Thousands of Americans are facing issues with tax debt. The primary problem is either underreporting to the IRS, underpayment, or delay in paying taxes to the IRS. If you owe tax debt to the IRS and are worried about the same, know that you are not alone. Fortunately, the IRS does provide options for tax relief to taxpayers.
Are you drowning in tax deadlines and penalties? The Tax Hardship Center (THC) is not just any tax firm โ we’re small business champions dedicated to navigating the complex IRS maze and securing the relief you deserve.
Taxes shouldn’t strangle your entrepreneurial spirit. THC empowers you to reclaim your financial freedom with comprehensive services tailored to your needs. Forget endless paperwork and late fees โ let us be your tax warrior while you focus on what matters most: building your business.
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Contribution of small businesses to the economy of the USA
The majority of the companies in the US are small and comprise up to 99%. According to 2023 statistics, approximately 33,185,550 firms are there in the US. These small businesses employ around 61.7 million Americans and constitute 46.4% of private sector employees.
Small businesses in the US have created 17.3 million new jobs and account for 62.7% of net jobs. These small businesses generate 32.6% of export value and 39.4% of private sector wages.
Significance of Tax relief for small businesses
Small business owners are the ones who are suffering the most due to tax debt. Since small businesses employ more than 17 million people, tax debts will significantly impact the wages of these employees.
Small businesses are delicate and fragile. The taxes imposed by the IRS can sometimes be troublesome to small businesses. Small businesses can thrive better if they are provided with tax relief options.
Tax relief is when the government allows taxpayers to settle their tax-related issues and avoid tax liens. Providing small businesses with tax relief options will enable them to invest and expand their businesses.
Advantages of collaborating with Tax Professionals for tax relief
Dealing with an overwhelming amount of IRS Tax debt is challenging, especially for people who must know the IRS policies and procedures. But you need not worry. Numerous tax relief service providers in the US will help businesses with tax issues.
Hereโs why you must collaborate with tax professionals to get top tax relief services if you owe a debt to the IRS.
- It saves money and time.
Most people must understand that hiring a tax professional for help will cost money and refrain from doing so. But, in reality, collaborating with a professional will save you money. Most of the time, the tax you owe to the IRS is many times greater than the fees you pay to the tax professional.
The IRS says it takes at least 13 hours on average to complete a 1040 Form. In addition, understanding your finances, notices, and warning letters issued by the IRS is challenging and time-consuming. You can utilize this precious for other business activities if you have a professional in place.
Hence, hiring a professional for tax relief services will help small businesses save money and time.
- Fewer chances of errors
One of the critical responsibilities of tax professionals is to keep themselves updated with the ever-changing tax code. You should learn what these amendments mean as a business owner. Hence, there is a high possibility of making errors while filing the tax forms. Sometimes, minor errors in filing your returns could cost you high and increase your debt.
Because tax professionals are always up to date with tax amendments, they can help you avoid mistakes in filing your returns.
- Peace of mind
Most business owners consider tax a stressful part of the business. They also agree that tax-related issues hamper their ability to focus on business operations, particularly during the tax season.
Collaborating with a tax professional gives you relief and peace of mind. They will handle all your concerns and queries, and you can rest assured.
- Reduced audit risk
One of the best ways to avoid an audit is by filing the correct tax. This can be done by a tax expert only. Sometimes, your business may be audited even after filing taxes correctly. This is when the role of a tax expert becomes significant. Having an expert in place will reduce the audit risk and help achieve the best possible results.
Things to consider before hiring a tax professional
Now that we have discussed the advantages of hiring a tax professional, we must understand that hiring the right service provider is equally important.
Before adopting a collaboration with a tax professional, make sure to check the critical points mentioned below.
- Certification
You must first check for the Preparer Tax Identification Number, i.e., PTIN. PTIN is an identification number issued by the IRS to professional tax preparers, enrolled agents, and other certified public accountants. Your tax professional will be eligible to represent your business during audits, collection issues, and payments only if they have PTIN. Also, ensure that your service provider will provide their signature on your tax return documents.
- Reputation and history of the service provider
Do proper background research on the service provider you are considering. You can do this by checking online reviews from other clients and the ratings from agencies like Forbes. Do check if the service provider offers the services you are looking for. Also, check if the service provider can deal with a tax issue similar to yours. Collaborating with an experienced and reputed service provider simplifies your process.
- Understand payment structure
The fee structure is another crucial aspect you must check before hiring a service provider. Ask your service provider in detail about all the fees involved so that youโll not be overcharged in the future in the name of hidden costs. Ask them about payment options – most service providers offer flexible payment plans.
Tax Hardship Center – One of the best tax firms in the US!
The Tax Hardship Center, referred to as THC, is considered one of the best tax service providers in the US. The Tax Hardship Center has 20 years of experience in this industry and has served clients country-wide.
