Tax Debt Settlement - Settle IRS Tax Debt

Tax debt isn't something people want to talk about. They tend to hide behind their tax problems instead of seeking answers. You are on the right track for help to deal with your tax problems. This article about tax debt settlement will give you all the information you need to know on the topic.

Get professional help from a tax accountant with tax debt settlement experience. In most cases do-it-yourself style of tax resolution rarely works in your favor. You will rarely receive the information you need from the IRS agent to help you resolve your tax debt, after all it is their job to get as much money out of you as possible!

Avoid "discount" debt resolution services as they do not necessarily have the experience to deal with the tax agent. Finding the right tax professional is as easy as searching on the web. There are many reputable tax resolution specialists such as Tax Audit Pros who have the experience and success rate to get you the best result possible.

If you are thinking of bankruptcy, it may not be the best solution for you - some tax debt cannot be discharged in bankruptcy!

Tax debt resolution needs special knowledge that is sometimes not available online or in books as it is something a tax professional would know because of their direct experience of that situation, so trying to solve your tax problem by yourself may not be the right step to take.

Prior to deciding to use the services of a tax accountant or CPA who specializes in tax, it is important to ask the right questions such as how long have you been working on behalf of your client to resolve tax debt? and what makes your services better than the other tax accountants? If the tax professional you are considering cannot answer these types of questions than it should be your cue to move on to the next professional!

Borrowing money can be a good way to pay your tax debt off. If you owe the tax and do not want to go through any resolution process than this is a good step to get rid of the tax debt. But know that there are options available to resolve your tax debt.

If do have assets to pay off the tax liability such as savings or money in an investment account than there is a good chance that the IRS agent will not negotiate on reducing the balance, however if you do not have the assets to pay off the tax debt then there are options available to settle the tax debt.

In order to find out what are the right options for you to settle your tax debt please contact us.

CPA for Real Estate Business

Tax Accountant for Real Estate Business

A successful real estate business whether it is investing in real estate to rent or to fix and flip or for a construction business, needs accurate detailed accounting reports to make good decisions - period!

Construction Accounting is a specialized field as it involves many accounting concepts that are unique to the real estate and construction business.

Accountant for Real Estate Investors

Real Estate investors need information that relates to their investment. Rental real estate investments need accurate cash-flow reports to plan for any cash shortfalls. Investors in the business of fixing and flipping property need to know how much money is being spent on the renovation to track profitability. Construction company owners whether large or one man shops need to plan for any cash shortages between paying their subcontractors and receiving payment from clients. 

Accurate Cash-flow reports are crucial to a real estate business!

Apart from the cash-flow reports other reports that are important include the financial statements - the profit and loss statement and the balance sheet. The profit and loss statement gives a snap shot of the income and expenses incurred up to the date of the report, and the balance sheet gives a snapshot of the value of the assets and associated liabilities. In order to prepare the tax returns for a real estate business the CPA for real estate investors will ask for the profit and loss statement and the balance sheet. 

Taxes for Real Estate Investors

Tax returns for real estate investors and construction business owners can be complex especially with work in progress for construction or 1031 exchanges for investors. A tax advisor not well versed with real estate transactions may not be the right person to help with tax return filing for a real estate business. There are many tax credit and other tax benefits that are available to real estate business owners but may not be known to all tax advisors.

So it goes without saying that it is advisable to use the services of a tax advisor who has in depth experience with real estate businesses.

If you have any questions or need additional information please contact us at:

Smita Patel CPA works with real estate investors, developers and construction business owners providing tax and accounting services. She has worked in this niche for over 20 years and has helped clients take advantage of tax credits and other tax benefits to reduce liability and stay in compliance with federal, state and local authorities. Please feel free to contact her at smita@numbersfigured.com.