched, unwanted television channels, memberships, and online games you're paying for every month.

3. Renegotiate your monthly cable, streaming and cell phone billsWhile these calls can be time-consuming, any savings will be well worth it. Even some iPhone and Android apps will offer a discount if you attempt to cancel them.

Do you want to hear more tips? Please don't hesitate to contact us today!
November 25, 2024
What is a CP523 Notice from the IRS? Receiving a CP523 notice is a serious matter. It’s an official communication from the IRS informing you that your tax installment agreement has been canceled. This typically happens when you fail to make payments or violate the terms of your repayment plan. If you’ve gotten this notice, it means the IRS is prepared to take further action, so it’s critical to understand what it means for your situation. Why You Need to Act Now A CP523 notice signals that your repayment agreement is no longer in effect. Without an active installment plan, the IRS has the authority to initiate collection actions against you, including: Wage Garnishments: The IRS can garnish your wages without additional warning. Bank Levies: They may seize funds directly from your bank account. Liens on Property: The IRS could place liens on your property, affecting your ability to sell or refinance. Ignoring the CP523 notice can lead to significant financial consequences, such as: Immediate Tax Payment Demand: You could be required to pay your entire outstanding balance in full, which can be overwhelming. Escalating Collection Efforts: The IRS can move quickly to enforce collection actions if you don’t address the notice in a timely manner. Damage to Your Credit: Unresolved tax issues can severely impact your credit, making it difficult to secure loans, credit, or even housing. Steps to Take if You Receive a CP523 Notice While receiving a CP523 notice can feel intimidating, there are clear actions you can take to prevent further issues: 1. Respond Promptly: Time is critical. The sooner you take action, the better your chances of avoiding severe consequences. 2. Review the Notice Carefully: Understand the reason your installment agreement was canceled, the amount you owe, and any deadlines for taking action. 3. Evaluate Your Financial Situation: Take stock of your finances and explore your options for resolving your debt. This might include reinstating your installment agreement, negotiating new terms, or looking into other tax relief solutions. 4. Contact the IRS: Reach out to the IRS as soon as possible to discuss your situation and find out what steps you need to take to get back on track. 5. Consider Professional Help: Navigating the IRS system can be complex, but you don’t have to do it alone. A tax professional like John Bruszewski at Advantage Tax Relief can help you negotiate with the IRS, review your options, and work toward a favorable outcome. Don’t Wait – Get Help Now Ignoring a CP523 notice can make matters worse. It's essential to act quickly and seek guidance from a trusted expert. John Bruszewski at Advantage Tax Relief is here to help you understand your options, negotiate on your behalf, and guide you through the process. Call for a Free Consultation Don’t wait until it’s too late. Call Advantage Tax Relief today at 630-773-3200 for a risk-free consultation and get the help you need to resolve your tax issues and protect your financial future.
