If youâ€™re having tax problems, youâ€™re far from alone. A tax resolution firm
can help you. A tax firm is a business which works to provide their clients with the best solutions to their tax problems due to debt or other tax issues with the Canada Revenue Agency (CRA). Every firm hires a range of tax professionals from tax attorneys to former CRA agents in order to provide the best possible range of tax expertise to cater to each personâ€™s individual needs.
If you file your tax returns
late without filing for an extension or if you havenâ€˜t paid 90% or more of what you owe on taxes by the deadline each year it can result in owing penalties on both the unpaid amount in full or on the balance owing if you have only made partial payment. If you donâ€™t file for the extension, you will owe a percentage of your unpaid tax as a late filing fee and will be given a deadline for paying it off. If you currently canâ€˜t pay the full amount, the tax firm will most likely help you make something called a tax installment agreement, for which you pay a certain amount of what you owe every month.
In the case in which thereâ€™s absolutely no way that you can pay the tax, a good tax firm like Tax911now.Ca
will help you to determine if you are eligible to make something called an offer in compromise which is simply making the best offer you can to pay a chunk of what you owe. The CRA will accept this if they have reason to doubt that theyâ€™ll be able to collect the full tax liability or if doing so would make you homeless. A tax firm will help you to understand your options for negotiating and knowing your rights.
Tax evasion, also known as tax fraud, is the deliberate and illegal attempt of an individual or business to avoid paying the owed taxes. This could lead to a conviction resulting in high fines, probation and/or even jail time. On the contrary, tax avoidance, which involves the use of the tax system to your own advantage to reduce the amount of payable tax is perfectly legal and moral. Some other tax problems include alarming tax audit notices, under-reported incomes. If you are looking for information online a great resource for tax audit preparation information
is Tax911now.Ca. If you believe that your audit notice is wrong, make sure that you donâ€™t have any unpaid taxes because if you do, it will add interest and you will receive late payment fines. If you fail to fully report your income, your payments and/or your credits, this often results in an increase of the amount of taxes that you owe or a refund of paid taxes.
Blog has been viewed (2256) times.