Why doing it yourself wont cut it and how a professional can help. With your money, there’s only one person that truly has your best interests at heart – and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake.

There is a lot to be said for the do-it-yourself approach to your money, yet the go it alone path does have its limitations. Especially, when it concerns the IRS and back taxes.

Professionals see clients that have tried to handle their taxes on their own, sometimes raising red flags with the IRS, resulting in audits, or getting hit with a big tax bill they can’t pay. They may set up an installment agreement on their own, but oftentimes, the DIY approach just makes the penalties and interest keep stacking up putting in an endless loop of back taxes. Many of our clients started out by trying to do this on their own or with their current tax preparer professional.

 Dealing with the IRS takes a very specialized skill set that most tax professionals and even CPA’s don’t possess.  Make sure you have a tax resolution specialist on your side.

So, before you end up in that horror story, here are 3 times when hiring a tax pro or a tax relief firm like ours is the only way to go.

#1 You Just Received a Major Windfall

Regardless if you know how to handle your finances, receiving a major windfall can throw your plans for a loop. Whether you are the lucky holder of a winning lottery ticket or the recipient of a major inheritance, it pays to seek outside professional advice.

You could end up paying more in taxes than you should if you make a mistake with the DIY approach. Handling your windfall the wrong way could throw off your asset allocation, impact financial aid for your college-bound children and create additional problems down the road.

#2 You Have Existing Tax Problems with the IRS

When you have issues with the IRS, you absolutely cannot afford to go it alone. Any attempt to resolve tax issues on your own is unwise in the extreme, and a single slip up could leave you on the hook for even more. Ask yourself if you would go before a judge in court without a lawyer representing you?  Probably not.  It’s the same here.  Representing yourself before the IRS is generally not a good idea.  Don’t do it. You most likely will get “creamed”!

If you receive a notice from the IRS, time is of the essence. You should not let the desire for fast action override the need for professional help and guidance. If you want to resolve your issues fairly without going broke, do yourself a favor and find the right tax resolution firm.

#3 When You Have Assets You Need to Protect

When you owe taxes, the IRS only cares about one thing, and that is to get paid what they think you owe them.

They’ll levy your bank account, emptying everything you have in there. If you run a business, that means you won’t be able to pay your employees, pay your office rent or keep your lights on, ultimately putting you out of business.

The IRS will garnish your paycheck leaving you about 10% to 25% of your net pay to live on.  Good luck with that.

In addition to placing a lien on your assets. You can be in jeopardy of losing everything you’ve worked so hard to attain.

Hiring the right tax relief professional can help you avoid such extreme measures taken by the IRS. They’ll communicate with the IRS on your behalf and can often remove a lien or levy. Most likely, if you have assets you can’t afford to lose, then hiring a tax relief professional is the only way to go.

The Bottom Line

Whether you are confident in your DIY approach or feel your tax problem isn’t so serious. It never hurts to get a second opinion. A tax resolution specialist’s advice will give you peace of mind. If there are deficiencies in your actions. The advice you get could stop you from making a devastating, and possibly irreversible mistake.

Contact our tax resolution firm to schedule a free, no-obligation confidential consultation. www.ultimatetax-relief.net