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By 7066766659 October 27, 2024
If you’ve recently received a notice from the IRS, the situation can feel daunting. The prospect of managing tax debt might seem overwhelming, and you may be unsure about what steps to take next. Fortunately, you don’t have to navigate this complex area alone. Tax resolution firms are here to help, providing essential guidance and support tailored to your unique circumstances. Small business tax resolution firms, such as Advantage Tax Relief, Inc. in Itasca, IL ease your mind by answering every question and taking the time to get to know you and your situation. Personalized Support from Tax Resolution Experts 1. Understanding Your Unique Situation Every tax issue is different, which is why the first step for any tax resolution professional is to fully understand your specific circumstances. This means conducting a comprehensive review of your financial situation, tax returns, and any correspondence you've had with the IRS. By gathering all relevant information, these firms can get a clear picture of your tax liabilities and devise a strategy that suits your needs. 2. Custom Solutions Just for You Tax resolution professionals specialize in crafting solutions that align with your individual situation. Whether you’re dealing with overwhelming debt, unfiled returns, or troubling IRS notices, they tailor their approach to address your specific challenges. This personalized service is invaluable, as it allows for a more effective resolution. For example, if you’re facing significant tax debt, a professional might explore options such as: Offers in Compromise (OIC) : This negotiation tool enables taxpayers to settle their tax debts for less than the full amount owed. A tax resolution expert will assess your financial situation to determine if you qualify, potentially easing your tax burden. Payment Plans : If paying your tax debt in full feels out of reach, professionals can help you set up an installment agreement with the IRS. This allows you to make manageable monthly payments, helping to alleviate immediate financial pressure. 3. Navigating the IRS Communication Maze Communicating with the IRS can be intimidating, especially if you’re unsure of your rights and obligations. Tax resolution firms act as your advocates, handling all communications with the IRS on your behalf. They respond to notices, negotiate settlements, and ensure that your case is managed efficiently. This representation can take a significant weight off your shoulders. Alleviating Stress During Tax Challenges One of the most important benefits of finding a trusted tax resolution firm is the reduction of stress that comes with tax debt. The uncertainty and fear of IRS actions can be paralyzing, but with the support of an expert, you can regain your peace of mind. Here’s how: Expert Guidance Every Step of the Way Knowing you have a knowledgeable ally can ease your worries. Tax resolution firms are well-versed in tax codes and IRS processes, enabling them to navigate the complexities on your behalf. This expertise ensures that you have someone who understands the ins and outs of tax resolution. Emotional Support and Reassurance Dealing with tax debt can take an emotional toll. These professionals provide not just financial expertise but also emotional support. They understand the challenges you’re facing and work diligently to alleviate your concerns, ensuring you never feel alone in the process. A Clear Roadmap to Resolution Tax resolution firms develop a tailored action plan specific to your situation. This roadmap outlines the steps involved in resolving your tax issues, making the process feel much more manageable. Having a clear plan in place can reduce anxiety and empower you to take control of your financial future. Planning for Your Financial Well-Being Engaging a tax resolution firm doesn’t just address immediate concerns; it sets the foundation for long-term financial health. They can help you implement strategies to prevent future tax problems and improve your financial stability: Budgeting Advice: Professionals can assist in creating a budget that factors in your tax obligations, ensuring you set aside money for future payments and avoid falling behind again. Tax Planning Insights: While tax resolution professionals don’t provide direct tax advice, they can guide you in understanding potential tax implications of your financial decisions, helping you make informed choices moving forward. Moving Forward Navigating tax debt is a challenging journey, but you don’t have to face it alone. Tax resolution services are dedicated to providing tailored solutions that meet your unique circumstances, alleviating stress and advocating for you every step of the way. By partnering with experts in the field, you can reclaim control over your financial situation and work towards a brighter, tax-compliant future. If you’re dealing with tax debt, don’t hesitate to reach out to our team of tax resolution professionals at Advantage Tax Relief, Inc. We’re here to help you find the right resolution options for your specific situation and work diligently to achieve the best possible outcome. Contact us today at 866-789-1040 and ask for John or Linda to take the first step toward a more secure financial future.
