Evaluate your tax situation

How much does the IRS say you owe?

$0
$125,000 $250,000
$0
$125,000 $250,000
Do you have unfiled tax returns?
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Evaluate your tax situation

By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden.

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When considering potential tax professionals to help you with your case, you may come across some red flags. Two of the biggest ones to look out for in Arvada, CO are penalties and legalities.

Companies with no credentialed staff on their team and those who promise that all your penalties and interest will go away should be avoided.

Penalties and Interest

For example, you might hear promises that they can make your tax penalties and interest disappear. If you run into this, hang up. Your tax debt will gather up interest as long as you have a balance due. If you don't file or if you stop making payments, then you'll face penalties as well. Although a tax professional may help you reduce your penalties, no tax professional in Arvada, Colorado can reduce or eliminate interest.

Legalities

There are several types of tax professionals that can help you prepare tax returns or help apply for tax relief. But keep in mind that only three have unlimited representation rights with the IRS. Those are Enrolled Agents, Certified Public Accountants (CPA) and attorneys. You'll only need an attorney if you've committed fraud or evasion. If you're in the market for a tax relief professional, and the company you're considering doesn't have one of these on their staff, they're not a good fit for you. Although you may hire one to help you, the IRS may not recognize them as your representative, creating more of a headache for you to deal with.