If you are having trouble while dealing with the IRS, then you might not know where to turn. There are many reasons why you might have problems regarding the IRS or your taxes, but know that you are not alone. Tax professionals are always available to help you, no matter the situation. Here are some common reasons why you might be having trouble with the IRS and when to contact Denver IRS Problem Solving for solutions.
Problems Filing for Your Business
If you own your own business then there are many different write-offs involved with your taxes. Oftentimes, you may improperly write things off, and this can result in an audit. Tax professionals can help you navigate these problems, and solve them, rather than try to figure it out on your own.
Problems in Filing for a “Side Hustle”
If you have created a side hustle or gig on the side, then you might be making a substantial amount of money. Whether you are making $100 per month by selling jewelry, or $15,000 at the race track, you might need help with your 1099s.
When the IRS Contacts You
Although it might be something as simple as an explanation regarding a car you purchased, it might create added stress. Although it is most likely a simple issue, it is nerve-wracking to think you might give wrong information to the IRS. Tax professionals know what the IRS is explicitly asking for, and can help you do this without a hard time.
If You Have a Child Applying for Financial College Aid
When your child is applying for the Free Application for Federal Student Aid (FAFSA), assistance from a tax professional can be helpful. Especially because your child could run into problems if they have income in their name. If you do have assets or income in your child’s name, then you will need to take it out of their name. This might cause issues with the IRS, and if you have a tax professional to guide you then it will go a lot more smoothly.
When Owning Rental Property
If you are in the first year of owning a rental property, or even if you are only looking to purchase one, then a professional can help you. They can show you how to obtain necessary deductions, and avoid trouble with the IRS.
Who Can Help With IRS Problem Solving?
There are four main types of professionals who can help you with any problems you might encounter with the IRS. These include:
- Registered Tax Return Preparers (RTRPs)
- Enrolled Agents (EAs)
- Certified Public Accountants (CPAs)
- Attorneys (Note that many attorneys are also CPAs, but can hold a legal degree as well.)
If your tax return is simple, then you will most likely be fine by hiring a registered tax return preparer. If you believe that your tax return or IRS problem is a bit more complex, then hiring a CPA will give you the security that they can handle it.