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By 7066766659 October 16, 2024
In response to recent IRS warnings about dubious "Offer in Compromise (OIC) mills," it’s crucial to understand that not all tax resolution services are created equal. While there are unethical companies that exploit vulnerable taxpayers with promises of "pennies-on-the-dollar" settlements, there are also many reputable local tax resolution firms that deliver legitimate services and want to assure you that Advantage Tax Relief, Inc . is reputable. These firms offer personalized, professional assistance, providing a reliable alternative to dealing with the IRS directly or falling victim to fraudulent schemes. Why Choose a Local, Reputable Tax Resolution Firm? 1. Personalized, Face-to-Face Service Local tax resolution firms pride themselves on building relationships with their clients. Unlike impersonal national firms that may handle cases in bulk, reputable local firms typically meet with clients face-to-face, getting to know their unique financial situations. This hands-on approach allows for better communication and a deeper understanding of the taxpayer's specific needs, which is critical when dealing with complex tax issues. Instead of feeling like just another number, you become a valued client whose case is carefully handled. 2. Accountability and Trust Working with a local company gives taxpayers an added layer of accountability. These firms operate within their communities, and their reputations are tied to their success in helping people resolve their tax problems. A local business thrives on word-of-mouth and positive reviews, which motivates them to ensure that their clients receive real results. The threat of tarnishing their reputation in a tight-knit community serves as a powerful incentive to provide quality service. 3. Comprehensive Service Beyond the Offer in Compromise While the IRS's Offer in Compromise program is a legitimate option for some taxpayers, it’s not the only tool available for resolving tax debt. A reputable local firm will explore a variety of strategies tailored to your situation. These include installment agreements, penalty abatements, and currently not collectible (CNC) status, among others. Local professionals typically have a broader perspective and can craft a long-term solution rather than focusing narrowly on one program that may not even be the best fit for your needs. 4. Knowledge of State and Local Tax Issues Federal tax debt is only one piece of the puzzle. Taxpayers dealing with local firms benefit from their knowledge of state and local tax laws, which can often complicate matters. A reputable tax resolution firm will be familiar with both federal and state regulations, helping to ensure a holistic approach to resolving your financial obligations. 5. Avoiding the Pitfalls of National “OIC Mills” Unlike national "OIC mills," local tax resolution firms do not rely on aggressive marketing tactics or exaggerated promises. The IRS is right to warn taxpayers about firms that advertise steep discounts and guaranteed settlements. However, these "mills" are not representative of the entire industry. Local firms are more transparent, taking the time to explain the Offer in Compromise process thoroughly and managing client expectations from the beginning. 6. Realistic, Honest Assessments One of the biggest risks of dealing with an OIC mill is the false hope that they can settle your tax debt for a tiny fraction of what you owe. Unfortunately, many taxpayers pay excessive fees only to have their offer rejected by the IRS. Local tax resolution companies, on the other hand, tend to offer more honest assessments of your likelihood of success. They will review your financial situation in detail and give you a realistic understanding of whether an OIC or another option is best suited for your needs. 7. Experienced Tax Professionals Many reputable local tax resolution firms are staffed by Certified Public Accountants (CPAs), Enrolled Agents (EAs), or tax attorneys. These professionals have extensive experience dealing with the IRS and can navigate the complexities of the tax code. They understand how to negotiate with the IRS and are well-versed in the procedures for submitting accurate, complete OIC applications. Furthermore, because they are licensed professionals, they are held to a strict ethical code and must maintain their credentials through continuing education, ensuring that they are up to date on the latest tax laws and procedures. 8. Transparency in Fees Unlike OIC mills that charge exorbitant upfront fees with little transparency, reputable local tax resolution firms often offer clear pricing structures. These firms provide detailed fee breakdowns for their services and explain exactly what taxpayers are paying for, so there are no surprises down the line. Many also offer consultations where they assess your case and discuss your options before any payments are made. Conclusion While the IRS’s warnings about unethical OIC mills are valid, it’s important not to lump all tax resolution firms into the same category. Local, reputable tax resolution companies are essential allies for taxpayers facing overwhelming tax debt. They offer personalized service, accountability, and a realistic path to resolving your issues with the IRS. Rather than attempting to navigate complex tax laws on your own or risk being misled by national companies that prioritize profits over results, turning to a local, trustworthy firm is a safer, more effective route. By choosing a firm with a strong local reputation, you can rest assured that your tax resolution will be handled with integrity and expertise. If you're struggling with tax debt, reach out to Advantage Tax Relief, Inc., and take control of your financial future. We will help you find the right resolution option for your situation and work to achieve the best possible outcome. You can contact us today at 866-789-1040 or Contact us .
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