Services offered by The Hardship Center
The Tax Hardship Center offers top tax relief services for small businesses.
Tax Relief
Tax relief is one of the best ways to eliminate the taxes and penalties the IRS charges. The THC can address the following tax relief issues for you.
- IRS Tax Relief
- State Tax Relief
- Unified Tax Returns
- Payroll Taxes
- Audit Defense
- Bank levy release
Tax Preparation
Preparing tax returns for your business is challenging and daunting for most business owners. The THC is an expert in preparing and filing your business tax return to the IRS.
Catch-up bookkeeping
Every small business must have An in-house accounting team to comply with the IRS’s bookkeeping requirements.
Having perfect matching records is essential to file the tax forms perfectly. If your organizationโs bookkeeping is not strong enough, the Tax Hardship Center is here to help you.
Wage Garnishment and bank levy release
The IRS is permitted to take money from your bank account directly or seize a part of your wage before you receive it. The former action is called Bank levy, and the latter is called Wage garnishment. The Tax Hardship Center can work with the IRS to get your wage garnishment/bank levy removed.
Penalty Abatement
The IRS has the right to charge penalties in case of late filing, late payment, inaccurate returns, and underpayment of taxes. THC can also help you get penalties removed from your taxes by explaining your reason to the IRS.
Installment agreement
The Tax Hardship Center works with the IRS and creates a payment plan where you can pay your debt over time in installments.
Offer in compromise
Offer in compromise is a process where The Tax Hardship Center works with the IRS and settles your issue for debt less than what you owe to the IRS.
Why is Tax Hardship Center your best choice?
The Tax Hardship Center has successfully served clients for the past two decades. The IRS notices and dealings need to be clarified for us to understand. The Tax Hardship Center keeps things transparent about the process or service charges. The THC will provide transparent detailing at every step and make it easy to understand. Hence, itโs considered as a trustworthy partner.
THC offers a 14-day money-back guarantee program where you can get a refund if your tax issues are unresolved and they donโt fulfill their promise. The Tax Hardship Center ensures to provide the best possible result for your solution, no matter how unique your issue is.
Conduct thorough online research to gain more detailed information about this concept. Visit the official website of the Tax Hardship Center to avail yourself of immediate assistance from expert professionals.
Frequently Asked Questions (FAQs) – Tax Relief for Small Businesses
1. Why do small businesses need tax relief?
Small businesses often face challenges related to tax debt, impacting their financial stability and ability to grow. Tax relief provides these businesses with options to settle tax-related issues, avoid tax liens, and create opportunities for investment and expansion.
2. How does tax relief benefit small businesses?
Tax relief offers small businesses financial assistance to address outstanding tax liabilities. By easing the burden of taxes, companies can redirect funds toward crucial investments, operational improvements, and overall growth, contributing to economic development.
3. What is the significance of tax relief for small business employees?
Since small businesses employ a significant portion of the workforce, tax relief is crucial in preserving jobs and maintaining stable wages. By alleviating tax-related pressures, companies can sustain their workforce and contribute to the well-being of employees.
4. What tax relief programs are available for small businesses?
Several tax relief programs exist, including the California Competes Tax Credit, New Employment Credit (NEC), and Research and Development (R&D) Credit. These programs aim to support businesses in expansion, job creation, and innovation.
5. How can tax professionals help with tax relief?
Tax professionals play a vital role in navigating the complexities of tax relief. They save time and money, reduce the chances of errors in tax filings, provide peace of mind, and minimize the risk of audits. Collaborating with tax professionals ensures a smooth process and optimal results.
6. How can businesses in California benefit from state-specific tax relief?
California offers targeted tax relief programs like the California Competes Tax Credit, addressing the unique needs of businesses in the state. These programs provide financial incentives, encourage job creation, and support innovation, fostering a favorable environment for small business success.
7. What should businesses consider before hiring a tax professional?
Before hiring a tax professional, businesses should verify the Preparer Tax Identification Number (PTIN), research the service provider’s reputation and history, and understand the payment structure. Certification, credibility, and transparent fee structures are essential for selecting the right tax professional.
8. What services does the Tax Hardship Center offer for small businesses?
The Tax Hardship Center provides a range of top tax relief services for small businesses, including IRS and state tax relief, unified tax returns, audit defense, payroll tax assistance, tax preparation, catch-up bookkeeping, wage garnishment, bank levy release, penalty abatement, installment agreements, and offers in compromise.
9. Why is the Tax Hardship Center considered one of the best tax firms?
With expansive years of experience, the Tax Hardship Center is recognized for its transparency, commitment, and successful resolution of tax issues. The firm offers a 14-day money-back guarantee, ensuring client satisfaction. The Tax Hardship Center’s trustworthy reputation makes it a reliable partner for businesses seeking effective tax relief solutions.
For more detailed information and immediate assistance, visit the Tax Hardship Center’s official website and explore their professional team’s expertise.
